Member Info for toneman

It never ceases to amaze me though. For a few weeks now we've been pointing out that the numbers were going to be tiny based on what we already knew about October's results. And yet the market still reacts like it's a massive surprise. We say that it could open 20% down because it's done so before...but why should it though? Doesn't everyone know that's what the company will report? Why isn't that already in the price? Are there really so many speculators who've bought the share without a clue what to expect?

As long as hydrogen continues to be the future, and ITM does a good job, this is an obvious long term hold, but I think I'll never get used to the weird reactions of weeks like this. It'll happen again in June, because there are only another three months of invoicing to complete the next set of books. Hey ho.

For those asking yesterday to be able to watch a recording of the half year results investor meeting, it has just been released.

https://www.investormeetcompany.com/investor/meeting/half-year-results

You may need to register first...
https://www.investormeetcompany.com/itm-power-plc/register-investor

I have faith that Linde orders will start to grow soon. It takes quite a long time for a sales team to build their base around a new technology. And last year must have been particularly restrictive due to Covid. As a result even this year could be a bit slow to build, but from the second half onwards could be very exciting.

Many of the US brokers have absolutely no idea when it comes to disruptive technology stocks. They may talk the market into a fall but it doesn't make them right.

It's certainly a tough challenge to go fully energy independent without it, but I find myself disagreeing with any excuse to build nuclear. I hesitate to make this an argument on nuclear, nobody ever wins that argument. My two issues that cannot be won over are... 1, I'm against nuclear waste...invisible isn't the same as clean. And 2, I'm against the (slim) possibility of a nuclear accident on this island, as I don't think we can afford to lose a quarter of it to a nuclear no-go zone. I'm happy to have wind, solar and tidal as far as the eye can see with batteries to support solar and tidal, and hydrogen created from both wind turbines and all excess electrical generation. Can we ever build enough of it here to be fully independent? Not sure. But given the time it takes us to build just one nuclear power station I don't think we'd build enough of those in a century to be independent either.

Lfclfc5, if you register here...
https://www.investormeetcompany.com/itm-power-plc/register-investor
...then once the recording is made available you should be able to view it. I don't know how long after the meeting the recording is uploaded. They also normally separate out the Q&A into audio clips, that's where some of the best information is.

Enough windfarms and solar (worldwide) isn't really a problem. I use this map to keep an eye on windfarm developments and proposals.
https://www.4coffshore.com/offshorewind/

You also need to consider wider afield. We have no issue with importing extra power today, whether that's coal, gas, or oil, so you shouldn't discount the future of importing hydrogen too (either raw or derivative). There's so much sunlight and wind energy hits places like Australia, North Africa, Middle East and USA that they're almost certainly going to become net exporters of hydrogen. As long as it's green it doesn't matter where it comes from.

superbarnet, if you register here...
https://www.investormeetcompany.com/itm-power-plc/register-investor
...then once the recording is made available you should be able to. I don't know how long after the meeting the recording is uploaded.

Just to clear up a point that was raised on the forum a few days ago... The new factory does contain a few clean-rooms. GC wouldn't go into much detail which part of the process they're for, but alluded to them doing their own coatings on membranes or electrodes.

Investor meeting just ended. Pleased to confirm I am happy to be a long term holder. A few takeaways...

1. They are looking to be cash neutral from operations in 2024.
2. Sounds like Keele project is progressing well.
3. REFHYNE project expecting first hydrogen end Q1. Shell reported to be delighted so far. Slightly delayed due to Covid.
4. First shipment from the new factory going out on Monday. Another couple to follow in next 2/3 weeks.

GC giving the presentation with a view looking out over the factory floor. Looks great.

Conkers, the problem with waiting for profitability before investing is that the mcap will be 10m-15m by then. That's the difference with investing in a growth stock. It takes commitment and conviction, and neither of those come with guarantees.

Where I see a slight challenge for ITM is to do with adopting IFRS 15 which means they can't book revenue until the product/project is delivered. So they need a better way to inform investors that everything is going according to plan, for example how many MW are currently progressing through the new factory. The Snam deal is problematic in that regard because, although it's a big potential, it's not really due any results for a couple of years so we're not even going to see anything on that in the next couple of accounts either.

Geekster, the report always comes out at 7am. The conference call to present/discuss it is at 2pm.

Bought a few more at 512p. Don't know how low this will go though. Low 500 was always a possibility.

Just bought at 556p

The Snam deal sounds the same as announced last October.

I think the best we can say of that is that it's broadly what was expected. No new news. Let's see what the market says at 8am.

Sorry, that was kind of directed to Seaangler as it was a post with you a couple of weeks back.

I haven't mentioned this yet, but following the brief post a couple of weeks ago about pensions, I checked and with a great many thanks to ITM (mainly) and CWR in my SIPP I felt I was a little too close to my LTA. Consequently I've rejigged my entire portfolio to try to fit it all into my (and Mrs) ISAs. Unfortunately they don't hold as much so I've had to massively scale back my holdings. Still a long time holder and believer in ITM, CWR, NEL, PLUG etc, but now ITM holdings are about a quarter what they were in December. So probably not a relevant discussion for many here, but it's another reason for selling...feeling compelled to.