ITM Power reduces projected EBITDA loss and secures hydrogen project

ITM Power has updated its financial outlook, narrowing the expected adjusted EBITDA loss for the fiscal year ending April 30, 2026, to between £20 million and £21 million. This represents a 27 percent improvement compared to previous forecasts, reflecting stricter expenditure discipline. Revenue and cash targets remain unchanged.

In a significant commercial development, the company’s subsidiary, Hydropulse, signed a framework agreement with a European oil refinery for a 150-megawatt green hydrogen production project. The ten-year contract is currently in a joint pre-planning study phase, with a final investment decision targeted for 2027 and production expected to commence in 2029. ITM Power noted that this project could represent the largest commercial commitment in the company’s history.