By Nicholas Earl
Shares in ITM Power have dropped nearly 25 per cent on the London Stock Exchange.
The energy storage and clean fuel specialist warned revenues are likely to dip towards the bottom of its current guidance range.
The company’s shares had plummeted this morning to 78.38p per share from £1.04 per share just yesterday.
ITM Power has been plagued with manufacturing issues, including delays in the tooling and financing of its stack modules – which connect and power products.
The company revealed that while it continued to make technological progress in developing new modules, production issues have led to limited deliveries of its latest products including the 2MW MEP 2.0 stack.
As such, warranty provisions will need to materially increase from the £3m set aside in fiscal 2022, could result in revisions to its guidance.
Its previously announced range is 48MW-65MW of delivered product and revenue of £23m-£28m.
Further guidance will be provided for the current year’s revenue and production as well as warranty provisions in the trading update in December.
It is also continuing its search for a new chief executive officer.
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