ITM Power projects further growth as sales increase and loss narrows

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 £25.0 million in the financial year ended April 30 from £45.4 million the year prior.

Revenue rose 68% to a record £43.6 million from £26.0 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 £40 million and £43 million, up from its previous view at the time of £35 million to £40 million before.

ITM said progress has been supported by disciplined capital management and a £40 million equity investment by Great British Energy in April this year. Together with a £46.5 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 £20.2 million from £33.0 million, "significantly ahead of our original guidance", ITM said.

For financial 2027, ITM expects revenue between £50 million and £60 million, and an adjusted Ebitda loss between £17 million and £20 million.

It sees cash between £170 million and £180 million, compared to £215.6 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.

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