Shares in green hydrogen specialist ITM Power surged on Tuesday as the company raised its full-year guidance for revenue and cash generation. The Sheffield-based firm now anticipates annual revenue to be between £25.5m and £26.5m, marking a 30% increase from its previous forecast of £18m to £22m.
Cash generation forecasts have also been revised upwards to between £204m and £204m, up from an earlier range of £160m to £175m, as reported by .
The company's shares soared nearly 20% in early trading as investors showed renewed interest in ITM Power's green tech offering, following a challenging four-year period during which shares fell by 95%.
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Established in 2000, ITM Power, which designs and manufactures electrolysers to produce green hydrogen using electricity and water, listed on London's AIM market in 2004. "ITM is continuing to achieve a strong revenue performance while tightly managing costs and capital expenditures," said CEO Dennis Schulz.
"Our strong balance sheet is an important differentiator in the competitive landscape, and our contract backlog and sales pipeline have continued to grow. We remain well-positioned as customer FIDs accelerate through FY26."
The company's guidance for adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) remains unchanged, with losses expected to be between £32m and £36m.
In January, ITM Power revealed it had secured a development contract with a European energy company to design a 10MW green hydrogen production plant, set to be utilised across multiple 海角视频 projects.
The firm announced another contract win in March, this time for engineering work on an 8MW electrolyser for EDF's Tees green hydrogen project.