Member Info for JeffMills

Plenty of time to load the order book before 2028 — we’re still 2½ years from even targeting breakeven. lol..

You’ve still got the £4 investors sitting on ~10% of the company, plus other big holders like HL, JCB, Deutsche, etc. If just a couple of those line up together, you’re easily over the 25% needed to block a scheme of arrangement under UK rules.

And let’s be real — anyone who paid £4 isn’t going to smile and take £1/£2.. the idea they’d just roll over for a lowball is laughable.

People act like Linde can just snap up ITM on the cheap. Sure, a big player can nudge sentiment and let the price drift — but the second they move in with an offer, the whole thing flips. Regulators in the EU, UK, and Germany would crawl all over it, and those reviews drag for months. In that time, ITM could be landing new deals, scaling production, and building a case for a much higher valuation.

Linde knows this — they can try to keep it cheap, but once the spotlight’s on, that game’s over.

We’re affirming ourselves as the go-to supplier for UK-scale green hydrogen projects. The market will notice.

In a day traders/gamblers mind, “near term” might mean before the market closes. In a CEO’s comments, it’s the next 6–12 months — the window to land and deliver contracts that move shareholder value. DS was using it in that business sense, not the day-trader sense.

Oh yes, I forgot Hydropulse — and that’s just a serious near-term value. In my book, near-term is within 12 months. If that’s the case, this revenue guidance could end up a lot higher than analysts expect, and that could trigger a real jump in the share price. But it doesn’t really matter, if it’s £1 on Friday or £1 in October. I won’t be selling…

For some reason, Spicey thinks it’s going to have a big drop on Thursday — why? I don’t see drops on something where the revenue is clearly stepping up year-on-year. I think a certain idiot forgets that ITM’s 2026 revenue is built on projects already contracted to be delivered that year. You’ve got NEPTUNE II for the Spanish cement sector fully landing in 2026, part of the NEPTUNE V order for Hydrogen Hub Agder in Norway hitting late in the year, plus other backlog projects from the £135 million pipeline scheduled for that period. Add it all up and you’re looking at somewhere in the £45–60 million range, probably around £55 million for 2026 — that’s more than double the ~£26 million guided for 2025. Then 2027’s already shaping up big with the 100 MW Shell REFHYNE II project starting to deliver — that alone is going to put a serious chunk into the top line.

The “old news” came from the Shell Hydrogen President today, Spicy. If he’s talking about it now, it matters now. The evidence is always in the SP. Lol..

Rebound today perhaps..

Potentially the real reason why we dropped yesterday.

Let’s get back to the facts: the EU draft, as mentioned below, aims for 75% of electrolysers to be made outside of China. Excellent news!!

140 MW worth of work ITM is actively executing right now — not future, not FEED, but real signed supply contracts in progress:

• Shell – REFHYNE II, Germany — 100 MW TRIDENT PEM stacks & skids for Shell’s Rheinland site, with Linde as EPC. Contract signed post-FID in Aug 2024, manufacturing underway.

• Greenstat / FDE – Hydrogen Hub Agder, Norway — 20 MW (4 × NEPTUNE V containerised 5 MW units) for Phase 1 of Norway’s largest hydrogen hub. Contract signed Feb 2025, targeting late-2026 production.

• Germany (private buyer) — 15 MW (3 × NEPTUNE V units) for refuelling and industrial hydrogen. Contract signed Dec 2024, first delivery H1 2026.

• Westnetz (Germany) — 5 MW (1 × NEPTUNE V unit) for zero-emission bus refuelling. Contract signed May 2025, integration underway.

Total: 140 MW in build/delivery mode — not bad.

Last August, we were told that net cash at year-end stood at £230m (FY23: £283m), ahead of guidance of £200m–£220m. Just days before those results, we signed one of those “handshake” deals with Shell for 100MW — already close to completion or at least well underway.

To be clear, I don’t expect new contracts to be announced in the results, but we may well get an explanation for the sudden increase in personnel. Could this mean we’re preparing to expand our factory space, or location? Possibly.

What I do know is that near-term, serious shareholder value is coming through Hydropulse — and that’s why I’ve been adding to my position over the past month.

Spicey also, you keep asking where the money’s going to come from for Hydropulse like it’s going to be some giant cash grab from ITM’s bank account. Reality check — projects like that are almost always financed with loans or structured funding, spread over the 10-year contract term. the hydrogen being sold covers the operating overheads and leaves a profit margin. Basic here, but not so basic for tuna.

ITM made £12.2 million last year just in interest on the cash in the bank. That’s about £235k a week, which basically covered the staff costs they expensed. So this whole idea that Dennis is running away with the money while the cupboards are bare is just… well, let’s say tuna skipped a page or two in the annual report. For someone who carries on like they know it all, it’s very telling you missed the part where the bank balance is actually working for them.

I’m reading that construction’s set to start in 2028, with the project operational by 2029–2030. Another one in the pipeline. The next three years are going to be incredible.

Statkraft has now secured the Scatsta Airport site for its 400 MW Shetland green hydrogen-to-ammonia project—this is real momentum. Could ITM be part of this? Everything’s finally aligning.

@Cureboy Find me a better growth stock — seriously. There isn’t one. With ITM, we know what needs to happen for profitability. We’re just waiting on FIDs. Once those drop, revenue ramps, and profit follows. Say we hit £500m revenue with 20% gross margin — you can do the math. The upside is huge.

I’m betting my pension on this stock because we’ve got the best tech in the market. Ask Shell. Ask Linde. Ask RWE. These aren’t maybe-partners — they’re backing us for a reason.

If ITM doesn’t hit £5+ in the next few years, it’s not because of the company — it’s because the entire global hydrogen strategy (Germany, UK, SK etc.) was one giant conspiracy. That’s how unlikely it is.

They’ve got £200m+ in the bank, a pipeline that puts us well on the path to profit, and momentum building. Plenty of others have nothing in the bank and no FIDs — but we’re almost there.

Stay diversified, sure. But don’t sleep on the one stock that could genuinely blow the doors off.

And Spicey’s reaction? Classic derail tactic:

• Ignore the actual point

• Focus on irrelevant differences

• Dismiss the comment to avoid dealing with the substance

That kind of response is a red flag — not because of the opinion, but because of the unwillingness to engage in good faith. Creep.

Honestly, probably best not to bother replying to Spicy with anything grounded or factual. He filters out anyone who actually knows what they’re talking about — especially if it threatens his little ego trip. He’s not looking for a proper discussion, just people he thinks he can influence or wind up. Not worth feeding that.