ITM Power PLC on Thursday reiterated its guidance for the full year, following revenue growth and a narrowed loss in its first half.
For the six months ended October 31, the Sheffield, England-based green hydrogen electrolyser designer and manufacturer reported £18.0 million in revenue, up 16% from £15.5 million the previous year.
ITM Power also reported an adjusted loss before interest, tax, depreciation and amortisation of £11.9 million, narrowed from £16.8 million. The adjustments removed the effect of non-repeating costs which were not directly linked to the firm’s trading performance. Its loss from operations, including exceptional items, narrowed to £17.4 million from £33.8 million.
‘We have yet again delivered our strongest six-month revenue performance to date while maintaining strict cash and operational discipline,’ commented Chief Executive Officer Dennis Schulz. ‘In the first half of the financial year, commercial activity has progressed well with the award of multiple equipment supply contracts, several engineering contracts, a significant capacity reservation from RWE...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.’
Looking ahead, ITM Power reiterated its guidance for the year ending April 30. It expects between £35 million and £40 million in revenue, an adjusted Ebitda loss of between £27 million and £29 million, and net cash of £170 million to £175 million at the period end.
Schulz added: ‘Despite wider macroeconomic and geopolitical headwinds, clean hydrogen continues to progress at pace, with committed investments having risen elevenfold from $10bn to $110bn between 2020 and 2025.
‘Growth remains strongly supported by policy, increasing industrial demand, and ongoing sector consolidation - strengthening the foundations for a more resilient and commercially viable market.’
Shares in ITM Power were down 1.6% at 65.90 pence on Thursday in London.
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