ITM Power reports strong revenue growth, record orders
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By Josh White
Date: Thursday 14 Aug 2025
LONDON (ShareCast) - (Sharecast News) - ITM Power reported strong revenue growth and record orders for the year ended 30 April on Thursday, underpinned by rising demand for its electrolyser technology and a sharp focus on capital discipline.
Revenue rose more than 50% to £26m, marking a 400% increase over two years and in line with upgraded guidance.
The AIM-traded firm said its adjusted EBITDA loss widened to £33m from £30.4m, reflecting the impact of legacy contracts and under-absorption of costs as production ramped up.
Year-end cash stood at £207m, well ahead of original expectations, with a positive cash flow in the second half.
The firm order backlog reached £145.1m, up nearly 90% on last year, with 60% from profitable contracts.
Operationally, ITM said it improved its factory acceptance test first-time pass rate from below 50% to 99%, and signed multiple major deals during the year, including the 100MW REFHYNE II project for Shell and three NEPTUNE V contracts totalling 40MW.
Post year-end wins include contracts with Westnetz in Germany, a Spanish cement producer, and MorGen Energy's 20MW West Wales project.
The company also launched Hydropulse, a build-own-operate model aimed at accelerating green hydrogen adoption.
"Our commercial momentum continues to gather pace with a contracted order backlog at year-end standing at £145.1m, representing an increase of almost 90% year-on-year," said chief executive Dennis Schulz.
"Financial discipline remains central to our strategy.
"Our year-end cash position of £207m, including positive cash flow in the second half of the year, demonstrates robust capital management and positions us to scale with confidence."
Schulz noted that in the 2025 financial year, the company's revenue grew by more than 50%, marking the second consecutive year of record-breaking performance.
"This milestone ... demonstrates our ability to convert market demand into commercial success."
For the 2026 period, ITM said it expected revenue of £35m to £40m, representing about 50% growth, with most sales from the existing backlog.
The adjusted EBITDA loss was forecast at £27m to £29m, and year-end cash at £170m to £175m, as the company continued its capital-efficient scale-up strategy.
At 1018 BST, shares in ITM Power were up 5.91% at 71.7p.
Reporting by Josh White for Sharecast.com.
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