AIM-listed ‘green’ hydrogen producer ITM Power (ITM) has raised its revenue guidance for 2026. The Sheffield-based company cited ‘strong project progress’ and a shift in its accounting method for the uplift.
| Share price: 66p (+2.7%) | PE: n/a |
| Market Cap: £400m | Yield: n/a |
Big jump in revenue
For the year to April 2026, ITM now sees revenue reaching between £40 million and £43 million. That represents an uplift of 11% on the middle of the previous range of £35 million to £40 million.
It also represents a jump of between 54% and 65% from 2025’s revenue of £26 million, itself a company record. As well as progress on projects, the firm can now account for revenue on a percentage-of-completion basis over the life of a contract.
‘ITM continues to deliver strong revenue performance while increasing our firm contract backlog,’ said CEO Dennis Schulz. ‘We remain well-positioned with a healthy level of sales activity’, added the CEO.
At the end of January, ITM reported H1 revenue of £18 million and a contract backlog of £152 million. The order book compares with under £44 million two years ago, and 71% of contracts are profitable.
Earlier this week, the firm received a notice to proceed with a 20MW project which means it can begin work. In total, around 500MW of capacity are under contract or deployed with over 550MW of capacity reservations worldwide and counting.
The jury is still out on whether the future is hydrogen-powered, but if it is ITM is well positioned. Enough customers are adopting its kit on an industrial scale for us to think ‘green’ hydrogen is the way forward.
The real test of investor sentiment will be when EBITDA turns positive, which is unlikely to be this year. For FY25, the EBITDA loss was £11.9 million against £16.8 million previously, so it’s going the right way.
Read the press release here: https://itm-power.com/investors/
You might also like these stories:
