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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.
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H2 2025 earnings summary14 Aug, 2025

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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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.

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