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(Sharecast News) - Green hydrogen technology group ITM Power reported a 68% jump in annual revenues and sharply reduced losses on Monday, as strong project execution and improved product performance helped the company beat its upgraded guidance.
Revenue rose to a record £43.6m in the year to 30 April 2026, up from £26m previously, while adjusted EBITDA losses narrowed by 39% to £20.2m from £33m. Pre-tax losses fell to £24.8m from £45.4m.
The AIM-listed company ended the year with cash of £215.6m, up from £207m, supported by a £40m equity investment from Great British Energy.
ITM also secured a £46.5m government grant to support the development of a 1GW manufacturing line for its next-generation Chronos electrolyser technology.
Its contracted order backlog remained broadly stable at £144m, with profitable contracts now accounting for 83% of the total, compared with 60% a year earlier, the company said.
During the year, ITM also launched Hydropulse, a business that will build, own and operate green hydrogen production facilities, generating revenue through long-term supply agreements.
Since the year-end, Hydropulse has signed heads of terms for a 150MW project with a European oil refinery, with a final investment decision targeted for 2027.
Chief executive Dennis Schulz highlighted the operational start-up of the first 100MW electrolyser plant at RWE's Lingen project in Germany, describing it as the world's largest PEM electrolyser facility. A second 100MW plant remains on track for completion during the current financial year.
Looking ahead, ITM forecast revenues of £50m to £60m for the year to April 2027, alongside an adjusted EBITDA loss of £17m to £20m and year-end cash of £170m to £180m.
The company nevertheless cautioned that final investment decisions on green hydrogen projects were continuing to take longer than expected, despite what it described as strengthening long-term market fundamentals.
ITM shares were down 0.9% at 91.15p by 1402 BST.
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