ITM Power FY26 slides: record revenue, 83% profitable backlog

On October 19, 2026, ITM Power unveiled its fiscal year 2026 capital market update, revealing a remarkable surge in revenue and a notable improvement in its contract portfolio. The company showcased strategic breakthroughs, including a 150 MW Hydropulse project and a defense collaboration with Rheinmetall, positioning itself to capitalize on the surging demand for green hydrogen production.

Despite reporting £43.6 million in record annual revenue, a 68% year-over-year growth, ITM Power remains unprofitable, maintaining an 83% profitable backlog of contracts, up from 60% the previous year. This significant shift away from loss-making contracts is attributed to a strategic reset led by CFO Amy Calvert, focusing on pricing, commercial risk allocation, and project selection.

ITM Power's financial summary revealed that revenue was primarily derived from equipment sales, totaling £40.7 million, while engineering studies, maintenance, and spare parts generated £2.9 million. The company's gross loss declined nearly 75% to £6.1 million from £23.7 million in the prior year, primarily due to the true-up of provisions following strong progress on large legacy projects.

The backlog remained essentially flat at £144.0 million, with new order intake contributing £42.5 million. The presentation highlighted successful delivery of high-profile reference projects, such as the RWE Get H2 Nukleus project in Lingen, Germany, and the first Neptune V system for the Guttroff Dettelbach project. ITM also announced a 150 MW Hydropulse project with a European oil refinery, representing a significant deal for the company.

The company's integrated business model, encompassing electrolyser manufacturing, EPC capabilities, and the Hydropulse Build-Own-Operate platform, aims to boost factory utilization and generate recurring revenue streams.