ITM POWER PLC - Preliminary Results for the year ended 30 April 2026

ITM Power PLC presented its preliminary financial results for the year ended 30 April 2026, highlighting record revenue growth, improved profitability and continued progress in its green hydrogen growth strategy. Revenue increased 68% year-on-year to £43.6 million, marking a third consecutive year of record sales, while the adjusted EBITDA loss narrowed from £33 million to £20.2 million. Gross losses reduced significantly to £6.1 million, reflecting improved operational efficiency, cost discipline and progress on legacy contracts. The company's order backlog remained strong at £144 million, with 83% comprising profitable contracts, up from 60% in FY2025. ITM Power ended the financial year with £215.6 million in cash, supported by a £40 million investment from Great British Energy. Operational highlights included progress on major electrolyser projects for RWE and Shell, the development of its next-generation Chronos technology and a £45.5 million government grant supporting manufacturing expansion. Management also outlined significant opportunities through its HydroPulse build-own-operate business model, including a proposed 150MW green hydrogen project with a European refinery, targeting a final investment decision in 2027. Strategic collaboration with Rheinmetall to develop synthetic fuels for defence applications further strengthens ITM Power's market positioning. Looking ahead, the company forecasts FY2027 revenue of £50–60 million, an adjusted EBITDA loss of £17–20 million and year-end cash of £170–180 million. With an improving contract mix, expanding project pipeline and strong balance sheet, ITM Power remains focused on sustainable revenue growth, technological innovation and its long-term transition towards profitability.