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Highlights

  • FY25 revenue now expected to hit up to £26.5 million, marking a 30% increase from prior forecasts.

  • End-of-year cash position forecast raised to £204–£205 million, exceeding previous estimates.

  • Adjusted EBITDA loss guidance remains unchanged between £32 million and £36 million.

ITM Power (LSE:ITM) has issued a positive trading update, raising its revenue and cash guidance for the fiscal year 2025. In an announcement released today, ITM Power stated that it now expects full-year revenue to range between £25.5 million and £26.5 million, a significant upward revision from its earlier guidance of £18 million to £22 million. This represents a 30% increase at the midpoint of the forecast, attributed to the completion of additional contractual obligations that enabled the company to recognize more revenue than initially anticipated.

The hydrogen energy specialist also revealed that it has been net cash generative in the second half of FY25, a milestone reflecting both operational discipline and positive cash flow dynamics. ITM now projects its cash position at the end of FY25 to be between £204 million and £205 million, a modest increase from the £203 million recorded at the half-year mark. This also significantly exceeds its original cash guidance issued in August 2024, which projected cash holdings of £160 million to £175 million, and an updated January forecast of £185 million to £195 million.

Despite the improvements in revenue and cash, the company maintained its adjusted EBITDA loss guidance at £32 million to £36 million, indicating that ITM is still in its investment phase as it ramps up commercial operations and technology deployment.

Dennis Schulz, CEO of ITM Power, commented on the update:

“ITM is continuing to achieve a strong revenue performance while tightly managing costs and capital expenditures. Our strong balance sheet is an important differentiator in the competitive landscape, and our contract backlog and sales pipeline have continued to grow. We remain well-positioned as customer FIDs [Final Investment Decisions] accelerate through FY26.”

The update comes at a time when global interest in green hydrogen and electrolyser technology is gaining momentum, with governments and industry players pushing for decarbonization solutions. ITM Power, known for its PEM (Proton Exchange Membrane) electrolyser systems, plays a key role in enabling hydrogen production from renewable energy sources.