ITM Power grows annual revenue 68% as adjusted loss narrows
The electrolyser maker ended April with £215.6 million in cash, supported by a £40 million equity investment from Great British Energy.
Ines Halvorsen
For the year ended April 30, 2026, revenue rose 68 per cent to £43.6 million at ITM Power plc LONITM, the electrolyser maker reported on Monday. Its adjusted loss before interest, tax, depreciation and amortisation narrowed to £20.2 million from £33 million.
Cash stood at £215.6 million at April 30, supported by a £40 million equity investment from Great British Energy. Removing that investment from the change against the previous year's £207 million balance implies a £31.4 million net cash outflow from all other movements.
Contract backlog was £144 million at April 30. ITM said profitable contracts represented 83 per cent of that backlog, compared with 60 per cent in April 2025.
For the year ending April 30, 2027, ITM forecast revenue of £50 million to £60 million. Its adjusted EBITDA loss guidance is £17 million to £20 million, with the company saying the result remains dependent on factory loading.
ITM designs and manufactures industrial-scale electrolysers for green hydrogen production, using its own PEM technology, according to its annual report released on Monday. Its business includes equipment supply and a subsidiary that plans to build, own and operate hydrogen plants for industrial customers.
The cash forecast for April 30, 2027, is £170 million to £180 million, including expected capital spending on its next manufacturing line. That would leave cash below the latest year-end balance as the company invests in manufacturing while continuing to forecast an adjusted EBITDA loss.
Government Funding Supports The Next Manufacturing Line
The Oct. 19 results link the government funding to a planned 1-gigawatt Chronos manufacturing line in the UK. Alongside the equity investment, the Department for Energy Security and Net Zero awarded a £46.5 million grant, to be drawn as spending is incurred.
The distinction between the grant and the equity investment affects the cash available for that expansion. The April cash balance already includes the equity subscription, while the grant is tied to expenditure as it occurs.
Hydropulse's next potential commitment remains conditional. In an Oct. 12 announcement, ITM said the subsidiary had signed heads of terms with an unnamed European oil refinery for a proposed 150-megawatt hydrogen installation.
The planned agreement would run for 10 years, with hydrogen production expected to begin in 2029. The refinery would provide the site and utilities, including power, while Hydropulse would build, own and operate the installation.
"If progressed to definitive agreements, it would represent our largest commercial commitment to date and establish a material long-term contracted revenue stream for the Group," ITM chief executive Dennis Schulz said in the Oct. 12 announcement.
ITM said engineering work was already under way and that it was discussing financing with banks at the level of the proposed installation. The parties target a final investment decision in 2027.
Read more: Plug Power delivers electrolyzer system for major European hydrogen project
The nearer delivery milestone is Lingen 2 in Germany. ITM said on Oct. 19 that the 100-megawatt plant remained on track for completion within its current financial year, which ends April 30, 2027.
