ITM Power (ITM) H1 2026 earnings summary

Executive summary

• Achieved record half-year revenue of £18.0m, up from £15.5m year-over-year, driven by strong equipment sales, engineering services, and major project wins.

• Adjusted EBITDA loss narrowed to £11.9m from £16.8m, reflecting improved operational discipline.

• Cash position remained robust at £197.8m at period end, with a £9.2m outflow during H1 FY26.

• Order backlog increased to £152m, with 71% now profitable contracts, up from 60% in April 2025.

• Significant operational progress with new product launches (ALPHA 50, NEPTUNE V, Hydropulse BOO), automation (AutoStacker), and major project wins in the UK, Germany, and Asia-Pacific.

Financial highlights

• H1 2026 revenue reached £18.0m, up from £15.5m in H1 2025, mainly from equipment sales and service contracts.

• Gross loss narrowed to £6.5m from £10.2m year-over-year, reflecting higher production and cost control.

• Adjusted EBITDA loss: £11.9m (H1 2025: £16.8m); loss before tax: £14.1m (H1 2025: £28.8m).

• Capital expenditure totaled £6.9m, supporting automation and product development.

• Cash outflow of £9.2m over 12 months, with cash at £197.8m at period end.

Outlook and guidance

• Full-year revenue guidance reiterated at £35m–£40m, representing 400% growth over two years.

• Adjusted EBITDA loss expected between £27m and £29m, with improvement of £4m year-on-year.

• Year-end net cash forecasted at £170m–£175m, with higher outflows in H2 due to project milestone timing.