ITM Power (ITM) H1 2025 earnings summary

Executive summary

• Revenue rose to £15.5m for H1 2025, up from £8.9m year-over-year, driven by record NEPTUNE II deliveries and a £135m order backlog, with improved adjusted EBITDA loss of £16.8m versus £18.1m prior year.

• Major contracts signed include Shell REFHYNE II (100MW), 500MW and 8MW capacity reservations, and two NEPTUNE V contracts post-period end.

• Operational improvements include a 98% factory acceptance test pass rate, new product launches (NEPTUNE V), and a 40% reduction in iridium loading.

• Strong financial position, with cash burn halved compared to H1 FY24 and year-end cash guidance raised.

• Strategic focus on technology leadership, operational efficiency, and regional expansion.

Financial highlights

• Revenue for H1 2025 was £15.5m, up 74% year-over-year; gross loss increased to £10.2m from £8.1m.

• Adjusted EBITDA loss improved to £16.8m from £18.1m; loss before tax widened to £28.8m due to exceptional items.

• Cash at period end was £203.1m, down from £253.7m, with cash outflow reduced and a £13m payment to Linde.

• Capital expenditure was £5.4m, with £3.4m in factory upgrades and £2.0m in product development.

• Working capital inflow of £1.0m, with inventories at £73.0m and receivables reduced by £4.5m.

Outlook and guidance

• Full-year revenue guidance reiterated at £18–22m; adjusted EBITDA loss expected between £32–36m.

• Year-end cash guidance raised to £185–195m, reflecting improved inflows and strict cost control.

• Sales pipeline and contract backlog at record levels, with strong demand for NEPTUNE V.

• Anticipates continued momentum in EU and UK green hydrogen projects, with 2025 seen as a potential turning point for the industry.