ITM Power (ITM) H2 2025 earnings summary

Executive summary

• Celebrated 25 years with strong results, recognized as the fastest-growing manufacturer in the UK and among the top 10 in Europe, with expanding global presence and disciplined capital management.

• Maintained capital discipline, resulting in a strong balance sheet and cash-generative performance in H2 FY25.

• Strategic priorities include operational excellence, innovation, technology leadership, and global reach, with new offerings like Hydropulse accelerating profitability.

Financial highlights

• Revenue reached £26.0 million in FY25, up 50% year-on-year, mainly from equipment sales and legacy contracts.

• Cash position at year-end was £207.0 million, with the second half of the year being cash generative.

• Contract order backlog doubled to £145.1 million, with 60% representing future profitable revenue.

• Adjusted EBITDA loss widened to £33.0 million, with gross loss at £23.7 million due to expanded production capacity.

• Exceptional item of £13.1 million in a commercial settlement impacted cash movement.

Outlook and guidance

• FY26 revenue expected between £35 million and £40 million, with most recognized in the second half due to project timing.

• Adjusted EBITDA loss forecast to improve to £27–£29 million as legacy contracts are completed.

• Year-end cash expected between £170–£175 million, with CapEx of £15–£20 million focused on Kronos/CHRONOS and automation.