Business
Half-year Financial Report
ITM Power PLC reported interim results for the six months ending October 31, 2025, showing revenue increased to £18.0 million from £15.5 million in the prior year, while the adjusted EBITDA loss narrowed to £11.9 million from £16.8 million. The company maintained a strong cash position of £197.8 million, down slightly from £203.1 million a year prior. The contract backlog has significantly grown to £152 million, with 71% of contracts now profitable. ITM Power reiterated its full-year guidance for revenue between £35 million and £40 million, an adjusted EBITDA loss of £27 million to £29 million, and year-end cash between £170 million and £175 million. Disclaimer*
About this update from Itm Power Plc
[{"type":"text","content":"\n\n29 January 2026\n \nITM Power plc\n \nInterim Results for the Six Months to 31 October 2025\n \nWe are pleased to present the interim results for H1, which show continued strong year-on-year progress, with revenue further increasing, EBITDA losses reducing, and a continuing strong cash position.\n \nInterim results summary\n· Revenue of £18.0m (H1 2025: £15.5m)\n· Adjusted EBITDA loss of £11.9m (H1 2025: £16.8m)*\n· Cash on 31 October 2025 of £197.8m (31 October 2024: £203.1m)\n· Contract backlog to date of £152m, up from £43.7m two years ago, and now consisting of 71% profitable contracts as we work through our legacy contracts, up from 60% in April 2025\n· H1 highlights:\no NEPTUNE V contract with Westnetz GmbH\no Selected by Uniper for 120 MW HAR2 project and FEED contract signed\no NEPTUNE II contract with a leading Spanish cement producer\no Selected for a large-scale 300+ MW confidential project in the Asia-Pacific region\no 20 MW POSEIDON contract with MorGen Energy for their HAR1 West Wales project, which remains subject to Final Investment Decision (FID)\no 150 MW NEPTUNE V capacity reservation by RWE, with call-offs foreseen by 2027\no FEED contract for multi-unit NEPTUNE V HAR2 project\no Launch of Hydropulse, our new business, which will build, own and operate (BOO) decentralised green hydrogen production plants using ITM's technology, with a focus on serving industrial customers under long-term offtake agreements \n· Post period end:\no Launch of ALPHA 50, our highly competitive new 50 MW full-scope green hydrogen plant\no Selected for two grid balancing projects in Germany totalling 710 MW, with FIDs expected in 2026 and 2028\no Two engineering contracts with customers in Australia and Canada\no 12.5 MW NEPTUNE V contract under HAR1 with Octopus Energy Generation\n· Reiteration of full-year guidance:\no Revenue between £35m and £40m\no Adjusted EBITDA loss between £27m and £29m\no Cash £170m-£175m\n*Adjusted EBITDA is a non-statutory measure. The calculation methodology is set out in Note 3.\...