ITM Power plc (LSE:ITM) reported record revenue of £43.6 million for the financial year ended 2026, an increase of 68% year on year, alongside a reduction in its adjusted EBITDA loss to £20.2 million.
The UK-based electrolyser manufacturer ended the year with cash of £215.6 million and a contract backlog valued at £144.0 million, which the company said now predominantly comprises profitable contracts.
During the period, ITM secured £40.0 million in equity investment from Great British Energy and a £46.5 million UK government grant to support the development of a 1 gigawatt (GW) Chronos electrolyser manufacturing line.
The company also expanded its activities through the launch of Hydropulse, its build-own-operate (BOO) hydrogen business, and progressed several industrial-scale hydrogen projects.
For FY2027, ITM expects revenue of £50 million to £60 million, alongside a further reduction in adjusted EBITDA losses.
Revenue Increases 68% as Adjusted EBITDA Loss Narrows
ITM reported annual revenue of £43.6 million, representing a 68% increase compared with the previous financial year.
The company recorded an adjusted EBITDA loss of £20.2 million, reflecting a reduction in losses as revenue increased and the composition of its contract portfolio changed.
At the year-end, ITM held £215.6 million in cash.
Its contract backlog stood at £144.0 million, with management reporting that the majority of contracted work is now expected to be profitable.
The backlog comprises projects involving the supply of proton exchange membrane (PEM) electrolyser technology and associated hydrogen production infrastructure.
ITM said its operational priorities remain focused on contract execution, manufacturing efficiency and managing expenditure as it expands production capacity.
Great British Energy Investment and Government Grant Support Chronos Expansion
ITM secured £40.0 million in equity investment from Great British Energy and a £46.5 million UK government grant to support its manufacturing expansion.
The funding is intended to facilitate development of a new Chronos production line with planned annual electrolyser manufacturing capacity of 1 GW.
Chronos forms part of ITM’s electrolyser technology portfolio, which is designed for large-scale hydrogen production applications.
The proposed manufacturing expansion is intended to increase the company’s ability to supply equipment for industrial hydrogen projects.
The investment programme will require continued capital expenditure as the company develops the additional capacity.
ITM said it intends to maintain financial discipline while progressing the Chronos manufacturing programme.
RWE Lingen Project Reaches 100 MW Milestone
Following the financial year-end, ITM reported progress at its 100 megawatt (MW) hydrogen production project in Lingen, Germany, developed for RWE.
The company described the facility as the world’s largest PEM electrolyser installation following its completion.
A second 100 MW unit at the site is also progressing towards completion.
The Lingen project is among ITM’s principal reference installations for industrial-scale hydrogen production.
The company has also secured contracts and project selections involving energy companies including RWE and Uniper, alongside grid-balancing applications in Germany.
These projects form part of ITM’s efforts to expand deployment of its electrolyser systems in the European industrial and energy sectors.
Hydropulse Introduces Build-Own-Operate Hydrogen Model
ITM launched Hydropulse during the financial year as a business focused on developing, owning and operating hydrogen production facilities.
The model differs from ITM’s existing equipment supply activities by providing for direct ownership and operation of hydrogen assets, with the intention of generating revenue through hydrogen supply agreements.
The company also introduced the 50 MW Alpha 50 hydrogen plant as part of its project development activities.
Hydropulse is progressing a proposed 150 MW hydrogen project associated with a refinery, extending ITM’s activities into the direct supply of hydrogen to industrial customers.
The development of these projects remains subject to their respective commercial arrangements, investment decisions and construction requirements.
The BOO model is intended to provide an additional source of revenue alongside electrolyser equipment sales.
Partnerships Expand Industrial and Transport Activities
ITM reported additional commercial relationships with Protium, Rheinmetall and Deutsche Bahn.
These arrangements broaden the range of potential applications for the company’s hydrogen technology, including industrial production, transport and defence-related energy infrastructure.
The company continues to pursue opportunities involving hydrogen production for industrial decarbonisation, grid-balancing applications and synthetic fuels.
Its international project pipeline includes opportunities across Europe, Asia-Pacific and North America.
The supplied update does not specify the financial value or contractual status of each partnership.
FY2027 Revenue Guidance Set at £50 Million–£60 Million
ITM expects revenue of £50 million to £60 million for FY2027, compared with the £43.6 million reported for FY2026.
The company also anticipates a further reduction in adjusted EBITDA losses as it progresses contract delivery and manufacturing operations.
Management said cash management will remain a priority during the investment phase associated with the Chronos manufacturing expansion.
The £144.0 million contract backlog provides visibility over existing contracted work, although the timing of revenue recognition will depend on project delivery schedules.
ITM’s priorities for the coming financial year include executing its existing contracts, advancing the Chronos production line, progressing Hydropulse projects and developing further commercial opportunities.
The company enters FY2027 with £215.6 million in year-end cash, a £144.0 million contract backlog and revenue guidance indicating further growth from its FY2026 level.
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