{
  "id": 15590825,
  "title": "ITM Power FY26 slides: record revenue, 83% profitable backlog",
  "url": "https://urgent.news/2026/10/19/itm-power-fy26-slides-record-revenue-83-profitable-backlog",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-19T10:06:57.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/company-news/itm-power-fy26-slides-record-revenue-83-profitable-backlog-93CH-4956836"
  },
  "original_language": "en",
  "account": "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.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Retail Dive",
        "title": "Power profitable growth: How retailers are elevating customer experiences while unlocking new revenue without adding operational complexity",
        "url": "https://urgent.news/2026/10/19/power-profitable-growth-how-retailers-are-elevating-customer",
        "published": "2026-10-19T09:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}