ITM Power (ITM) H2 2026 earnings summary

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.