ITM Power PLC released its results for the first half of fiscal 2025 on Thursday, reporting performance that the company says is broadly consistent with the trading update it provided in December. Management reiterated its full-year 2026 guidance while providing additional detail on operating metrics and accounting treatment for certain contracts.
For the six-month period, ITM Power recorded sales of million and an adjusted EBITDA loss of .9 million. The cash position at period end was reported as 97.8 million, marginally stronger than the 97 million flagged in the earlier update.
The company reported a firm order backlog of 52 million, up from 45 million at the close of fiscal 2025. Development work on the next-generation electrolyser stack, named Chronos by the company, was described as on track.
ITM Power said customer response has been favourable for its Alpha 50 product and for Hydropulse under the company s build-own-operate launch model, though it noted that no firm purchase orders have yet been secured for those offerings. On the manufacturing side, ITM has introduced automated stack assembly at its facility which it says will improve production efficiency and lower costs.
In an accounting change announced alongside the results, ITM plans to alter the revenue recognition method for selected product lines - specifically Alpha 50, Poseidon, and certain non-standard Neptune contracts. These contracts will move from a completed-contracts basis to percentage-of-completion. The company stated this change is intended to smooth revenue recognition timing - reducing lumpiness - while leaving cash flow unaffected.
For fiscal year 2026, the company maintained its previously stated targets: revenues in the range of 5-40 million, an adjusted EBITDA loss of 7-29 million, and a year-end cash balance forecast of 70-175 million.
ITM also highlighted regulatory developments that it views as supportive for green hydrogen markets. In the UK, the company pointed to hydrogen subsidy schemes expected in 2026 and 2028 and referenced GB Energy support. In the European Union, ITM cited carbon border mechanisms and hydrogen auction programmes as contributing to a favourable policy backdrop.
Context and next steps
The company s update underscores a continuation of current execution on technology development and manufacturing improvements while preserving prior financial guidance for the coming year. The move to percentage-of-completion accounting for specified contracts is aimed at smoothing reported revenue timing without changing cash outcomes, and the business continues to monitor order intake for newly launched products.