Trading Update

Ahead of our interim results which are due to be released on 31 January 2024, we are pleased to provide a summary of our financial performance for the 6 months to 31 October 2023.

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

• Revenue of £7.5m (well on track for full year guidance of £10-18m)
• Adjusted EBITDA loss between £22-23.5m (trending well against lower end of full year guidance of £45-55m)
• Net cash at the end of the first half of the year of £253.7m (against full year guidance of £175-200m), with an outflow in H1 of £28.8m, already reflecting the early effects of the significant progress against our 12-month plan in H1.

Given this reassuring performance we confirm our full year guidance.

Dennis Schulz, CEO ITM, said: "We have been making substantial progress against our 12-month plan, which aimed at providing ITM a strong foundation to build on. The first 6 months of the financial year from May to October already paint the early picture of a new ITM, surpassing the full year revenue of each of the last two years by about 50% in just the first half of this year. We are pleased with the improvements achieved across all areas of the company, many of which have a positive effect on how we manage cash and scrutinise capital spend. We look forward to providing a detailed update on our 12-month plan which is nearing successful on-time completion in January, and to giving insight into our longer term strategic priorities at the time of our interim results."