ITM Power shares soar as green hydrogen group lifts guidance

ITM Power shares jumped by almost a fifth on Tuesday after the green hydrogen firm lifted annual revenue guidance.

The AIM listed group told shareholders 'additional contractual obligations' had been fulfilled and it can now recognise associated revenues.

It marks improved fortunes for Sheffield-based ITM, which makes proton exchange membrane electrolysers to produce hydrogen using renewable energy sources, after customer delays forced it to slash guidance in August.

ITM now expects annual revenues to come in at £25.5million to £26.5million, a 30 per cent jump on the £18million to £22million range cited in August.

The group also expects to report a net cash position of £204milllion to £205million, thanks to a 'cash generative' second half.

The original cash guidance, issued in August 2024, was between £160m and £175m and in January 2025, the guidance was increased to between £185m and £195m.

Boss Dennis Schulz said: 'ITM is continuing to achieve a strong revenue performance while tightly managing costs and capital expenditures.'

However, the group still expects to post an adjusted earning of £32million to £36million for the year.

ITM Power shares soared more than 20 per cent in early trading before falling back to trade 9 per cent higher for the day at 31.45p by mid morning.

They have lost 38 per cent over the last 12 months.

Schulz added: '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.'