Member Info for JeffMills

He said it would drop below 25p. Then just last week he agreed with a broker valuing it at circa 50p. In other words, he’s contradicting himself and clearly doesn’t know what he’s talking about. He seems to forget we can all read his posting history. 🎣🎣🎣🎣

The evidence is in the sp 🎣

Well, you clearly haven’t been around long enough to know that doesn’t work. Spices runs multiple accounts — he’ll keep posting regardless. A proper weirdo at his finest.

I’ve honestly never seen anyone so desperate for attention on a forum. Don’t even bother answering his question — it’s ridiculous and he knows it. The moment you give him a reply that makes him look stupid, he just filters you. Absolute coward, hiding behind the name spicy tuna, choking on his own bs.

I don’t think he’s stupid enough to believe posting here every day actually helps his trade — it would take £4.3m just to move this 1%. Like I’ve said before, go easy on him. He’s clearly here for attention, and who knows what’s going on in his real life. If this is what makes him happy, let him crack on. Since he started posting, the share price has more than doubled — so really, thank you Spicy. Post away. 🎣

Tuna, think before posting please. if you actually read beyond the headlines, you’d see they’re about timelines and infrastructure delays, not the tech itself. The EU basically forced projects to hit 2030 deadlines even though key pipelines won’t be ready until 2032. That’s why Zeevonk and others stepped aside. What happens now? Funds get reallocated, rules get revisited, and future rounds become more accessible. Pullouts aren’t weakness — they’re pressure on Brussels to make the scheme realistic, which only strengthens the long-term opportunity.

I don’t want it to sound like Hydropulse is “better” than ITM just selling Neptune V’s, because both matter.

The big players — Ørsted, Shell, RWE, Linde — they’ll keep buying the kit. They’ve got the balance sheets, they want to own the assets, and they’ll run projects themselves. For them, buying electrolysers outright makes sense.

Hydropulse is for a totally different type of customer — the industrials who need hydrogen but don’t want to drop €10–20M on capex, go to the bank, or build a hydrogen ops team. For them, hydrogen-as-a-service makes sense.

So it’s not one replacing the other. Selling Neptune V’s keeps growing, and Hydropulse just opens up a whole new market on top. Both models feed the same core technology — just different ways to get it out there.

I’ve heard Spicy saying H₂ is too expensive vs grey and their is no demand.. — but grey at €2/kg isn’t really €2. Add EU carbon costs and you’re at €2.5–3/kg already. Green is ~€5/kg today, but if you try to do it yourself you need €6–7M capex for 5 MW, plus financing, stack swaps, ops team — which adds another €1–1.5/kg.

That’s exactly why Hydropulse works: no capex, no risk, just a €/kg contract. And with 2026 fuel mandates, 2027 certification rules, and 2030 Fit-for-55, grey hydrogen is being squeezed out anyway.

If a smaller company wants just one Neptune V — say 5 MW — they’d normally have to borrow €4–5M upfront. That means convincing a bank the electrolyser will run properly, that they can operate it, and that the hydrogen will actually get used. The company takes all the tech and operational risk, and banks don’t like that.

With Hydropulse, ITM owns and operates the kit. The customer just signs a hydrogen supply agreement. From a finance perspective, it’s not a risky capex loan anymore — it’s just an operating expense, like paying for electricity or gas.

That’s why Hydropulse makes projects so much easier to finance, and why it can unlock demand that otherwise wouldn’t get built.

I think today might finally be the wake-up call for Hydropulse.

A 20 MW Hydropulse deal would produce about 3.3M kg of hydrogen a year. At around €5/kg, that’s €16.5M in revenue every year. ITM says Hydropulse projects run at about 60% margins. So 10m profit per year.

Now compare that to just selling 4 Neptune V units for the same 20 MW. That’s maybe €18M once at ~27% margin, which is only about €5M profit one time.

That’s why Hydropulse is such a big deal — it’s recurring, higher-margin, and completely changes the profile of ITM’s business. Hopefully the market starts to see it.

