ITM Power (ITMPF) Q4 2026 Earnings Report
ITMPF Q4 2026 EPS Results
- Actual EPS
- -$0.03
- Consensus EPS
- -$0.03
- Beat/Miss
- Met expectations
- One Year Ago EPS
- -$0.04
ITMPF Q4 2026 Revenue Results
- Actual Revenue
- $34.32M
- Expected Revenue
- $36.41M
- Beat/Miss
- Missed by -$2.09M
- YoY Revenue Growth
- +143.87%
Earnings Announcement Details
- Quarter
- Q4 2026
- Date
- 08/13/2026
- Time
- Before Open
- Conference Call
- Thursday, August 13, 2026
ITMPF Upcoming Earnings
ITM Power's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. ITM reported record revenue, sharply reduced losses, a substantially more profitable backlog, a stronger cash position, major project wins, progress on large-scale PEM deployments, and meaningful support for the Chronos program. Management also highlighted the potential of Hydropulse and the Rheinmetall collaboration. These positives were tempered by continuing EBITDA losses, factory underutilization, legacy contracts without margin contribution, delayed investment decisions and U.K. funding programs, challenging U.S. and Chinese markets, and financing requirements for the large Hydropulse project.
Company Guidance
For the year ending 30th of April 2027, ITM expects revenue of between GBP 50 million and GBP 60 million, representing further year-on-year growth and an increase of more than 900% over four years; profitable contracts are expected to account for approximately 2/3 of annual revenue, with the remaining approximately 1/3 relating to legacy contracts, which are fully provided for and not expected to contribute to gross profit; the company expects an adjusted EBITDA loss of between GBP 17 million and GBP 20 million and to end the year with cash of between GBP 170 million and GBP 180 million, including the first forecast capital expenditure on the new Chronos manufacturing line.
- Record FY2026 Revenue GrowthITM reported its highest-ever annual revenue of GBP 43.6 million, up 68% year-on-year and more than 700% over three years. Equipment sales contributed GBP 40.7 million, while engineering studies, maintenance, replacements, and spare parts generated GBP 2.9 million.
- Significant Reduction in Gross and EBITDA LossesGross loss improved to GBP 6.1 million from GBP 23.7 million in the prior year. Adjusted EBITDA loss reduced to GBP 20.2 million from GBP 33 million, supported by higher production volumes, cost discipline, and progress on legacy contracts.
- Improved Backlog ProfitabilityContract backlog ended at GBP 144 million, compared with GBP 145.1 million at the previous year-end, despite the significant revenue recognized during the year. Profitable contracts represented 83% of the backlog at April 2026, up from 60% at the start of the financial year and 0% in January 2023.
- Strong Cash Position and Balance SheetITM ended FY2026 with GBP 215.6 million of cash, a net increase of GBP 8.6 million during the year. The company also received GBP 40 million of equity investment from Great British Energy, resulting in net cash proceeds of GBP 39.2 million.
- Major Project Wins and Supplier SelectionsITM won projects including a NEPTUNE V project with Westnetz, a NEPTUNE II project with a cement producer in Spain, a Poseidon contract with MorGen, and a NEPTUNE V contract with Octopus Energy Generation. It also secured supplier selections for Uniper's 120 MW Humber project, an Asian project larger than 300 MW, and two German Stablegrid projects totaling 710 MW, and entered into a 150 MW capacity reservation with RWE.
- Progress on Large-Scale Reference ProjectsProject execution progressed across RWE's 200 MW Lingen plant, Linde's Leuna project, and Shell's 100 MW REFHYNE II. The first 100 MW Lingen project is operational, while the second 100 MW project is in commissioning with 60 MW completed.
- Large-Scale PEM Electrolyzer ValidationManagement stated that ITM has successfully deployed the world's largest PEM electrolyzer and Europe's largest operational electrolyzer of any technology. The company said the Lingen projects demonstrate that PEM technology is delivering at large scale.
- Positive NEPTUNE V Factory Acceptance TestingThe first NEPTUNE V customer completed extensive customer-witnessed factory acceptance testing. ITM said the test went smoothly and that the unit's efficiency and hydrogen production rate were better than contractually committed.
- Hydropulse 150 MW Build, Own and Operate OpportunityHydropulse signed heads of terms with a leading European Union oil refinery for a 150 MW green hydrogen project with a planned 10-year operational contract. A joint FEED study is underway, FID is targeted for 2027, and hydrogen production is targeted to start in 2029. The customer is planned to provide land, utilities, and power, mitigating ITM's exposure to electricity price risk.
