Trading Update

1 June 2023

ITM Power PLC

Trading Update

Ahead of our final results which are due to be released on 27 July 2023, we are pleased to provide a summary of our financial performance for the 12 months to 30 April 2023.

In summary, the expected unaudited financial results are as follows:

· Revenue ahead of the £2m guidance

· Adjusted EBITDA loss of between £90m to £95m, within the £85m to £95m guidance

· Net cash at the year-end of £281m, ahead of the £245m to £270m guidance

Guidance versus company-compiled consensus, which has been gathered from the investment banks that have updated their forecasts since our interim results in January, shows the following:

· Revenue of £2m

· Adjusted EBITDA loss of £90m

· Net cash at the year-end of £253m

Dennis Schulz said: "We are pleased with the progress made so far against our 12-month plan laid out in January, which aims to transform ITM Power into a highly focussed delivery organisation with volume manufacturing capabilities. Focus areas are concentrating on a core product suite, reducing cash burn, and de-bottlenecking fabrication and testing. Recently announced milestones such as the 300% planned increase in power supply to 30MVA and the decision to expand our facilities at Bessemer Park are tangible signs of progress.

We have made significant progress on organisational refinement, improving engineering and product robustness. We have shipped products to our customers, including the cubes and stacks for RWE's 4MW project in Lingen, Germany, which marks the first deployment of our newest state-of-the-art 30 bar MEP stack platform and therefore another important milestone for us.

I am particularly delighted to see our intense efforts to slow down cash consumption already proving to be effective in such a short space of time. We will provide an update on the 12-month plan alongside our final results in July."

For further information please visit www.itm-power.com or contact:

About ITM Power PLC:

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London

Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures

electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the

only net zero energy gas, using renewable electricity and water.

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