ITM Power has reported an adjusted EBITDA loss of £13m in its unaudited financials for the six months to 31 October 2021 compared to a loss of just over £10m in the same period in 2020.
For the six months, the electrolyser manufacturer reported a gross loss of £2.4m compared with £2.8m in 2020.
Revenue stood at £4.1m, up from £200,000 for the same period in 2020.
The company reported a “record backlog” of 499MW as of 1 December, a 61% rise since 13 September, worth £198m.
In addition the Sheffield-headquartered company has 62MW contracted compared to 43MW in September, with 399MW in negotiation.
The tender pipeline stands at 909MW compared with 1011MW in September as large volume contracts move to the negotiation stage.
ITM CEO Graham Cooley said: “Today’s update provides a compelling endorsement of how fast our markets are growing and our decision to raise further funds to increase capacity domestically and internationally to take full advantage of this growth.
“Together with our partners, we believe we can gain a material market share as a result of our experience, expertise and capacity to help industry to decarbonise using green hydrogen.”