Member Info for JeffMills

Yeah, I’ve reported him too. It’s gone beyond a joke now. First he was “invested but cautious,” then suddenly hydrogen’s dead, Dennis is a liar, the company’s a fraud — like, give it a rest. The desperation is off the scale.

He’s clearly not here to discuss anything — just here daily, posting the same bitter rubbish like it’s personal. You don’t keep showing up to slate something you’re not invested in unless you’ve either lost big or you’re just obsessed, or shorting,

It’s not opinion anymore — it’s flat-out misinformation, and it’s dangerous. Hopefully the mods grow a spine and IP ban him. This place would be 10x better without that constant noise polluting every thread.

Sometimes all you can do is laugh at the nonsense you’re still spouting. Signing off for the day..

The idea that “shorters only exist because the company’s bad” is the kind of pub logic that completely ignores how the market actually works. Short interest exists in every growth sector — especially ones where valuations swing with policy, capex cycles, and tech evolution. It’s not some moral scoreboard — it’s just part of the game. 😂😂

And the “no demand for electrolysers” line? Come on. ITM’s sales are scaling in-line with infrastructure — no one in this space is flipping gigawatts overnight. Electrolyser procurement is still tied to project maturity and policy triggers. That’s been clear from day one. If you expected profitability before 2026–27 in a capex-heavy, frontier tech industry, you were always in the wrong asset.

As for the “green hydrogen is dead” claim — nice try. Linde didn’t say that. They said mass-scale green H₂ needs the right conditions to scale — not that it’s niche. And you’ve somehow missed the entire point of Hydropulse — moving ITM from just a stack supplier to a vertically integrated player. That’s not failure. That’s positioning.

But sure, let’s pretend the whole sector is finished because your 2020 hype trade didn’t print in 2023. Keep clinging to that narrative while the rest of us are watching fundamentals and commercial maturity play out in real time.

Since he started posting in January, the share price has nearly doubled — maybe we should be thanking Spicy?

I guess you missed the bit where they said that since Dennis took the job, 100% of contracts have been profitable. Anyway, bless Tuna — he genuinely thinks posting negatives will somehow knock the share price down. For context, ITM’s market cap is £420m, so you’d be looking at around £4.2m worth of selling just to move it 1%. That is why it makes the case even more bullish, they guy isn't quite right.

Spicy’s been in here 10 times a day since January telling us not to buy — first post when it was 35p. It’s now 68p. 🎣

Spicy, relax — don’t get angry over strangers and their investments… Jesus Christ what a life.

Just catching up — I missed some of the investor questions. Can someone confirm: was the term call-offs used when talking about 500MW reservation?

If so, that’s great news.

A call-off means the customer is now placing an actual order under the larger 500MW capacity agreement. This isn’t speculative or hypothetical — it’s a tangible step forward. These call-offs convert pipeline into revenue, and show real industrial demand materialising.

Spicy was it you who asked this question? Have you got nothing to say about it? 🤐

Spicy, ever the market oracle, “called 25p” — after opening his account in January, when the price was already 35p–40p. Visionary stuff. Life time achievement? 😂😂

We can all laugh, but honestly — last night Spicy was banging on about how there’d be a drop, then again at half six this morning saying there’d be a big drop, taking another swipe at Dennis. The guy’s just an attention-seeking creep, pure and simple.

The market likes consistency and delivery, and Dennis has now done the thing that really matters: say what’s going to happen, then do it — or beat it. Revenue came in well ahead of original guidance, cash was far stronger than promised, losses were kept inside the range, and the order book is not just bigger, but better quality. That’s exactly the kind of operational discipline and predictability investors want after a turnaround phase.

If a fast short wants to spin this into a negative just because of a blip in share price movement, it’s got nothing to do with the actual health of the business. The reality is that, on execution and fundamentals, Dennis just took a big chunk of ammunition away from the doubters. 👏👏

The cash story is huge – not just “more than expected” but £30–40m higher than guidance, and achieved with positive cash flow in the second half.

The ship has got wind in its sails.

• Revenue smashed expectations – £26 m vs original guidance of £18–22 m, and up >50% YoY.

• Cash reserves well ahead of forecasts – £207 m vs expected £160–175 m, with positive cash flow in H2. 🎣

• Record order backlog – £145 m, 60% of which is now profitable work.

• Operational turnaround – FAT pass rate up from 300 MW project in APAC.

• FY26 outlook – targeting ~50% more revenue and reduced EBITDA losses. (2027 bigger than I anticipated.)

IMO almost certainly coming from project finance: loans, infrastructure funds, maybe even a JV with a capital partner. Hydropulse/ITM gets the debt or equity funding in place, builds the site, then repays the finance over the life of the hydrogen offtake contract.

So the customer is never writing a cheque for the kit — they’re just buying hydrogen — and ITM’s side has to get the money upfront, either by borrowing against the future hydrogen income or by bringing in a partner who stumps up the build cost in exchange for a slice of the long-term revenue.

That way ITM can still “own” the asset, but we’re not draining the company’s cash pile to build it.

If Hydropulse has something lined up — say they’ve agreed terms with an anchor customer or secured a block of capacity but are still finalising the paperwork — they can hold that back and roll it into tomorrow’s results under the disclosure rules. It’s a common tactic, especially if they want to show Hydropulse’s “near-term value” alongside the guidance so the market can see the impact straight away.

End of the day, whether it’s tomorrow or a month from now, we all know where this is heading. The growth Dennis has been hinting at is coming..

If Dennis meant what he said about serious “near-term” value from Hydropulse, we should expect either:

• A specific commercial milestone (signed customer deals, committed capacity, or project start dates), or

• A clear mapping of Hydropulse’s contribution to FY26 earnings/revenue.

We’ve not even discussed the RNS yet fully — it’s a supply agreement plus a binding heads of terms for a long-term service deal. That means ITM not only sells the 20 MW system (likely worth £14–£20m) but also locks in recurring maintenance and support revenue.

Service contracts in this space (I’ve looked it up this morning) often run 3–5% of the original project cost per year. On £14–£20m, that’s about £0.45m–£1m a year — so over 10 years, you’re talking another £4.5–£10m in higher-margin, recurring income on top of the hardware sale.

👏👏

Right, Dennis drops a 20 MW crumb today just to wind up the shorts, then tomorrow’s results finish the job. Summer playbook, bigger stage. 🙈

The evidence is always in the SP. So the theory is… ITM announced a legitimate 20 MW project milestone just to “distract” from results? Right. Because getting a supply agreement and binding terms in place is totally something you can just whip up overnight for PR. It’s not exactly a Hollywood plot twist — it’s called running a business. The tinfoil hat crowd might want to sit this one out.

I’ll repeat, we announced a 100mw fid the day before last August results 🤣

What are you talking about? They literally announced a 100 MW FID for the Shell project the day before results last August. Enough of your childish “conspiracy” nonsense spicy hahaha.