ITM Power AIM:ITM
- Founded
- Sheffield, England
- Incorporated
- United Kingdom
- Chief executive
- Dennis Schulz
- Employees
- 305
- Reports in
- GBP
- Companies House
- 05059407
Manufacturer of proton exchange membrane electrolysers used to produce green hydrogen from renewable electricity, made at its Sheffield gigafactory. Supplies utility-scale projects and industrial customers, particularly in Europe; still loss-making as the green hydrogen market scales more slowly than once hoped.
Read straight from the annual reports
102p at close on 2 Oct 2026 · 12 reported years, 2014–2025
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
12 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Product sales of containerised plug & play electrolyser systems (NEPTUNE II/V, POSEIDON)
Product sales represented 86% of FY25 revenue of £26m; revenue from product sales recognised at a point in time was £22,533k in FY25 vs £8,144k in FY24
page 19Large-scale project delivery (REFHYNE II for Shell, RWE Lingen, Uniper Humber H2ub)
Contracts signed during FY25 include REFHYNE II (100MW) for Shell in Wesseling and RWE in Lingen (200MW), plus post year-end selection as supplier for Uniper's 120MW Humber H2ub project
page 13Under-absorption of factory costs and inventory write-off/wastage provisions
Gross loss was £23.7m (FY24: £16.7m) due to increased production capacity and efficiency implementation of the prior year's 12-month plan, and wastage/inventory write-offs of £13.2m per stock provisioning policy
page 16Reduction in administrative expenses
Staff costs and administrative expenses before exceptional items reduced 6% year on year to £21.2m (FY24: £22.6m)
page 16£13.1m charge: Exceptional item - settlement of commercial dispute with Linde
page 76CEO: 'With a strong balance sheet, clear strategic focus on the highest-growth hydrogen markets, and our agility, we are uniquely positioned for sustained success. Our record order backlog, expanding sales pipeline, and commercial traction are driving tangible momentum on our pathway to profitability.'
page 15Note 32 (Events after the balance sheet date) states there are no material events that have occurred after the balance sheet date
page 97The Directors prepared a cash flow forecast to 30 September 2026, stress-tested for a worst-case scenario of no receipts and inflationary pressures on utilities and purchases; in all scenarios tested the Group remained cash positive, and the accounts have been prepared on a going concern basis. Grant Thornton UK LLP (senior statutory auditor David White) issued an unmodified audit opinion on the FY25 financial statements, with two key audit matters: accuracy of the contract loss provision and warranty provision, and valuation of the inventory provision; overall Group materiality was £2,679,000 (5% of three-year average loss before tax excluding exceptional items)
page 69- Market Dynamics - macro-economic volatility in energy markets, international conflicts, cost-of-living pressures, and reliance on stable policy/support mechanisms for green hydrogen supply and demandp.35
- Technology - risk that new technologies under development may not perform as expected, causing delayed/lost revenue, increased development spend, or product liability claimsp.35
- Supply Chain - reliance on third-party suppliers (including single-source suppliers) for raw materials and components, precious metal price volatility, and IT/cyber security risk to operationsp.35
- IP Protection - failure to protect IP (PEM electrolysis technology is largely know-how based and not fully patentable) could allow competitors to replicate the technology or lead to third-party infringement claimsp.36
Read from C000694-AR-2025-ch.
11 annual reports read, FY2015 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (11)
FY2026Next report expected 24 Aug 2026