ITM Power (LSE:ITM) has reported first-half 2025 revenue of £18.0 million, the highest in its history, even as the company recorded an adjusted EBITDA loss of £11.9 million. Cash reserves remain strong at £197 million. Demand continues to grow for the company’s NEPTUNE V and ALPHA 50 electrolyser platforms, and ITM has made meaningful progress on large-scale projects, including the 100 MW PEM plant under development for RWE in Lingen. With a healthy sales pipeline and ongoing product innovation, ITM is positioning itself as a dependable partner in Europe’s fast-expanding hydrogen sector, supported by accelerating investment in green-energy infrastructure.
The outlook remains mixed. While revenue momentum and strategic progress highlighted during the earnings call are encouraging, persistent profitability challenges and cash-flow pressures continue to weigh on sentiment. Technical indicators point to a bearish trend, and valuation metrics reflect ongoing concerns over the path to sustainable earnings.
More about ITM Power
Founded in 2000 and listed on AIM in 2004, ITM Power designs and manufactures PEM electrolysers that generate green hydrogen from renewable energy and water. Headquartered in Sheffield, the company plays a key role in the emerging clean-hydrogen economy by supplying technology for industrial decarbonisation and net-zero energy systems.
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