The London-listed electrolyser maker has deepened its ties with Deutsche Bahn, signing a memorandum of understanding for a front-end engineering and design (FEED) study to assess how green hydrogen production and storage can be integrated at the German rail operator’s sites. The project targets not only trains but also buses and truck fleets. But for a market hungry for hard revenue, the absence of a binding order or a concrete timeline sent the stock sliding.
Shares in ITM Power fell nearly 4% on Wednesday to €1.41, extending a brutal month that has wiped 31% from the stock. The year-to-date gain of roughly 95% still stands, but the latest update — a “strategic” step rather than a commercial breakthrough — has left investors underwhelmed. The FEED study builds on an initial cooperation framework agreed in March 2025, moving the collaboration from theory into the engineering phase, yet the announcement contained no order value or delivery schedule.
Should investors sell immediately? Or is it worth buying ITM Power?
Behind the scenes, ITM Power’s financial position remains solid. The company reported a record first-half revenue of £18 million and has guided for full-year 2026 sales of £40 million to £43 million. Its order book totals £152 million, with around 71% of that deemed profitable. Cash on hand sits at a comfortable £198 million. The immediate catalyst on the horizon is a decision by the UK’s Competition and Markets Authority, due by June 30, on a £46.5 million grant from a broader £86.5 million government package that also includes a 10.8% equity stake by Great British Energy. The funding would support the industrialisation of ITM’s ‘Chronos’ stack platform and the expansion of automated manufacturing in Sheffield, targeting an annual capacity of 1 GW.
Approval of that grant would provide a clear runway for the Deutsche Bahn partnership and the company’s wider scaling ambitions. Until then, however, the market is left to weigh technical progress against the absence of signed contracts with clear margins. For ITM Power, the path from pilot to profit remains a work in progress — and investors are watching the bottom line as closely as the hydrogen molecule.
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