ITM Power
ITM · AIM · Energy · mcap £648m · 94.6p
Financials · balance sheet 31 Oct 25 · last twelve months · today’s market value
Source: results 29 Jan 26 ↗
- Market cap
- £653.7m
- Owner’s net cash
- £197.8m
- Net cash / market cap
- 30%
- EV ex leases
- £455.8m
- Revenue
- £28.5m
- Operating profit
- −£38.2m
- Free cash flow after leases
- −£13.8m
- FCF yield
- -2.1%
- Price / tangible book
- 3.31×
- Net income (owners)
- −£30.8m
Share price × shares in issue (from the company’s voting-rights notices)flags: shares_older_than_120d
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since£197.8m − £0.0m − £0.0m − £0.0m = £197.8m
Owner’s net cash ÷ Market cap£197.8m ÷ £653.7m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£653.7m + £0.0m − £197.8m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £455.8m
Revenue, last twelve monthsLTM to 2025-10-31
Operating profit, last twelve monthsLTM to 2025-10-31
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£1.1m − £9.6m − £4.7m − £0.6m − £0.0m
Free cash flow after leases ÷ Market cap−£13.8m ÷ £653.7m
Market cap ÷ Tangible book£653.7m ÷ £197.5m
Net income (owners), last twelve monthsLTM to 2025-10-31
Market value
- Market cap
- £653.7m
Share price × shares in issue (from the company’s voting-rights notices)flags: shares_older_than_120d
Cash and debt · balance sheet 2025-10-31
- Cash
- £197.8m
- Borrowings
- £0.0m
- Net cash / (debt) ex leases
- £197.8m
- Lease liabilities
- £14.7m
- Owner’s net cash
- £197.8m
- Net cash / market cap
- 30%
Balance sheet 2025-10-31
Borrowings, current + Borrowings, non-current£0.0m + £0.0m
Cash − Borrowings£197.8m − £0.0m = £197.8m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£1.3m + £13.4m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since£197.8m − £0.0m − £0.0m − £0.0m = £197.8m
Owner’s net cash ÷ Market cap£197.8m ÷ £653.7m
Last twelve months · LTM to 2025-10-31
- Revenue
- £28.5m
- Operating profit
- −£38.2m
- EBITDA (pre-IFRS 16)
- –
- Net income (owners)
- −£30.8m
- Cash from operations
- £1.1m
- Free cash flow after leases
- −£13.8m
- Cash burnt since the balance sheet (estimate)
- £13.1m
Revenue, last twelve monthsLTM to 2025-10-31
Operating profit, last twelve monthsLTM to 2025-10-31
Operating profit + Depreciation (owned assets) + Amortisation
Net income (owners), last twelve monthsLTM to 2025-10-31
Cash from operations, last twelve monthsLTM to 2025-10-31
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£1.1m − £9.6m − £4.7m − £0.6m − £0.0m
−Free cash flow after leases × months since the balance sheet ÷ 12 (the screens deduct it)£13.8m × 11.4 ÷ 12
Enterprise value
- EV ex leases
- £455.8m
- EV incl. leases
- £470.6m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£653.7m + £0.0m − £197.8m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £455.8m
EV ex leases + Lease liabilities£455.8m + £14.7m
Valuation at today’s market cap
- EV / EBIT
- –
- EV / EBITDA
- –
- FCF yield
- -2.1%
- Price / book
- 3.10×
- Tangible book
- £197.5m
- Price / tangible book
- 3.31×
- NCAV (net current asset value)
- –
- Price / NCAV
- –
- Net-net working capital
- –
EV ex leases ÷ Operating profit (LTM)£455.8m ÷ −£38.2m
EV ex leases ÷ EBITDA (pre-IFRS 16)£455.8m ÷ –
Free cash flow after leases ÷ Market cap−£13.8m ÷ £653.7m
Market cap ÷ Total equity£653.7m ÷ £210.6m
Total equity − Goodwill − Other intangibles£210.6m − £0.0m − £13.0m
Market cap ÷ Tangible book£653.7m ÷ £197.5m
Current assets − Total liabilities£277.0m − –
Market cap ÷ NCAV£653.7m ÷ –
Cash + 75% × Trade receivables + 50% × Inventories − Total liabilities£197.8m + 0.75 × £28.0m + 0.5 × £51.1m − –
Returns and quality
- ROCE
- –
- ROE
- -15%
- Current ratio
- 2.62×
- Net debt / EBITDA
- net cash
- Accruals ratio
- –
Operating profit (LTM) ÷ (Total assets − Current liabilities)−£38.2m ÷ (– − £105.7m) = −£38.2m ÷ –
Net income (owners, LTM) ÷ Total equity−£30.8m ÷ £210.6m
Current assets ÷ Current liabilities£277.0m ÷ £105.7m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(−£30.8m − £1.1m) ÷ –
H1 Oct 25 vs H1 Oct 24 · results 29 Jan 26 ↗
- Revenue
- £18.0m +16%
- Operating profit
- −£17.4m prior −£33.8m
- Net income
- −£14.2m prior −£28.9m
- Cash from operations
- −£5.9m prior −£27.0m
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Guidance upgrade 08 Oct 26ahead of previous guidance1 figure since the last report
ITM Power upgraded FY26 adjusted EBITDA loss guidance to £20-21m, a 27% improvement.
