ITM Power, the Sheffield-based hydrogen specialist, has increased guidance for the year and now expects revenue to reach between £25.5 million and £26.5 million for the full year, representing a substantial 30% increase compared to previous projections of £18 million to £22 million.
The company stated that the improved outlook is due to the successful completion of additional contractual obligations and the recognition of associated revenue. ITM has announced several new contract wins over the past year.
ITM Power also revealed it has achieved net cash generation during the second half of FY25. The firm now forecasts year-end cash reserves to stand between £204 million and £205 million, surpassing the £203 million reported at the half-year mark.
This represents a significant improvement from the original cash guidance issued in August 2024 of £160 million to £175 million, which had already been revised upward to between £185 million and £195 million in January 2025.
Despite these encouraging developments for the balance sheet, the company confirmed that its adjusted EBITDA loss guidance remains unchanged at £32 million to £36 million.
“ITM is continuing to achieve a strong revenue performance while tightly managing costs and capital expenditures,” said Dennis Schulz, CEO.
“Our strong balance sheet is an important differentiator in the competitive landscape, and our contract backlog and sales pipeline have continued to grow. We remain well-positioned as customer FIDs accelerate through FY26.”