ITM Power
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ITM Power (ITM) investor relations material

ITM Power H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary29 Jan, 2026

Executive summary

  • Achieved record half-year revenue of £18.0m, up from £15.5m year-over-year, driven by strong equipment sales, engineering services, and major project wins.

  • Adjusted EBITDA loss narrowed to £11.9m from £16.8m, reflecting improved operational discipline.

  • Cash position remained robust at £197.8m at period end, with a £9.2m outflow during H1 FY26.

  • Order backlog increased to £152m, with 71% now profitable contracts, up from 60% in April 2025.

  • Significant operational progress with new product launches (ALPHA 50, NEPTUNE V, Hydropulse BOO), automation (AutoStacker), and major project wins in the UK, Germany, and Asia-Pacific.

Financial highlights

  • H1 2026 revenue reached £18.0m, up from £15.5m in H1 2025, mainly from equipment sales and service contracts.

  • Gross loss narrowed to £6.5m from £10.2m year-over-year, reflecting higher production and cost control.

  • Adjusted EBITDA loss: £11.9m (H1 2025: £16.8m); loss before tax: £14.1m (H1 2025: £28.8m).

  • Capital expenditure totaled £6.9m, supporting automation and product development.

  • Cash outflow of £9.2m over 12 months, with cash at £197.8m at period end.

Outlook and guidance

  • Full-year revenue guidance reiterated at £35m–£40m, representing 400% growth over two years.

  • Adjusted EBITDA loss expected between £27m and £29m, with improvement of £4m year-on-year.

  • Year-end net cash forecasted at £170m–£175m, with higher outflows in H2 due to project milestone timing.

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Frequently asked questions

ITM Power Plc designs and manufactures electrolysis systems for the production of green hydrogen. The company’s technology enables hydrogen generation from renewable electricity, supporting applications in energy storage, transport, and industrial processes. It operates projects across Europe and internationally. The company is headquartered in Sheffield, United Kingdom, and its shares are listed on the LSE.

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