14th Aug 2025 12:38
(Alliance News) - ITM Power PLC on Thursday said it has a clear strategic focus on the highest-growth hydrogen markets and expects strong revenue growth to continue in the new financial year, though its loss widened.
The Sheffield-based designer and manufacturer of electrolyser systems for green hydrogen production said its pretax loss widened to GBP45.4 million in the financial year that ended April 30 from GBP27.1 million the year before.
Loss from operations before exceptional items increased to GBP41.5 million from GBP38.0 million. One exceptional item was a GBP13.0 million cost relating to the settlement of a commercial dispute with Linde PLC.
Revenue climbed 58% to GBP26.0 million from GBP16.5 million.
Cost of sales increased 50% to GBP49.7 million from GBP33.2 million, while administrative expenses came in 52% higher at GBP34.3 million from GBP22.6 million.
Looking ahead, Chief Executive Officer Dennis Schulz said: "Our next-generation stack platform, Chronos, is progressing well through development and validation, and is destined to further substantiate our lead among proton exchange membrane [PEM] electrolyser companies. With a strong balance sheet, clear strategic focus on the highest-growth hydrogen markets, and our agility, we are uniquely positioned for sustained success. Our record order backlog, expanding sales pipeline, and commercial traction are driving tangible momentum on our pathway to profitability."
Chair Roger Bone said: "Over the next year, we will continue to invest in our core technology, enabling us to remain at the forefront of the industry. We will also introduce more automation, particularly in stack assembly, which will enhance our production capabilities."
Chief Financial Officer Amy Grey said the immediate priority is to successfully execute current projects, while actively securing new opportunities to grow the customer base.
ITM Power guided for revenue between GBP35 million and GBP40 million in financial 2026, up at least 35% from the GBP26.0 million in financial 2025.
CFO Grey said: "Our revenue is expected to increase by almost 50% year-on-year, with the majority of the revenue coming from contracted product sales."
Further, the company expects an adjusted loss before interest, tax, depreciation and amortisation of between GBP27 million and GBP29 million in financial 2026, narrowed from GBP33.0 million in financial 2025 and from GBP30.4 million in financial 2024. ITM Power highlighted that 60% of its contracted order backlog is profitable, with the share set to grow in financial 2026.
CFO Grey added: "ITM enters FY26 with confidence and momentum. The strategic foundations we have built over the past two years are now translating into tangible results, positioning us to capture the expanding opportunities in the global hydrogen market."
ITM Power shares were up 10% to 74.94 pence on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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