19th Oct 2026 09:24
(Alliance News) - ITM Power PLC on Monday said the outlook for green hydrogen remains "compelling", as it reported record annual revenue.
The Sheffield, England-based designer and manufacturer of electrolyser systems for green hydrogen production said its pretax loss narrowed to GBP25.0 million in the financial year ended April 30 from GBP45.4 million the year prior.
Revenue rose 68% to a record GBP43.6 million from GBP26.0 million, which ITM said was ahead of its upgraded guidance and significantly ahead of its original outlook.
In February, ITM said it expected full-year revenue between GBP40 million and GBP43 million, up from its previous view at the time of GBP35 million to GBP40 million before.
ITM said progress has been supported by disciplined capital management and a GBP40 million equity investment by Great British Energy in April this year. Together with a GBP46.5 million grant from the UK Department for Energy Security & Net Zero, this funding will support the establishment of manufacturing capability for its next-generation Chronos electrolyser stack technology, ITM said.
Basic and diluted loss per share totalled 4.0 pence versus 7.4p a year ago.
Adjusted earnings before interest, tax, depreciation and amortisation loss fell to GBP20.2 million from GBP33.0 million, "significantly ahead of our original guidance", ITM said.
For financial 2027, ITM expects revenue between GBP50 million and GBP60 million, and an adjusted Ebitda loss between GBP17 million and GBP20 million.
It sees cash between GBP170 million and GBP180 million, compared to GBP215.6 million at the end of April this year.
"With a strong order backlog, a scalable manufacturing platform, and a growing portfolio of strategic reference plants, ITM Power is entering its next phase of growth with strong momentum," the firm said.
ITM Power said the outlook for green hydrogen remains "compelling", with powerful structural growth drivers in place. "While final investment decisions continue taking longer than anticipated, the underlying fundamentals have strengthened."
Shares in ITM Power were up 1.7% at 93.48p in London on Monday morning.
By Jeremy Cutler, Alliance News reporter
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