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ITM Power (ITM) investor relations material
ITM Power H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Recognized as the fastest-growing UK manufacturer and among the top 10 in Europe, with strong results, commercial momentum, and expanding global footprint.
Maintained capital discipline, resulting in a strong balance sheet and cash-generative performance in H2 FY25.
Strategic priorities include technology leadership, operational scaling, and global reach, with new offerings like HydroPulse accelerating profitability.
Leadership in electrolyzer technology, with a robust and growing project pipeline and contract backlog.
Launched HydroPulse, a new build-own-operate business model, and advanced next-gen Kronos/CHRONOS stack platform.
Financial highlights
FY25 revenue reached £26M, up 50% year-over-year, mainly from equipment sales and legacy contracts.
Cash at year-end was £207M, significantly above expectations, reflecting investments and working capital improvements.
Contract order backlog doubled to £145.1M, with 60% representing future margin-positive revenue.
Gross loss increased due to strategic capacity expansion and shift to build-to-order, reaching £23.7M.
Adjusted EBITDA loss forecast to improve to £27M–£29M in FY26.
Outlook and guidance
FY26 revenue expected to grow 50% to £35M–£40M, with most recognized in H2 due to project timing.
Year-end cash forecasted at £170M–£175M, with CapEx of £15M–£20M focused on Kronos/CHRONOS and manufacturing automation.
Path to profitability depends on cost discipline, growing profitable order backlog, and scaling Kronos/CHRONOS.
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