Revenue at ITM Power reached £16.5m in the year to 30 June, increasing by over threefold year-on-year and remaining within its £10m-18m guidance.

The manufacturer of clean hydrogen process machinery also saw its EBITDA loss reach £30.4m, which beat expectations of between £45m-50m in this period, and was a drop from the £94.2m loss recorded in the year to the end of April 2023.

In this time, ITM said that it had completed its 12-month plan, which saw its product portfolio narrow for standardisation and volume manufacturing, alongside greater capital discipline, cost reduction and improved processes.

Furthermore, its net cash at the end of the year was ahead of expectations, reaching £230m, allowing it to conclude the year with a "strong balance sheet".

Chief executive officer at ITM Power, Dennis Schulz, said: "My first full financial year at ITM has seen the company make significant progress. We completed our 12-month plan and transformed ITM into a credible delivery organisation. Today, we have a focused and highly competitive portfolio of products, all utilising the same market-leading stack technology which we can deploy into projects of any size and into almost every region of the world.

"We also have achieved a shift in culture of doing things right the first time, and prioritising quality over quantity, which is becoming increasingly evident in our day-to-day operations. As a result, EBITDA losses in the financial year decreased to one third of the previous year, whilst we were able to grow revenues threefold. We now have a disciplined approach to the use of our capital, which is reflected in our year-end net cash position."

For the 2025 financial year, ITM said that alongside a sales pipeline that has "grown very strongly", it expects to reach an annual revenue of £18m-22m, with Trident contracts being dependent of the sites activities of the EPC integrators and end customer, which is outside of the group’s control.

It added that its adjusted EBITDA loss is set to be in the range of £35m-40m, having restructured the company in 2024, while its net cash for the 2025 financial year is expected to reach £160m-175m.

Head of equity funds at Hargreaves Lansdown, Steve Clayton, added: "ITM, which is a leader in the manufacturing of clean hydrogen process machinery, reported a sharp reduction in trading losses and strong growth in its sales pipeline as industrial clients start to deploy green hydrogen as a clean fuel that can help them decarbonise their activities. But delays in customer projects mean that expectations for revenues in the current year are sharply lowered to around half the level expected by the market.

"From ITM’s perspective, this is purely a deferral, projects are delayed, not scrapped, but it pushes the achievement of break-even further into the future. ITM’s shares are so far taking their lead from the growth in order books, rather than the delay in project deliveries and have opened fractionally lower at 58p."

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