Shares of Sheffield-based green hydrogen firm ITM Power rose about 10% on Thursday after it published its results for the financial year to April 30, 2025, showing revenue increased by more than 50% year-on-year to £26 million “marking an exceptional growth of 400% over two years.”

ITM Power said: “This is within the upgraded FY25 guidance and significantly ahead of original guidance.”

The firm reported adjusted EBITDA loss of £33 million “reflecting working through the delivery of legacy contracts plus under-absorption of operational and overhead costs as we continue to fill our factory.”

Cash at the year-end of £207 million was “significantly ahead of original guidance of between £160m and £175m, with a positive cash flow in the second half of the year, underscoring our sharp focus on cash discipline and operational efficiency.”

ITM Power reported a record contracted year-end order backlog of £145.1 million (FY24: £79.7m) “with 60% of backlog now being derived from profitable contracts, the remaining 40% being legacy contracts.”

ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.

On FY26 guidance, ITM Power said: “Revenue between £35m and £40m, representing a c.50% year-on-year growth, with the majority of the revenue derived from contracted order backlog. This marks a more than 600% increase over three years.

“Adjusted EBITDA loss between £27m and £29m, as we continue to fill our factory for increased cost-absorption and recognise revenue on the legacy loss-making portion of our contracted order backlog.

“Cash between £170m and £175m, in line with our capital-efficient scale-up strategy.”