ITM Power reports solid FY25 results with growing order backlog
Investing.com -- ITM Power (LON:ITM) on Thursday reported preliminary FY25 results in line with expectations, showing a significant increase in order backlog to £145.1 million, up from £135.3 million at the interim stage and £79.7 million in FY24.
The company’s revenue grew 58% year-over-year to £26 million, matching consensus estimates of £26.1 million and falling within the company’s guidance range of £25.5-26.5 million.
Adjusted EBITDA came in at a loss of £33 million compared to a £30.4 million loss in FY24, slightly better than consensus expectations of a £33.4 million loss.
ITM Power ended the fiscal year with a cash position of £207 million, down from £230 million at the end of FY24, reflecting what the company described as strict cost discipline and operational efficiency measures.
Approximately 60% of the current order backlog is derived from profitable contracts, with the remaining 40% consisting of legacy contracts. The company expects to recognize about half of these legacy contracts in revenue during FY26.
Looking ahead, ITM Power provided FY26 guidance with sales projected between £35-40 million, below consensus estimates of £42 million. The company expects an EBITDA loss between £27-29 million, better than consensus expectations of a £31 million loss.
Cash is forecast to be £170-175 million at year-end, above consensus of £162 million.
Capital expenditure for FY26 is expected to be £10-15 million, with a similar increase in working capital.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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