ITM Power Plc Q4 2026 Earnings Recap

ITM Power shares fell 6.5% after earnings, with the likely pressure coming from a cautious FY2027 outlook: management said hydrogen-project final investment decisions are taking longer than anticipated, while the transcript provides no FY2027 guidance figures. Record FY2026 revenue and a higher share of profitable backlog were positives, but do not remove the uncertainty around project timing.

Key Takeaways

• FY2026 revenue reached a record £43.6 million, up 68% year on year and more than 700% over three years.
• The company ended the year with more cash than it started with; backlog remained at a “healthy” level despite record revenue recognition.
• Profitable contracts made up 83% of backlog, up from 60% at the start of FY2026.
• Management said many hydrogen-project FIDs are taking longer than anticipated, even as it described underlying market fundamentals as strengthened.
• ITM reported progress on projects including RWE’s 200 MW Lingen plant, Linde’s Leuna project, and Shell’s 100 MW REFHYNE II.