Apolifina

Company trading update

ITM Power revenue rises 68% but the business remains loss-making

ITM Power reported revenue of £43.6m for the year ended April, up from £26.0m. Its adjusted EBITDA loss narrowed from £33.0m to £20.2m.

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Catch-up coverage · Source released

Verified facts

Year-end cash was £215.6m, supported by a £40m Great British Energy equity investment. The cash balance is not evidence that operations generated an equivalent profit.

For FY2027, the company forecasts £50m–£60m revenue and an adjusted EBITDA loss of £17m–£20m. Adjusted EBITDA is a non-statutory measure, not net profit or cash flow.

Apolifina analysis

Faster sales and a smaller loss are improvements, but neither establishes a profitable business. Investors need to follow project execution and funding use alongside the growth percentage.

The difference between a project selection, an early-stage agreement and a completed revenue-generating delivery is important in this industry. This report does not turn the company's project pipeline into confirmed future sales or assume that government involvement removes investment risk.

Uncertainty and risk

Future guidance is not assured. Hydrogen-project timing, customer investment decisions and costs can change. Investments can lose value; this is not personal advice or a recommendation.

Primary sources

Sources rechecked on 20 October 2026.

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