What he’s saying is the sector’s going through a bit of a shakeout. Some of the weaker players will drop off, others might get taken over, and that’s all part of the normal cycle as the market matures. ITM are basically saying they expected this phase and have set themselves up to ride it out, even benefit as competition thins out.

The evidence is always in sp… 🎣

🎣

Bless him, swears he hasn’t seen my posts in months, but here he is — still pretending not to read while I live rent-free in his head 😂

That’s enough from me tonight — sorry for the flood of posts. I just find it crazy that someone can call Dennis a fraud on the very day Shell themselves proved our PEMs outperform the EU benchmark. What, Shell’s part of the “masterplan” too now? Come on. Anyway, have a good evening all.

Who really knows why the SP dipped on Friday? Could’ve been the UK economy headlines, could’ve been Trump sitting down with Putin. But here’s the real question: if it bounces on Monday, Spicy, do you finally stfu?

Anyone who’s been around markets longer than five minutes knows this happens all the time — great results land, the price drops on the day or the day after, then rallies straight past the dip over the weeks that follow. Nine times out of ten it’s just profit-taking ahead of the weekend. The important part is this: the results were excellent. We’ve got validation from Shell themselves that ITM’s PEMs are the best on the market. That’s real-world proof.

Unless you think the entire sector is some giant conspiracy, the investment case is sound. And let’s be honest — in the past 150 years, show me one industry where Germany, South Korea, the UK and others have piled in billions and it’s turned out to be a total failure. Exactly.

One thing that often gets missed — and plays straight into the hands of shorters — is how revenue is booked in this industry. It isn’t counted until the kit is on the ground and commissioned. So when some clown pipes up with “why hasn’t the share price moved,” the simple answer is: because the market wants proof of delivery. (especially with new tech and the 2020 'bubble')

That proof is now coming. In my view, the share price will lift next week on the back of Shell’s project alone. Shell isn’t in the business of exaggerating — and their results show ITM’s PEMs aren’t just good, they’re the best in the world, outperforming the EU’s own standards. That’s real-world validation, and right now only a handful of companies anywhere can show it.

If ITM is on £250m revenue by 2028, 20% gross profit, then on a 10× sales multiple — entirely fair for a company doubling revenues annually in a growth sector — you get a market cap of £2.5bn, or roughly £4 a share. And that’s just on the £250m base case.

In reality, Hydropulse could explode, Neptune V’s are already gaining traction, and Chronos is still to come. With those kicking in, £250m is probably too conservative — the true potential could be far higher. So £4 a share isn’t a stretch target, it’s actually a reasonable anchor point.

We’ve already got 100% growth baked in from 2026 to 2027 just by adding Shell’s 100 MW contract alone. That’s why, as I’ve said before, this time next year when guidance comes out it’s going to be seriously exciting. And then 2028 is the real inflection point — with Hydropulse, Neptune V, Chronos all coming online, revenue growth of another 100% is a realistic baseline, and breakeven will be reached well before the old 400 MW breakeven figure based on Trident alone.

That’s why obsessing over “only signing this much this year” is irrelevant — ITM is deliberately targeting the big, high-margin, government-backed contracts with names like Uniper, Shell, and RWE. Keep stacking that kind of revenue growth and we’ll sail into profit in 2028 — and I’ll be sitting on a fortune.

We’ve got 50% year-on-year revenue growth forecast — £25m this year, ~£40m next. On growth multiples alone, that supports a solid valuation. Then add in the fact ITM is sitting on £207m in cash, which you can’t just pretend doesn’t exist. Put those two together and you’ve already got a market cap that makes sense where we are today.

On top of that, there’s 100m+ order book, most of it now profitable, with more contracts flowing in. I could keep going, but the point is clear: the current share price is actually very fair. The market isn’t letting it run ahead like it did during the hype to £7 — and rightly so, because if market makers inflated it too fast, they’d only scare off investors again.

This time round, it’s a steadier, fundamentals-driven climb — and that’s exactly what long-term holders should want.