A Sheffield-based designer and manufacturer of electrolysers to generate green hydrogen has hailed “strong progress” in its latest year-end results.
ITM Power saw revenues surge 68 per cent to £43.6m for the 12 months ended 30 April 2026, while its EBITDA losses dropped from £33m to £20.2m for the period.
The firm’s contract backlog stood at £144m in April, of which 83 per cent were profitable.
The year saw ITM Power secure a £40m equity investment from Great British Energy alongside a grant of £46.5m from the UK Department for Energy Security and Net Zero.
It also launched a new business, Hydropulse, to build, own and operate green hydrogen production plants using ITM’s technology, as well as establishing Alpha 50, the company’s 50 MW full-scope green hydrogen plant.
This year, ITM Power has inked a strategic partnership with fellow clean energy firm Protium to set up industrial-scale green hydrogen plants across the UK.
The company expects to report revenues of between £50m and £60m for the 2027 financial year, alongside further reduced EBITDA losses of between £17m and £20m.
Dennis Schulz, chief executive of ITM Power, said: “ITM Power has continued to strengthen its position as a leading supplier of electrolysers, underpinned by our proprietary stack technology, deep manufacturing expertise, and a product portfolio trusted by industrial partners.
“In FY26, we delivered our highest-ever annual revenue of £43.6m, representing a year-on-year growth of 68 per cent and a 738 per cent increase over three years.
“With a year-end cash position of £215.6m, ITM enters its next phase of growth from a position of strength.
“Technology leadership remains central to our strategy.
“Full ownership of core science, intellectual property and manufacturing processes enables rapid innovation, supply chain resilience and product differentiation.
“With a strong order backlog, a scalable manufacturing platform, and a growing portfolio of strategic reference plants, ITM Power is entering its next phase of growth with strong momentum.”
