ITM Power's Cash Pile Buys Time While a 150MW Refinery Waits for 2027

ITM Power has yet to convert its financial headroom into operating profit. Preliminary figures released on Monday show revenue climbing sharply and the adjusted operating loss shrinking, but the electrolyser maker still burns cash — and its own guidance says it will keep doing so through the next fiscal year.

Revenue for fiscal 2026 came in at £43.6m, up 68%. The adjusted EBITDA loss narrowed to £20.2m from £33.0m a year earlier. At year-end the company held £215.6m in liquid funds.

That cash cushion is real, but it is not proof the business can stand on its own without further drawdown. Guidance for fiscal 2027 points to revenue of £50m to £60m, an adjusted EBITDA loss of £17m to £20m, and liquid funds of £170m to £180m by year-end. Growth and loss reduction, in other words, remain two separate yardsticks.

A Refinery Blueprint, Not Yet a Contract

A second thread runs alongside the numbers. Roughly two weeks ago, subsidiary Hydropulse signed a heads-of-terms agreement with a European oil refinery for a planned green hydrogen project built on ITM Power's Alpha platform. The outline envisages 150MW of capacity and a proposed ten-year arrangement. A joint technical feasibility study is already under way.

The distinction matters for valuation: agreed terms are a development step, not a final investment decision. The FID is targeted for 2027, with production expected to begin in 2029. Between the blueprint and operating output sit further project phases, so the venture should not be read as booked business.

The CEO's Share Sale Was a Tax Matter

Separately, ITM Power disclosed a tax-related share sale by CEO Dennis Schulz. After exercising options, he sold 354,476 shares to cover tax liabilities. His holding nevertheless rose to 517,894 shares — the sale followed a larger inflow from the option exercise, so the transaction is not a straightforward retreat from his stake.

The mechanics: Schulz exercised 672,516 options at an exercise price of £0.05, and the shares subsequently sold went at an average price of £0.8587. He retained part of the option-derived stock. That makes the disclosure a different constellation from a sale with no preceding share acquisition — and equally, the option exercise is not an ordinary open-market purchase. The tax rationale and the higher holding belong together when assessing the filing.

The stock was down 2.3% on the day. No operational read-across can be drawn from the CEO's personal transaction.

Bonus Shares and a Listing Application

A day earlier, ITM Power filed for admission of 299,638 ordinary shares to serve claims under its deferred bonus programme and option exercises. Admission is expected on 23 October 2026. The company also disclosed deferred share bonuses for Schulz, CFO Amy Grey and CTO Simon Bourne, alongside the vesting of previously granted options. These items touch different components of the remuneration programmes and do not equate to additional customer orders.

Two levels therefore sit side by side. The latest filing explains a personal share transaction by the chief executive; the economic assessment of the company still rests on the business figures. The tax-driven sale changes neither that reading nor the fact that Schulz's holding rose overall through the option exercise. For investors, the liquidity position links both stories — it gives ITM Power room to manoeuvre while its growth prospects, refinery included, still need time to play out.