Shares of Sheffield-based green hydrogen and energy storage firm ITM Power rose as much as 20% on Tuesday after it raised its guidance for FY25.

“Revenue is now expected to be between £25.5m and £26.5m, a 30% increase compared to the midpoint of the previously announced range of £18m to £22m,” said ITM Power.

“This increase is due to additional contractual obligations having been fulfilled and associated revenue now recognised.

“In addition, ITM has been net cash generative in the second half of FY25, and we now expect cash at the end of the financial year to be between £204m and £205m, an increase compared to our half-year cash balance, which stood at £203m.

“The original cash guidance, issued in August 2024, was between £160m and £175m and in January 2025, the guidance was increased to between £185m and £195m.

“The adjusted EBITDA loss guidance of £32m to £36m remains unchanged.”

ITM Power CEO Dennis Schulz said: “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 accelerate through FY26.”