Trading Update

Ahead of our interim results, which are due to be released on 30 January 2025, we are pleased to provide a summary of our financial performance for the 6 months to 31 October 2024.

The expected unaudited financial results for the half year are as follows:

• Revenue of £15.2m
• Adjusted EBITDA loss of £17.1m
• Net cash at the end of the first half of the year of £203m

View on the market and business:

• Market and regulatory environment: remain unchanged
• Sales pipeline: continues to grow, with near-term interest weighted towards NEPTUNE V
• Project delivery: obligations being met, with costs tightly controlled
• Product performance: in-field data achieving customer and ITM expectations

We update our FY25 guidance as follows:

• Revenue expected between £18m and £22m (unchanged)
• Adjusted EBITDA loss in the range of £32m to £36m (improved from £35m to £40m)
• Net cash at year-end in the range of £170m to £180m (improved from £160m to £175m)

Dennis Schulz, CEO ITM, said: "In the first half of the year, ITM achieved its strongest revenue performance in any six-month period whilst tightly managing costs and capital expenditure. Our sales pipeline has continued to grow, and we are well-positioned as customer FIDs accelerate through 2025. We look forward to providing a more detailed update with our interim results in January."