**Summary of ITM Power PLCs Preliminary Results for FY25 (Financial Year 2025):**
ITM Power PLC, a leader in electrolyser technology for green hydrogen production, reported strong preliminary results for FY25, ending April 30, 2025. The company highlighted significant growth, commercial momentum, and disciplined capital management.
**Financial Highlights**
**Revenue Growth** Revenue surged by over 50% year-on-year to £26.0 million, marking a 400% increase over two years. This exceeded both original and upgraded guidance.
**Adjusted EBITDA Loss** The adjusted EBITDA loss was £33.0 million, within the guided range of £32.0 to £36.0 million, reflecting legacy contract deliveries and operational scaling.
**Cash Position** Cash at year-end stood at £207.0 million, significantly ahead of original guidance, with positive cash flow in the second half of the year.
**Order Backlog** The firm order backlog reached a record £145.1 million, with 60% derived from profitable contracts. Approximately half of the legacy contracts are expected to be recognized in revenue during FY26.
**Strategic and Commercial Achievements**
**Operational Efficiency** Achieved a transformative improvement in Factory Acceptance Test (FAT) first-time pass rate from below 50% to 99%.
**Product Traction** NEPTUNE V gained significant market traction, with three contracts totaling 40MW signed.
**Innovation and Ownership** Maintained deep in-house value creation and full ownership of core science and manufacturing processes, enabling rapid innovation and supply chain resilience.
**Project Milestones** Signed a 100MW contract for REFHYNE II with Shell, inaugurated a 24MW plant for Yara in Norway, and commissioned a 4MW pilot plant for RWE in Germany.
**Collaborations** Collaborated with Deutsche Bahn AG on sustainable transport and infrastructure.
**Cost Reduction** Validated a further 40% iridium loading reduction, lowering costs.
**Post Year-End Momentum**
Secured additional contracts, including a NEPTUNE V contract with Westnetz in Germany, a NEPTUNE II contract in Spain, and a POSEIDON contract with MorGen Energy for a 20MW project in West Wales.
Selected by Uniper for a 120MW project and as a supplier for a 300MW+ project in the APAC region.
Launched Hydropulsea BuildOwnand Operate venturewith positive customer response.
**FY26 Guidance**
**Revenue** Expected to be between £35 million and £40 million, representing a 50% year-on-year growth and a 600% increase over three years.
**Adjusted EBITDA Loss** Projected between £27 million and £29 million as the company continues to fill its factory and recognize revenue from legacy contracts.
**Cash** Anticipated to be between £170 million and £175 million, aligning with the capital-efficient scale-up strategy.
**CEO Statement**
Dennis Schulz emphasized ITM Powers evolution into a leader in electrolyser technology, driven by proprietary stack technology and a focus on high-performing, reliable solutions. The companys commercial momentum is underscored by a 90% year-on-year increase in the contracted order backlog. Financial discipline, operational excellence, and continuous technological innovation are central to ITMs strategy. The launch of Hydropulse addresses key challenges in green hydrogen projects, positioning ITM for sustained growth in the global hydrogen market.
**Market Outlook**
The global commitment to hydrogen as a cornerstone of the energy transition is growing, with regulatory support and incentives driving investment. ITM Power is well-positioned to capitalize on this momentum, leveraging its technology leadership, operational agility, and strong balance sheet.
**Board and Strategic Updates**
**Board Changes** Jürgen Nowicki will succeed Sir Roger Bone as Chair in January 2026. Sir Warren East and John Howarth were appointed as Non-Executive Directors.
**Strategic Focus** Continued investment in core technology, automation, and the Hydropulse venture to drive growth and profitability.
**Financial Discipline**
The company maintains a strong focus on financial stewardship, ensuring efficient resource allocation and long-term viability of investments. The robust cash position and disciplined cost management underscore ITMs resilience and readiness for scale-up.
**Conclusion**
ITM Power PLCs FY25 results reflect strong growth, strategic advancements, and a solid foundation for future success in the green hydrogen market. With a clear strategic focus, innovative product portfolio, and expanding global presence, ITM is poised to lead the industrys next phase of growth.
