ITM Power narrows loss to £20.2m on 60% revenue rise

Electrolyser manufacturer ITM Power has reported a 60 per cent increase in revenue for the financial year ending 2026, achieving £43.6 million in sales. Despite this significant growth, the Sheffield-based company continued to operate at a loss, although the deficit narrowed by 39 per cent year on year to £20.2 million. The firm stated that it is now targeting a return to profitability as it builds on its improved trading position.

ITM Power concluded the period with £215.6 million in cash, a figure that fell within the upper end of its previous guidance. The company strengthened its balance sheet through substantial external funding, including a £40 million package from GB Energy and a further £46.5 million from the Department for Energy Security and Net Zero. These financial injections have supported the firm’s operations and strategic initiatives during a period of continued investment in hydrogen infrastructure.

Commercial momentum has been driven by ITM Power’s selection as the preferred electrolyser provider for several hydrogen allocation one winners and shortlisted projects in the second allocation. The company signed a 20 MW Poseidon contract with MorGen Energy for its West Wales project, which has since received final investment decision confirmation. Additionally, Uniper selected ITM Power for its 120 MW project, which obtained a front-end engineering and design contract this year. Building on these successes, the firm launched Hydropulse, a new subsidiary dedicated to building, owning and operating green hydrogen production plants for industrial customers under long-term offtake agreements. A head of terms agreement has already been signed with an unnamed European refinery for a 150 MW site.