- Hydropulse Business Model Offers Contracted Revenue PotentialManagement described Hydropulse as an investment, build, own, and operate model serving industrial off-takers under long-term contracts. The company stated that the model is significantly profitable, highly cash generative, and designed to provide long-term contracted recurring revenue streams. The announced project would be profitable from day one of operation if it proceeds.
- Government Support for ChronosThe U.K. government support package for Chronos totals GBP 86.5 million, comprising a GBP 40 million investment from Great British Energy and a GBP 45.5 million grant from the Department for Energy Security and Net Zero. The program is intended to validate Chronos and establish manufacturing capacity of 1 GW per year, additive to the existing TRIDENT line.
- Chronos Development Progressing to PlanChronos has more than 20,000 hours of operation at component, cell, and short-stack level. Its bill of materials has been defined, manufacturing processes are undergoing validation, and the production line is being developed at ITM's Sheffield facility with synergies from existing TRIDENT manufacturing and testing processes.
- Automation and Manufacturing InvestmentCapital expenditure increased to GBP 13.2 million during FY2026, reflecting progress on Chronos and installation of auto-stacker equipment. ITM said the automation investment is intended to improve manufacturing efficiency and prepare production operations for future scale.
- FY2027 Revenue Growth GuidanceITM expects FY2027 revenue of between GBP 50 million and GBP 60 million, representing further year-on-year growth and more than 900% growth over four years. Approximately two-thirds of FY2027 revenue is expected to come from profitable contracts, primarily recognized progressively under the percentage-of-completion method.
- FY2027 EBITDA Improvement GuidanceThe company expects an adjusted EBITDA loss of between GBP 17 million and GBP 20 million for FY2027, representing another year of improving financial performance. Management attributed the expected improvement to the increasing contribution from profitable contracts and completion of most remaining legacy projects.
- Strong European Market PositionManagement identified Europe, including the U.K. and Nordics, as ITM's most attractive region, with Germany expected to remain its largest market. Spain, the wider Iberian region, the Nordics, and Poland were also identified as areas with significant activity.
- Growing Refinery DemandRefineries were described as the largest current source of demand, driven by efforts to reduce emissions and meet RED III requirements, including 42% RFNBO use by 2030. Refinery applications directly or indirectly dominate ITM's current sales pipeline.
- Defense and Synthetic Fuel OpportunityITM and Rheinmetall are collaborating on decentralized synthetic-fuel production using locally produced green hydrogen and captured CO2. The proposed fuels include drop-in diesel, jet, and marine fuel compatible with existing NATO equipment, while the broader Giga PtX concept targets several hundreds of modular Power-to-X plants across Europe.
- Positive Government and Great British Energy EngagementITM said its relationships with Great British Energy and the Department for Energy Security and Net Zero are collaborative. Great British Energy was described as an active shareholder and has been helping with government contacts, while ITM expects to begin its first DESNZ grant drawdown submission within the next few weeks.
- In-House Technology and IP ControlITM continues to retain control of core technology and manufacturing processes, including catalyst ink preparation. The company has added automation for scale and quality control and is bringing several manufacturing steps in-house as part of the Chronos and Horizon programs.
ITMPF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2027 (Q2) | ―- | -0.03 | ― | ― |
| Aug 13, 2026 | 2026 (Q4) | -0.03-0.03 | -0.04 | 22.22% (+0.01) | |
| Jan 29, 2026 | 2026 (Q2) | -0.02-0.03 | -0.06 | 51.06% (+0.03) | |
| Aug 14, 2025 | 2025 (Q4) | -0.04-0.04 | -0.02 | -80.00% (-0.02) | |
| Jan 30, 2025 | 2025 (Q2) | -0.04-0.06 | -0.04 | -56.67% (-0.02) | |
| Aug 15, 2024 | 2024 (Q4) | -0.02-0.02 | -0.1 | 79.17% (+0.08) | |
| Jan 31, 2024 | 2024 (Q2) | -0.04-0.04 | -0.12 | 67.39% (+0.08) | |
| Aug 17, 2023 | 2023 (Q4) | -0.11-0.10 | -0.07 | -35.85% (-0.03) | |
| Jan 31, 2023 | 2023 (Q2) | ―-0.12 | -0.04 | -228.57% (-0.09) | |
| Sep 14, 2022 | 2022 (Q4) | -0.05-0.07 | -0.01 | -381.82% (-0.06) |
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