ITM Power's Losses Are Shrinking — Its Excuses for Delay Aren't
Published on 10/27/2026 at 14:31 | Editorial boerse-global.de
ITM Power has spent the past week issuing paperwork, not progress. A shareholder meeting has been called for 13 November 2026, alongside the annual general meeting already set for 30 October, and the annual report has been made available for inspection. Neither announcement moves a single electrolyser out of the warehouse. What they do offer is a paper trail investors can use to check the company's own story against its numbers.
That story, published on 19 October, is genuinely better than last year's. Revenue for fiscal 2026 came in at £43.647 million, up from £26.04 million — a jump of roughly two-thirds. Just as importantly, the adjusted EBITDA loss narrowed to £20.2 million from £33.0 million. More business, less bleeding. It is a combination ITM Power has struggled to produce in the past, and it deserves to be recognised as such. It is not, however, the same thing as profitability, and anyone who conflates the two is mistaking an improvement for a completed turnaround.
The Cash Is Real; the Conversion Is Not Yet
At year-end the company reported an order book of £144.0 million and liquid resources of £215.6 million. Those are substantial figures, and they give ITM Power room to keep building. But a backlog describes work still to be done, not work already delivered, and cash on the balance sheet is not a proxy for operating strength — it is fuel, and the loss line is a reminder of how carefully that fuel needs to be spent. A large order book that keeps slipping to the right is worth less than its headline number suggests.
That is precisely the risk Peel Hunt flagged on Thursday, pointing to delays in project timing as a central concern. The broker has the argument right. An order can be economically valuable and still arrive later than hoped, and a company valued on its pipeline is only as good as its ability to convert that pipeline on schedule.
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A Smaller Capital Ask, and a CEO's Tax Bill
Two other disclosures are worth separating from the operating story. On 16 October, ITM Power corrected the notice for its annual general meeting, revising the aggregate nominal amount of equity instruments under resolution 11b down from ÂŁ34,570,278 to ÂŁ23,046,852. The revised figure will go to shareholders for approval. This is a change to a resolution, not a completed capital measure, and it says nothing either way about how the business is trading.
Separately, CEO Dennis Schulz exercised options on Thursday and sold part of the resulting shares to cover tax liabilities. The purpose was stated explicitly. It is a personal transaction, and it answers none of the questions an investor should actually be asking about the hydrogen business.
Nor does Wednesday's 4.2% share price gain. One trading session's move is a market reaction, not evidence of an operating trend.
Guidance Points the Same Way — Carefully
The outlook for fiscal 2027 extends the trajectory rather than breaking it. Management expects revenue of ÂŁ50 million to ÂŁ60 million and a further reduction in the adjusted EBITDA loss, to a range of ÂŁ17 million to ÂŁ20 million. That is a forecast, not a result, and it stops well short of announcing a leap into profit.
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The more interesting test sits further out. ITM Power's subsidiary Hydropulse reportedly agreed terms roughly two weeks ago with a European oil refinery for a 150 MW hydrogen project, structured under a proposed ten-year build-own-operate model. That structure matters: it ties project development to a long-term operating role, which is a bigger commitment than simply supplying equipment. Joint technical pre-engineering work is under way, with a final investment decision targeted for 2027. A heads of terms is not a final investment decision, and the gap between the two is where projects tend to live or die.
What Actually Decides the Case
Strip away the meeting notices, the resolution correction and the option exercise, and the investment case rests on two things: whether operating losses keep falling, and whether projects reach their binding milestones. ITM Power has shown progress on the first. The fiscal 2027 guidance and the refinery venture must now prove they can sustain it. Until they do, the quality of the business development carries more weight than any calendar entry.
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