ITM Power reports full year loss, shares fall

Shares in ITM Power (LON:ITM) were trading lower in early trade despite recording a narrower loss in the latest financial year. For the year ended 30th April 2021, ITM reported a loss from operations of £26.7 million, down 9% from the previous year.

Total revenue and project grant funding was down 6% to £5.1 million.

The energy storage company also provided an operational update following a number of commercial project announcements during the financial year.

ITM confirmed it completed the first electrolyser Gigafactory, which is expected to reach annual production capacity of 1,000MW per annum by the end of 2023.

On current trading, the group announced it has a contracts backlog of £171 million (up from £119 million last year), constituting 310MW of electrolysers.

Looking forward, ITM expects current year core stake module production to be in excess of 55MW. Completed products volume is expected to be between 33-50MW.

Revenue recognition is dependent on site access, travel restrictions, and microchip and steel availability with revenue expected to be heavily weighted to the second half of the year.

“2021 has been another transformational year,” said ITM Power Chief Executive Officer Graham Cooley. “We have seen national commitments to net zero accelerate, and I believe we are very well placed, with our partner Linde, to address the rapidly growing demand in the market.”

At 09:04BST, shares in ITM Power were trading lower by 5.6% at 441.99 pence per share.