| FY26 Adjusted EBITDA loss guidance | £20m-£21m | previous guidance |
As stated by the company, unaudited. Read it →
Latest report: H1 Oct 25 (six months to 31 Oct 25), published 29 Jan 26 · read the results ↗
| Six months to 31 October 2025 (unaudited) £'000 | Six months to 31 October 2024 (unaudited) £'000 | Year ended 30 April 2025 (audited) £'000 | |
|---|---|---|---|
| Revenue | 18,026 | 15,534 | 26,040 |
| Cost of sales | (24,500) | (25,722) | (49,726) |
| Gross loss | (6,474) | (10,188) | (23,686) |
| Administrative expenses | (11,522) | (23,894) | (34,275) |
| Other income - government grants | 559 | 295 | 3,420 |
| Loss from operations before exceptional items | (17,437) | (20,705) | (41,451) |
| Exceptional items | - | (13,082) | (13,090) |
| Loss from operations | (17,437) | (33,787) | (54,541) |
| Share of loss of associate companies | - | (2) | (5) |
| Finance income | 4,066 | 5,496 | 10,168 |
| Finance costs | (714) | (499) | (985) |
| Loss before tax | (14,085) | (28,792) | (45,363) |
| Tax | (75) | (68) | (152) |
| Loss after tax | (14,160) | (28,860) | (45,515) |
| Other comprehensive income | |||
| Foreign currency translation differences on foreign operations | (6) | (142) | (46) |
| Total comprehensive loss for the period | (14,166) | (29,002) | (45,561) |
| Basic and diluted loss per share | (2.3p) | (4.7p) | (7.4p) |
| Weighted average number of shares | 617,370,989 | 617,175,156 | 617,273,073 |
| 31 October 2025 (unaudited) £'000 | 31 October 2024 (unaudited) £'000 | 30 April 2025 (audited) £'000 | |
|---|---|---|---|
| Non-current assets | |||
| Investment in associate | |||
| Intangible assets | 13,046 | 10,965 | 11,997 |
| Right of use assets | 13,219 | 11,926 | 11,388 |
| Property, plant and equipment | 36,082 | 31,137 | 34,173 |
| Financial assets at amortised cost | 804 | 512 | 526 |
| Total non-current assets | 63,199 | 54,627 | 58,132 |
| Current assets | |||
| Inventories | 51,121 | 73,000 | 56,009 |
| Trade and other receivables | 28,028 | 24,049 | 20,782 |
| Cash and cash equivalents | 197,848 | 203,134 | 207,041 |
| Total current assets | 276,997 | 300,183 | 283,832 |
| Current liabilities | |||
| Trade and other payables | (95,305) | (67,330) | (80,364) |
| Provisions | (9,077) | (9,357) | (11,296) |
| Lease liability | (1,313) | (804) | (837) |
| Total current liabilities | (105,695) | (77,491) | (92,497) |
| Net current assets | 171,302 | 222,692 | 191,335 |
| Non-current liabilities | |||
| Lease liability | (13,414) | (11,820) | (11,494) |
| Provisions | (10,504) | (25,283) | (13,718) |
| Total non-current liabilities | (23,918) | (37,103) | (25,212) |
| Net assets | 210,583 | 240,216 | 224,255 |
| Equity | |||
| Share capital | 30,869 | 30,869 | 30,869 |
| Share premium | 542,833 | 542,833 | 542,833 |
| Merger reserve | (1,973) | (1,973) | (1,973) |
| Foreign exchange reserve | 294 | 204 | 300 |
| Retained loss | (361,440) | (331,717) | (347,774) |
| Total Equity | 210,583 | 240,216 | 224,255 |
| Six months to 31 October 2025 (unaudited) £'000 | Six months to 31 October 2024 (unaudited) £'000 | Year ended 30 April 2025 (audited) £'000 | |
|---|---|---|---|
| Net cash used in operating activities | (5,915) | (27,012) | (20,020) |
| Investing activities | |||
| Investment in loan notes | (257) | - | - |
| Deposits paid on new leasehold assets | - | - | (100) |
| Purchases of property, plant and equipment | (4,491) | (3,441) | (8,546) |
| Purchases of intangible assets | (2,379) | (1,988) | (4,277) |
| Proceeds on disposal of non-current assets | 1 | - | 130 |
| Interest received | 4,052 | 5,483 | 10,141 |
| Net cash generated from / (used in) investing activities | (3,074) | 54 | (2,652) |
| Financing activities | |||
| Issue of ordinary share capital | - | 118 | 118 |
