ITM Power reports higher revenue, narrower first-half losses
By Josh White
Date: Thursday 29 Jan 2026
(Sharecast News) - ITM Power reported higher first-half revenue and narrower losses on Thursday, as the electrolyser maker said contract activity and product launches continued to build momentum, while it maintained a strong cash position and reiterated full-year guidance.
In the six months ended 31 October, revenue rose to £18m from £15.5m a year earlier, while the adjusted EBITDA loss narrowed to £11.9m from £16.8m.
Cash at the end of the period stood at £197.8m, down slightly from £203.1m on 31 October 2024.
ITM said its contract backlog to date totalled £152m, up from £43.7m two years earlier, and that 71% of the backlog now comprised profitable contracts as it works through legacy agreements, up from 60% in April 2025.
"We have yet again delivered our strongest six-month revenue performance to date while maintaining strict cash and operational discipline," commented chief executive Dennis Schulz.
He said commercial progress in the half included "the award of multiple equipment supply contracts, several engineering contracts, a significant capacity reservation from RWE, an important repeat customer, and beyond that our selection as electrolyser provider for several other upcoming projects".
"This progress underpins customer confidence and market traction in an environment which had to fight with known headwinds."
ITM highlighted contract awards and selections during the period including a Neptune V contract with Westnetz, selection by Uniper for a 120 MW HAR2 project with a FEED contract signed, a Neptune II contract with a leading Spanish cement producer, selection for a 300+ MW confidential project in the Asia-Pacific region, and a 20 MW POSEIDON contract with MorGen Energy for the HAR1 West Wales project, which remains subject to a final investment decision.
The AIM-traded company also referenced a 150 MW Neptune V capacity reservation by RWE, with call-offs foreseen by 2027, and a FEED contract for a multi-unit Neptune V HAR2 project.
It said it launched Hydropulse, a build-own-operate business focused on decentralised green hydrogen production plants using ITM technology to supply industrial customers under long-term offtake agreements.
"The Hydropulse business was well received at its launch and has since progressed several project discussions, supporting ITM's move towards recurring profitable revenue," Schulz said, adding that it was positioning itself to participate in government-backed programmes including HAR3 in the UK and schemes in Germany.
After the period ended, ITM said it launched Alpha 50, its new 50 MW full-scope green hydrogen plant, and was selected for two grid balancing projects in Germany totalling 710 MW, with final investment decisions expected in 2026 and 2028.
It also reported two engineering contracts with customers in Australia and Canada and a 12.5 MW Neptune V contract under HAR1 with Octopus Energy Generation.
"The fourth quarter saw the launch of our new product, Alpha 50, the world's most competitive full-scope and highly efficient green hydrogen plant solution, which has generated strong interest among large-scale industrial customers," Schulz said, while cautioning that "FID timing, of course, remains customer-led," though he added "we expect FID momentum to continue accelerating through 2026 and beyond."
On operations, Schulz said the group's next-generation stack platform, Chronos, "has continued to progress through development and validation to plan".
"We are confident that, once launched, Chronos will be a true gamechanger for the electrolyser industry."
He also cited progress at major projects, saying RWE's Lingen 1 had "seen all 100 MW of Trident stacks and skids installed and pressure-tested on time," while for Lingen 2 "all Trident skids and already 40% of the stacks have been installed," and that the Leuna project with Linde was nearing completion.
ITM reiterated guidance for the full year, forecasting revenue of £35m to £40m, an adjusted EBITDA loss of £27m to £29m and cash of £170m to £175m.
At 0938 GMT, shares in ITM Power were up 3.43% at 69.3p.
Reporting by Josh White for Sharecast.com.
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