ITM Power Posts Record £43.6m Revenue but Guides to Another Loss

ITM Power (LON: ITM) reported record revenue of £43.6m for the year to the 30th of April, up 68% from £26.0m, in results released at 7am today. That beat the company’s upgraded guidance of £40m to £43m and the consensus analyst forecast of about £41.8m.

ITM shares closed Friday at 91.95p, up 2.17% on the session, before the results. The price is about 58% below the May high of 219.8p and about 59% above the February low of 57.9p.

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Losses narrowed sharply, though the company still lost money at gross level.

Metric	FY2026	FY2025	Change
Revenue	£43.6m	£26.0m	+68%
Gross loss	£(6.1)m	£(23.7)m	down about 74%
Adjusted EBITDA loss	£(20.2)m	£(33.0)m	down 39%
Pre-tax loss	£(24.8)m	£(45.4)m	down about 45%
Loss per share	4.0p	7.4p	down about 46%
Cash	£215.6m	£207.0m	+£8.6m

Every loss line improved, but none turned positive. Adjusted EBITDA is a non-statutory measure of operating loss before certain costs. The gross loss still reflects £7.5m of factory under-absorption, meaning fixed costs not covered by output, and £5.0m of write-off provisions.

Cash of £215.6m includes a £40.0m equity investment from Great British Energy. Backlog of £144.0m was described as consistent, and 83% of contracts are profitable, against 60% in April 2025. Chief executive Dennis Schulz said in the results statement:

While FIDs continue taking longer than anticipated, the underlying fundamentals have strengthened.

Dennis Schulz, chief executive, ITM Power

FIDs are final investment decisions, the point at which customers commit to a project. For the year ahead ITM guides to revenue of £50m to £60m, which is 26% growth at the midpoint. It expects an adjusted EBITDA loss of £17m to £20m and year-end cash of £170m to £180m.