ITM Power Achieves Record Revenue and Cuts Losses as Order Book Expands
The Yorkshire-based hydrogen technology group, ITM Power, has announced a significant financial improvement, posting its strongest six-month revenue performance to date while substantially narrowing its losses. The Sheffield firm, which specialises in manufacturing electrolysers for green hydrogen production, revealed these encouraging results in its latest half-year update.
Financial Performance Shows Marked Improvement
For the six-month period ending in October, ITM Power reported revenue growth reaching £18 million. This positive development was accompanied by a notable reduction in adjusted Ebitda losses, which decreased to £11.9 million from £16.8 million during the same period the previous year. Perhaps most strikingly, pre-tax losses more than halved to £14.1 million, a substantial improvement from the £28.8 million recorded in the first half of 2025.
Growing Order Backlog Signals Strong Demand
Company executives highlighted a building backlog of work that now stands at an impressive £152 million, representing a significant increase from £43.7 million just two years ago. This growing order book indicates strengthening demand for the firm's hydrogen technology solutions. ITM Power noted that 71% of these contracts are now profitable, up from 60% in April, as the company successfully works through legacy contracts that previously presented challenges.
Commercial Success and Product Innovation
During the reporting period, ITM Power secured multiple equipment supply contracts and engineering agreements, alongside a capacity reservation from repeat customer RWE. The company was also selected as the electrolyser provider for several upcoming projects, demonstrating increasing market confidence in its technology. Product innovation continued with the launch of Alpha 50, a 50MW green hydrogen plant that has reportedly attracted interest beyond initial expectations.
Strategic Development and Market Positioning
Development of the firm's next-generation platform, Chronos, progressed according to plan, with ITM describing the technology as a potential "gamechanger" for the hydrogen market. Chief Executive Dennis Schulz commented on the company's disciplined approach, stating that strict cash and operational management had been maintained alongside the revenue growth. He emphasised that commercial activity had progressed well during the first half of the financial year.
Confidence in Hydrogen's Future Role
ITM Power expressed strong confidence in hydrogen's future role in energy transition and industrial decarbonisation. The company told investors that in many sectors, particularly refining, ammonia production, heavy industry and industrial heat applications, few viable alternatives exist for achieving decarbonisation goals. The firm positioned green hydrogen as an essential solution where electrification alone would be insufficient to meet global net-zero ambitions.
Market Growth and Policy Support
Mr Schulz further elaborated on the market context, noting that committed investments in clean hydrogen had risen elevenfold from $10 billion to $110 billion between 2020 and 2025. He highlighted that growth remains strongly supported by policy developments, increasing industrial demand, and ongoing sector consolidation, which together are strengthening the foundations for a more resilient and commercially viable hydrogen market.
