EarningsQ2 2026 Earnings Report
ITMPF Q2 2026 EPS Results
Actual EPS-$0.03
Consensus EPS-$0.02
Beat/MissMissed by -$0.01
One Year Ago EPS-$0.06
ITMPF Q2 2026 Revenue Results
Actual Revenue$23.84M
Expected Revenue$23.80M
Beat/MissBeat by +$34.38K
YoY Revenue Growth+16.04%
Earnings Announcement Details
QuarterQ2 2026
Date01/29/2026
TimeBefore Open
Conference CallThursday, January 29, 2026
ITMPF Upcoming Earnings
ITM Power's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed clear operational and commercial progress: record H1 revenue, improved gross loss, strengthening backlog quality, successful product launches (ALPHA 50) and major project deliveries (Lingen), plus significant manufacturing automation and a promising CHRONOS technology roadmap. At the same time, the company remains loss-making, with material legacy unprofitable contracts, timing uncertainty around customer FIDs and H2 cash outflows. Management emphasized disciplined cash and conservative guidance. Overall the positives — strong demand, execution on large projects, manufacturing scale-up, and improving backlog quality — outweigh the negatives, but profitability and certain timing risks remain.Company Guidance
Record Half-Year Revenue
Revenue of GBP 18.0m for H1 FY26 — the highest 6-month revenue in ITM's history, driven by equipment sales of GBP 15.5m and GBP 2.5m from engineering/spares/services.
Improved Gross Loss and EBITDA Trend
Gross loss reduced to GBP 6.5m from GBP 10.2m in prior-year H1 (improvement of GBP 3.7m, ~36%), and management expects an EBITDA loss improvement of ~GBP 4m year-on-year with FY26 EBITDA loss guidance of GBP 27m–29m.
Strong Cash Position and Disciplined Cash Management
Cash of GBP 197.8m at period end, a reduction of GBP 9.2m over 12 months (≈4.4% decline). Guidance for year-end cash GBP 170m–175m, with management emphasizing contractual milestone alignment of receipts and payments.
Contracted Order Backlog Growth and Quality
Contracted order backlog of GBP 152m (fully contracted, no starting conditions) with improvement in quality: profitable contract share rose to 71% from 60% in April 2025 (+11 percentage points).
Product Launches and Market Traction (ALPHA 50 & NEPTUNE V)
ALPHA 50 launched Oct 2025 (50 MW full-scope plant priced at EUR 50m) and has strong early interest; NEPTUNE V remains high demand product, with RWE reserving 150 MW capacity following successful Lingen deliveries.
Major Project Execution — Lingen and Octopus
Delivered Lingen 1 (100 MW) on time — produced/shipped 50 TRIDENT skids and 150 stacks; Lingen 2 construction progressing (40% stacks installed). Won Octopus 12.5 MW North Fleet contract and selected for 2 German grid balancing projects totaling 710 MW (post-period).
Manufacturing Automations and Throughput Improvements
NEPTUNE V assembly line now in full operation; new autostacker robot validated and installed for stack assembly with capacity >2 GW of stacks per year; electrolysis end-of-line testing time halved.
Technology Roadmap — CHRONOS Targets Significant Cost and Performance Gains
Next-gen CHRONOS stack targeting ~40% cost reduction vs TRIDENT, 10% efficiency improvement, >50% reduction in part count/footprint/weight, single stack rated 2 MW base (up to 2.5 MW), and up to 90% component recyclability — development progressing and validated to plan (no firm launch date).
Revenue Recognition Evolution Increasing Visibility
Shift to percentage-of-completion for nonstandard NEPTUNE, POSEIDON and ALPHA projects implemented (orderbook currently ~85% completed-contracts / 15% POC) — enabling more progressive revenue recognition and greater predictability as product mix evolves.
Operational and Commercial Momentum
Multiple equipment and engineering contract awards (including Westnetz, Spanish cement customer), repeat blue-chip customers (RWE, Uniper), and increasing share of industrial customers in sales pipeline.
ITMPF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed