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Ceres Power (CWR) investor relations material
Ceres Power H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary26 Sep, 2025
Executive summary
Achieved a major milestone with Doosan's start of SOFC mass production in South Korea, marking the transition from R&D to commercialization and enabling future royalty payments.
Significant partner progress: Delta Electronics invested £170m in Taiwan for hydrogen manufacturing, Shell achieved record electrolysis efficiency in India, and Thermax launched a hydrogen hub.
Entered commercialization phase with a strong balance sheet and positive cash inflow during the period.
Initiated a business transformation program to align resources for commercialization, targeting a 20% reduction in operating expenses by end of 2026.
Launched a single stack platform to serve both power and hydrogen markets, streamlining R&D and supply chain efforts.
Financial highlights
H1 2025 revenue was £21.1m, down 26% year-over-year due to prior one-off licence revenue; gross margin remained high at 79%.
Gross profit for H1 2025 was £16.6m, with adjusted EBITDA loss of £11.3m and operating loss before exceptional costs of £17.2m.
Cash and short-term investments increased to £104.1m at 30 June 2025, with a positive cash inflow of £1.6m in H1 2025.
Achieved a 17% reduction in OpEx and CapEx, surpassing the 15% target set last year.
Order intake dropped to £0.9m from £46.9m in H1 2024 due to timing of large deals.
Outlook and guidance
FY 2025 revenue expected to be a minimum of £32m, with potential upside from new manufacturing licence agreements.
Focused on commercializing power market opportunities, especially for AI data centres and grid reinforcement.
Business transformation program aims for a 20% reduction in operating expenses by end of 2026, with the first phase completed by year-end.
Royalty streams from Doosan expected to grow as mass production ramps up.
Continued progress anticipated in electrolysis, with strong partnerships in India and Japan.
What drives 20% op cost reduction by 2026?
Clarify the uncertainty in 2025 revenue guidance.
What is Ceres' competitive edge in electrolysis?
Detail the business transformation's commercial focus
Explain MLA revenue recognition challenges
Compare power market vs. hydrogen competition
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Next Ceres Power earnings date
H2 202520 Mar, 2026
Next Ceres Power earnings date
H2 202520 Mar, 2026
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Frequently asked questions
Ceres Power Holdings Plc develops solid oxide fuel cell and electrolysis technology for use in energy generation and hydrogen production. The company licenses its platform to industrial partners for deployment in residential, commercial, and transportation applications. It focuses on clean energy innovation. The company is headquartered in Horsham, United Kingdom, and its shares are listed on the LSE.
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