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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.
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.
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