| Payment of lease liabilities | (186) | (383) | (785) |
| Net cash used in financing activities | (186) | (265) | (667) |
| Decrease in cash and cash equivalents | (9,175) | (27,223) | (23,339) |
| Cash and cash equivalents at the beginning of period | 207,041 | 230,348 | 230,348 |
| Effect of foreign exchange rate changes | (18) | 9 | 32 |
| Cash and cash equivalents at the end of period | 197,848 | 203,134 | 207,041 |
| LTM Oct 25 | FY Apr 25 | |
|---|---|---|
| Revenue to operating profit | ||
| Revenue | 28.5 | 26.0 |
| Gross profit | (20.0) | (23.7) |
| Adjusted EBITDA | (28.1) | (33.0) |
| Adjusted operating profit | (38.2) | (41.5) |
| Exceptional / adjusting items | (0.0) | (13.1) |
| Operating profit | (38.2) | (54.5) |
| Amortisation | 2.6 | 2.5 |
| Share-based payments | 1.4 | 1.1 |
| Operating profit to net income | ||
| Finance costs | (1.2) | (1.0) |
| Profit before tax | (30.7) | (45.4) |
| Tax | (0.2) | (0.2) |
| Net income (owners) | (30.8) | (45.5) |
| Per share | ||
| EPS basic | (5.0p) | (7.4p) |
| EPS diluted | (5.0p) | (7.4p) |
| H1 Oct 25 | vs H1 Oct 24 | H2 Apr 25 | H1 Oct 24 | |
|---|---|---|---|---|
| Revenue to operating profit | ||||
| Revenue | 18.0 | +16% | 10.5 | 15.5 |
| Gross profit | (6.5) | n/m | (13.5) | (10.2) |
| Adjusted EBITDA | (11.9) | n/m | (16.2) | (16.8) |
| Adjusted operating profit | (17.4) | n/m | (20.7) | (20.7) |
| Exceptional / adjusting items | 0.0 | n/m | (0.0) | (13.1) |
| Operating profit | (17.4) | n/m | (20.8) | (33.8) |
| Amortisation | 1.3 | +12% | 1.3 | 1.2 |
| Share-based payments | 0.7 | +76% | 0.7 | 0.4 |
| Operating profit to net income | ||||
| Finance costs | (0.7) | +43% | (0.5) | (0.5) |
| Profit before tax | (14.1) | n/m | (16.6) | (28.8) |
| Tax | (0.1) | n/m | (0.1) | (0.1) |
| Net income (owners) | (14.2) | n/m | (16.7) | (28.9) |
| Per share | ||||
| EPS basic | (2.3p) | – | (2.7p) | (4.7p) |
| EPS diluted | (2.3p) | – | (2.7p) | (4.7p) |
| LTM Oct 25 | FY Apr 25 | |
|---|---|---|
| Operating activities | ||
| Cash from operations | 1.1 | (20.0) |
| Investing activities | ||
| Capex (PP&E) | (9.6) | (8.5) |
| Capex (intangibles) | (4.7) | (4.3) |
| Financing activities | ||
| Lease principal paid | (0.6) | (0.8) |
| Shares issued | 0.0 | 0.1 |
| 31 Oct 25 | 30 Apr 25 | |
|---|---|---|
| Non-current assets | ||
| Other intangibles | 13.0 | 12.0 |
| Property, plant & equipment | 36.1 | 34.2 |
| Associates & JVs | 0.0 | 0.0 |
| Current assets | ||
| Inventories | 51.1 | 56.0 |
| Trade receivables | 28.0 | 20.8 |
| Cash | 197.8 | 207.0 |
| Current assets | 277.0 | 283.8 |
| Current liabilities | ||
| Trade payables | 95.3 | 80.4 |
| Lease liabilities, current | 1.3 | 0.8 |
| Current liabilities | 105.7 | 92.5 |
| Non-current liabilities | ||
| Lease liabilities, non-current | 13.4 | 11.5 |
| Equity | ||
| Total equity | 210.6 | 224.3 |
| 31 Oct 25 | 30 Apr 25 | 31 Oct 24 | |
|---|---|---|---|
| Non-current assets | |||
| Other intangibles | 13.0 | 12.0 | 11.0 |
| Property, plant & equipment | 36.1 | 34.2 | 31.1 |
| Associates & JVs | 0.0 | 0.0 | 0.1 |
| Current assets | |||
| Inventories | 51.1 | 56.0 | 73.0 |
| Trade receivables | 28.0 | 20.8 | 24.0 |
| Cash | 197.8 | 207.0 | 203.1 |
| Current assets | 277.0 | 283.8 | 300.2 |
| Current liabilities | |||
| Trade payables | 95.3 | 80.4 | 67.3 |
| Lease liabilities, current | 1.3 | 0.8 | 0.8 |
| Current liabilities | 105.7 | 92.5 | 77.5 |
| Non-current liabilities | |||
| Lease liabilities, non-current | 13.4 | 11.5 | 11.8 |
| Equity | |||
| Total equity | 210.6 | 224.3 | 240.2 |
Read automatically from each results announcement. Check the source before relying on a figure.
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Company filings. Not investment advice.