ITM Power Hits Record H1 Revenue, Keeps 2026 Outlook Steady

ITM Power PLC (LON:IJ8.F) has unveiled its financial performance for the first half ended October 31, 2025, marking its highest-ever six-month revenue of £18 million. Despite posting an adjusted EBITDA loss of £11.9 million, the company ended the period with a healthy cash balance of £197 million, reinforcing its financial stability.

The green hydrogen specialist kept its full-year targets intact, forecasting revenue in the range of £35 million to £40 million for fiscal 2026. It anticipates adjusted EBITDA losses between £27 million and £29 million, while estimating year-end cash reserves to be between £170 million and £175 million.

CEO Dennis Schulz highlighted that operational efficiency and robust manufacturing execution have helped to reduce EBITDA losses further. He emphasized a strong sales pipeline alongside a solid contract backlog, suggesting steady momentum going forward.

European markets remain a bright spot for ITM Power, particularly Germany, where significant investments are underway to boost hydrogen infrastructure including pipelines and storage facilities. The UK also shows positive signs as several HAR1 projects approach final investment decisions, painting a picture of gradual market traction.

Contrastingly, the U.S. market landscape appears uncertain due to recent policy shifts, which could impact demand in that region. Meanwhile, customer appetite for ITM's flagship projects-like the NEPTUNE V 5 MW containerized plants and ALPHA 50 50 MW facilities-is reportedly robust, reflecting interest in scalable hydrogen solutions.

On the project development front, the company has completed delivery and installation of its scope for the world's largest 100 MW PEM electrolyser plant in Lingen, Germany, commissioned by RWE. This stands as a landmark achievement in the green hydrogen space.

Technological innovation continues with the CHRONOS next-generation stack progressing smoothly through validation stages. Additionally, Hydropulse, ITM's latest product, has reportedly received positive feedback from clients, generating multiple new project opportunities on the horizon.

With a substantial order book and continued product advancements, ITM Power seems set to maintain its role as a key player in the green hydrogen sector. Whether external market variables, especially in the U.S., will temper this trajectory in the second half remains to be seen.