ITM Power plc (LSE:ITM) reported further operational and financial progress for the six months to 31 October 2025, with revenue increasing to £18m from £15.5m a year earlier and the adjusted EBITDA loss narrowing to £11.9m. The group ended the period with a strong cash position of £197.8m, providing headroom to support ongoing growth initiatives.
Contracted backlog expanded sharply to £152m and is now largely made up of profitable contracts, reflecting improved project economics as lower-margin legacy work continues to roll off. Commercial momentum was supported by several new equipment and engineering awards, significant capacity reservation agreements with utilities including RWE, and selection for large-scale green hydrogen projects across Europe and the Asia-Pacific region. Since the period end, ITM has also launched its ALPHA 50, a 50MW full-scope plant, while demand for the NEPTUNE V platform has continued to build, further strengthening the group’s medium-term pipeline.
ITM is also moving into recurring, asset-backed revenue through Hydropulse, its newly established build-own-operate business focused on decentralised green hydrogen production for industrial customers. The initiative is intended to leverage government funding frameworks in markets such as the UK and Germany, diversifying revenue streams beyond pure equipment sales.
On the operational side, the company is investing in automation with the introduction of a new autostacker manufacturing line, advancing development of its next-generation CHRONOS stack platform, and transitioning parts of its portfolio to percentage-of-completion revenue recognition. Management said these measures are designed to lift margins, improve revenue visibility and reinforce ITM’s competitive position as global investment and policy support for green hydrogen continues to gather pace.
Despite the progress, the outlook remains constrained by ongoing losses and cash flow challenges, with technical indicators and valuation metrics suggesting a cautious near-term view. However, strong revenue growth, a significantly larger backlog and clear strategic execution provide longer-term support as the green hydrogen market develops.
More about ITM Power
ITM Power is a Sheffield-based specialist in proton exchange membrane (PEM) electrolysers used to produce green hydrogen from renewable electricity and water. Founded in 2000 and listed on London’s AIM market since 2004, the company focuses on industrial-scale decarbonisation and plays a role in the emerging global clean hydrogen economy.
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