ITM Power Plc

ITM Power reported first-half revenue of GBP 18 million for the half year ended 31 October 2025, its highest half-year revenue ever. Equipment sales contributed GBP 15.5 million, with another GBP 2.5 million from engineering studies, spare parts, maintenance and equipment upgrades. Gross loss improved to GBP 6.5 million from GBP 10.2 million in the first half of the prior year, and the company recognized GBP 1.6 million from a NEPTUNE V contract under percentage-of-completion accounting. Cash at period end was GBP 197.8 million, down GBP 9.2 million over 12 months, and capital expenditure was GBP 6.9 million. Contracted backlog increased to GBP 152 million, with 71% profitable contracts versus 60% in April 2025. Full-year guidance was maintained: revenue of GBP 35 million to GBP 40 million, adjusted EBITDA loss of GBP 27 million to GBP 29 million, and year-end cash of GBP 170 million to GBP 175 million.

Dennis Schulz framed the quarter as evidence that ITM’s strategy is working despite macro headwinds and industry consolidation. He emphasized strong demand for NEPTUNE V and ALPHA 50, progress with blue-chip customers like RWE and projects in Germany and the U.K., and said the company is becoming a more integrated hydrogen player through equipment, EPC, aftersales and Hydropulse. His tone was confident and upbeat, but still patient on customer FIDs and project timing.

Amy Grey highlighted the move to higher-quality revenue recognition and said the new percentage-of-completion approach better matches value creation and should improve predictability as the business scales. She pointed to the GBP 18 million of revenue, GBP 6.5 million gross loss, GBP 197.8 million cash balance, GBP 6.9 million capex, and GBP 152 million backlog, noting that 71% of backlog is now profitable. She also reiterated that full-year guidance is unchanged and said second-half cash outflow will be higher due to milestone timing, while still expected to end the year with GBP 170 million to GBP 175 million of cash.

Analysts focused on CHRONOS timing, the role of TRIDENT, the implications of the autostacker, RWE call-offs, book-to-bill, and whether EBITDA can turn positive. Management said CHRONOS is still undergoing thorough validation and no launch date is being given because they do not want to disrupt TRIDENT sales and will only launch once testing is complete. On the commercial side, they said RWE call-offs are in active negotiation, no bottleneck is seen for NEPTUNE V capacity, and the company is not guiding to contract signings or EBITDA positivity beyond the current year, though it remains confident on the path to profitability.