【企业】未来只做赚钱项目！ITM宣布创纪录的收入、订单积累量和亏损

Core Insights - ITM Power reported record annual revenue and nearly doubled order backlog as the UK electrolyzer manufacturer aims to pivot towards profitable green hydrogen projects [3] - The company expects a 50% year-over-year revenue growth for FY2025, reaching £26 million ($35.3 million), more than quadrupling over the past two years and within upgraded guidance [3] - ITM's year-end contract order backlog amounted to £145.1 million ($197 million), up from £79.7 million ($108.5 million), with 60% of the backlog consisting of profitable contracts, contrasting with the previous year which included many loss-making legacy projects [3] Financial Performance - Despite revenue growth, losses have also widened, with adjusted EBITDA loss increasing to £33 million ($44.8 million) from £30.4 million ($41.3 million) in 2024, and pre-tax loss rising to £45.4 million ($61.6 million) from £27.1 million ($36.8 million) in 2024 [3] - Total losses increased from £16.7 million ($22.8 million) to £23.7 million ($32.2 million), attributed to a £13.2 million ($17.9 million) inventory write-down and £9.6 million ($13 million) in fixed plant costs that have not yet resulted in output [4] - The company anticipates a slight narrowing of EBITDA losses in FY2026 to between £27 million and £29 million ($36.7 million to $39.4 million), while maintaining capital expenditures between £10 million and £15 million ($13.6 million to $20.4 million) [4] Strategic Initiatives - ITM announced a hydrogen business cash position guidance of £207 million ($281.1 million) at year-end, exceeding its initial guidance of £160 million to £175 million ($217.3 million to $237.6 million) [4] - The company recently launched its subsidiary Hydropulse, which will utilize ITM technology to build, own, and operate decentralized green hydrogen plants, providing services to industrial customers under long-term purchase agreements [5] - ITM reported significant improvements in operational quality metrics, with factory acceptance test pass rates rising from below 50% to 99% [5] - The CEO described recent global political reforms as a "healthy maturation process," which has hindered many hydrogen ambitions, emphasizing the evolving customer landscape, supply chains, and technology that are phasing out weaker projects and paving the way for a more resilient and commercially viable hydrogen market [5]