The Yorkshire firm has expanded its technology offer
ITM Power’s factory in Sheffield.
Hydrogen technology group ITM Power says it has posted its strongest six-month revenue performance to date, having also narrowed losses.
The Sheffield-based maker of electrolysers which produce green hydrogen saw revenue grow to £18m in the six months to the end of October, as adjusted Ebitda losses narrowed to £11.9m, compared with £16.8m in the same period the previous year. Pre-tax losses more than halved to £14.1m, compared with £28.8m in the first half of 2025.
ITM bosses pointed to a building backlog of work which stands at £152m – up from £43.7m two years ago. Having previously struggled to scale up from a research and development player into a volume manufacturer, ITM said 71% of those contracts are profitable, up from 60% in April, as it works through legacy contracts.
During the first half, the firm secured a number of equipment supply contracts, engineering contracts and a capacity reservation from repeat customer RWE, as well as being chosen as the electrolyser provider for some upcoming projects. It also launched new products including Alpha 50, its 50MW green hydrogen plant which is said to have attracted interest beyond expectations.
Meanwhile, development of the firm’s next generation platform, Chronos, continued in line with plans. ITM said the technology could be a “gamechanger” for the market.
Dennis Schulz, CEO of ITM, said: “We have yet again delivered our strongest six-month revenue performance to date while maintaining strict cash and operational discipline. In the first half of the financial year, commercial activity has progressed well with the award of multiple equipment supply contracts, several engineering contracts, a significant capacity reservation from RWE, an important repeat customer, and beyond that our selection as electrolyser provider for several other upcoming projects.
“This progress underpins customer confidence and market traction in an environment which had to fight with known headwinds.”
Giving an update on the wider market, ITM told investors that it was “clear that hydrogen will play a critical role in the energy transition and industrial decarbonisation”. The firm said: “In many sectors, only a few viable alternatives exist. Refining, ammonia, heavy industry and industrial heat are structurally difficult to decarbonise, and electrification alone will be insufficient to achieve global net-zero ambitions, positioning green hydrogen as an essential solution. The same applies to grid balancing in an increasingly green and fluctuating electricity mix.”
Mr Schulz added: “There is no doubt that green hydrogen will play an essential role in the decarbonisation of global industries and energy systems. Despite wider macroeconomic and geopolitical headwinds, clean hydrogen continues to progress at pace, with committed investments having risen elevenfold from $10bn to $110bn between 2020 and 2025.
“Growth remains strongly supported by policy, increasing industrial demand, and ongoing sector consolidation – strengthening the foundations for a more resilient and commercially viable market.”