Sheffield-based green hydrogen and energy storage firm ITM Power plc said its revenue more than tripled to £16.5 million in the year to April 30, 2024.

However, the firm’s shares fell about 4% as it disappointed investors with its financial guidance for FY25.

ITM said FY25 revenue is now expected between £18 million and £22 million.

“Without customer delays, the revenue guidance would have been in the range of £35m to £40m …” said the firm.

ITM reported an “adjusted EBITDA loss” of £30.4 million, much improved from £94.2 million in the previous year.

Net cash at the year-end of £230 million was ahead of guidance.

ITM Power CEO Dennis Schulz said: “My first full financial year at ITM has seen the company make significant progress.

“We completed our 12-month plan and transformed ITM into a credible delivery organisation.

“Today, we have a focussed and highly competitive portfolio of products, all utilising the same market-leading stack technology which we can deploy into projects of any size and into almost every region of the world.

“We also have achieved a shift in culture of doing things right the first time, and prioritising quality over quantity, which is becoming increasingly evident in our day-to-day operations.

“As a result, EBITDA losses in the financial year decreased to one third of the previous year, whilst we were able to grow revenues threefold. We now have a disciplined approach to the use of our capital, which is reflected in our year-end net cash position.

“On the technology side, we are at the forefront globally, and we are deploying our electrolysers into some of the largest and most prestigious green hydrogen plants under construction worldwide.

“Our growing base of reference plants and operational field data helps us to convince new customers of our capabilities, as will the large-scale projects we are currently executing.

“Today, ITM is significantly more capable than the company has ever been. We have gained control over what we can control.

“Our path to profitability is no longer a question of capability, but now a question of volume of customer orders. The foundations we have laid will enable ITM to build long-term value, allowing us to invest for growth and drive attractive returns for our shareholders.

“In the meantime, our sales pipeline has been growing strongly, also backed by an increasingly positive regulatory landscape, which makes me optimistic about what lies ahead for ITM and our industry.

“We are ready. Now we need more customers to take FIDs.”