ITM Power (AIM:ITM) reported record revenue of £43.6m for the year to 30 April, up 68% from £26m the prior year and ahead of the company's upgraded full-year guidance.
The London-listed, AIM-quoted hydrogen electrolyser maker narrowed its adjusted EBITDA loss to £20.2m, down 39% from a £33m loss in FY25, which it said reflected stronger project execution and product performance. Pre-tax losses fell to £24.8m from £45.4m a year earlier, with the prior year weighed down by £13.1m of exceptional costs that were absent this year.
Cash stood at £215.6m at year-end, up from £207m, sitting at the top of the company's upgraded guidance range and boosted by a £40m equity investment from Great British Energy (GBE). Stripping out that investment, ITM said its underlying cash position still came in at the top of its original guidance range.
Contract backlog held at £144m despite the record revenue recognised during the year, with the proportion of profitable contracts within that backlog rising to 83%, up from 60% in April 2025.
Revenue by segment showed power applications jumping to £23.97m from £1.91m, while industry revenue fell to £13.68m from £20.38m; Europe remained the dominant market, generating £41m of revenue against £2.5m from the UK.
"ITM Power has continued to strengthen its position as a leading supplier of electrolysers, underpinned by our proprietary stack technology, deep manufacturing expertise, and a product portfolio trusted by industrial partners," chief executive Dennis Schulz said.
The year's strategic highlights included the £40m GBE equity investment alongside a £46.5m grant from the Department for Energy Security and Net Zero (DESNZ), funding that underpins a 1GW Chronos electrolyser stack manufacturing line at ITM's Sheffield site.
The company also launched Hydropulse, a build-own-operate (BOO) business for green hydrogen plants, and its new Alpha 50 full-scope 50MW hydrogen plant, alongside a strategic collaboration with Rheinmetall tied to its Giga PtX synthetic fuels project for NATO forces.
Read more about ITM Power
- 12/10/26ITM Power's Hydropulse signs terms for 150MW hydrogen project
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- 09/07/26ITM Power seals £46.5m government grant
Since the year-end, ITM said RWE's 100MW Lingen 1 plant, described as the world's largest PEM electrolyser facility, has become operational, with the second 100MW unit, Lingen 2, on track for completion this financial year.
Hydropulse has also signed Heads of Terms for a 150MW green hydrogen project with a European oil refinery, with a joint front-end engineering design study already under way ahead of a targeted 2027 final investment decision, a deal that, if it proceeds, would be the company's largest commercial commitment to date.
For FY27, ITM guided to revenue of £50m to £60m, implying 26% year-on-year growth, an adjusted EBITDA loss of £17m to £20m, and year-end cash of £170m to £180m, including forecast capital expenditure on the Chronos manufacturing line.