ITM Power (ITM) Trading Update summary

Financial performance

• Achieved record H1 revenue of £18.0m and ended the period with £197m in cash.

• Adjusted EBITDA loss narrowed to £11.9m, reflecting improved cost control and project execution.

Market and business environment

• European market momentum is accelerating, led by Germany's major infrastructure investments.

• UK hydrogen projects are advancing, with first HAR1 projects nearing final investment decisions.

• US market faces policy-driven uncertainty.

Operational and product highlights

• Strong project progress, including full delivery and installation of the world's first 100 MW PEM plant in Lingen.

• High demand for NEPTUNE V (5 MW) and ALPHA 50 (50 MW) green hydrogen plants.

• Hydropulse product gaining traction with customers and advancing multiple project opportunities.

• Next-generation CHRONOS stack progressing through planned validation.