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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
ITM Power
ITM Power (ITM) investor relations material
ITM Power H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary19 Oct, 2026
Executive summary
FY26 revenue rose to £43.6m from £26.0m; adjusted EBITDA loss narrowed 39% to £20.2m, with year-end cash of £215.6m.
Strategic priorities remain technology and delivery credibility, flexible scaling with cash discipline, and global expansion; Hydropulse signed Heads of Terms for a 150 MW refinery project.
Financial highlights
FY26 revenue was £43.6m versus £26.0m in FY25; gross loss narrowed to £6.1m from £23.7m.
Adjusted EBITDA loss was £20.2m versus £33.0m; gross loss reduction was driven by provision true-ups following project progress.
Year-end cash was £215.6m, up £8.6m; investment in factory, testing and product development was £13.2m.
Equipment sales contributed £40.7m, over 90% of revenue; legacy contracts generated 82% of revenue but no profit and are fully provided for.
Revenue recognized on percentage-of-completion contracts was £3.9m.
Outlook and guidance
FY27 revenue guidance is £50m–£60m, with ~1/3 expected from legacy contracts and 2/3 from profitable contracts.
FY27 adjusted EBITDA loss guidance is £17m–£20m; losses remain a function of factory loading and fixed-cost absorption.
FY27 year-end cash guidance is £170m–£180m and includes forecast capex for the Chronos manufacturing line.
Hydropulse’s 150 MW refinery project targets joint FID in 2027 and hydrogen production in 2029, subject to progressing through FID.
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Latest events from ITM Power
- £86.5m UK backing and next-gen Chronos stack drive growth and upgraded FY26 cash outlook.ITM
Investor presentation - Record revenue, narrowing losses, and a profitable contract backlog drive strong outlook.ITMH1 2026
- Record H1 revenue and strong cash underpin growth, with FY26 guidance reaffirmed.ITMTrading Update
- Revenue up 50%, contract backlog doubled, and new models like Hydropulse drive future growth.ITMH2 2025
- Improved EBITDA loss and net cash guidance reflect strong cost control and sales momentum.ITMTrading Update
- Revenue tripled, EBITDA loss narrowed, and contract backlog surged on strong NEPTUNE sales.ITMH2 2024
- Revenue tripled and losses halved, with net cash exceeding expectations.ITMTrading Update
- Revenue up, cash strong, backlog at record; green hydrogen momentum accelerates.ITMH1 2025
Next ITM Power earnings date
H1 202728 Jan, 2027
ITM Power
Next ITM Power earnings date
H1 202728 Jan, 2027
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Frequently asked questions
ITM Power Plc designs and manufactures electrolysis systems for the production of green hydrogen. The company’s technology enables hydrogen generation from renewable electricity, supporting applications in energy storage, transport, and industrial processes. It operates projects across Europe and internationally. The company is headquartered in Sheffield, United Kingdom, and its shares are listed on the LSE.