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Investing.com -- ITM Power PLC (LON:ITM) announced record first-half revenue of £18.0 million for the six months ended October 31, 2025, according to a trading update released Thursday.
The green hydrogen technology company reported an adjusted EBITDA loss of £11.9 million and maintained a robust cash position of £197 million at the end of the period.
ITM Power reaffirmed its full-year guidance for fiscal year 2026, projecting revenue between £35 million and £40 million, with an adjusted EBITDA loss ranging from £27 million to £29 million.
The company expects to end the year with cash reserves between £170 million and £175 million.
CEO Dennis Schulz said: "In the first half of the year, we again delivered our strongest ever six-month revenue performance. We continue to have a solid contract backlog and sales pipeline. Our EBITDA losses have narrowed further, supported by strong manufacturing and project performance, as well as disciplined cost control and capital allocation."
The company reported strong market momentum in Europe, particularly in Germany, which is making significant infrastructure investments in pipelines, storage caverns, and hydrogen-ready gas power plants.
The UK market is also gaining traction, with the first HAR1 projects expected to reach final investment decision soon, while the US market faces uncertainty due to policy shifts.
ITM Power noted particular customer demand for its NEPTUNE V containerized 5 MW plant and ALPHA 50, its new flagship 50 MW full-scope green hydrogen plant.
The company also highlighted progress on major projects, including the world’s first 100 MW PEM plant for RWE in Lingen, where ITM’s scope has been fully delivered and installed.
The company’s next-generation stack, CHRONOS, continues to advance through validation as planned, while its Hydropulse product has been well-received by customers with multiple project opportunities advancing.
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