ITM Power, a green hydrogen firm based in Sheffield, experienced a sharp rise in its shares by almost a fifth following an announcement of an improved annual revenue guidance. The company confirmed that it had met additional contractual obligations, allowing it to recognize associated revenues and lift its revenue expectations significantly. This positive development comes after a period of customer-related delays that had previously led to a guidance reduction. ITM Power now anticipates annual revenues between £25.5 million and £26.5 million, marking a 30% increase from the previous range. The firm also expects a net cash position of £204 million to £205 million due to a cash generative second half. Despite the strong financial performance, ITM Power is aiming for an adjusted earning of £32-36 million for the year. The company's CEO, Dennis Schulz, emphasized the firm's robust balance sheet as a key competitive advantage, highlighting the growing contract backlog and sales pipeline. ITM Power's shares surged over 20% initially but settled to a 9% increase by mid-morning trading. The positive outlook and financial performance indicate a promising future for ITM Power in the hydrogen sector as it continues to focus on green technology and renewable energy sources.