ITM Power shares have had a fantastic year so far, powered by a string of new contract wins across Europe as the adoption of hydrogen accelerates.
Today’s trading statement justifies this year’s gains, with the company posting record first-half revenue of £18.0 million for the six months ending 31 October 2025, as the British electrolyser manufacturer advances major projects and capitalises on accelerating European hydrogen infrastructure investment.
The Sheffield-based company is still loss-making, reporting an adjusted EBITDA loss of £11.9 million, but maintained a robust cash position of £197 million at the half-year mark. Thankfully, this is one company that UK investors can appreciate for its long-term value, rather than judging it by short-term profits.
“In the first half of the year, we again delivered our strongest ever six-month revenue performance. We continue to have a solid contract backlog and sales pipeline,” said Dennis Schulz, CEO of ITM Power.
“Our EBITDA losses have narrowed further, supported by strong manufacturing and project performance, as well as disciplined cost control and capital allocation. We look forward to providing our next update alongside our interim results in January.”
The strong performance comes as momentum builds in European hydrogen markets, particularly in Germany, which is making substantial infrastructure investments in pipelines, storage caverns, and hydrogen-ready gas power plants.
In the UK, the first projects under the HAR1 allocation are expected to reach final investment decision imminently, though US policy shifts have created uncertainty in that market.
ITM Power highlighted strong operational progress across its project portfolio. The company has fully delivered and installed its scope for the world’s first 100 MW PEM plant for RWE in Lingen, Germany. A second 100 MW Lingen plant and Shell’s Refhyne II 100 MW project are both progressing to plan.
The company’s sales pipeline remains strong, with particular demand for its NEPTUNE V containerised 5 MW plant and the new ALPHA 50, a 50 MW full-scope green hydrogen plant. ITM’s Hydropulse product has been well received, with multiple project opportunities advancing rapidly.
ITM Power maintained its full-year guidance, expecting revenue between £35 million and £40 million, an adjusted EBITDA loss of £27 million to £29 million. Year-end cash is expected to be between £170 million to £175 million.