Ceres Power (CWR) H1 2026 earnings summary

Executive summary

• Revenue rose 8% year-over-year to £22.8 million, driven by license revenue from the Weichai agreement and ongoing engineering activity across partners.

• Significant progress made in H1 2026, with continued growth in the partner pipeline and strong confidence in signing a new licensee this year.

• Launched the flagship Ceres® Endura™ solid oxide stack platform, consolidating development onto a single technology and becoming the standard for partner scale-ups.

• Business transformation and cost optimization improved operational efficiency and reduced losses.

Financial highlights

• Revenue for H1 2026 was £22.8 million, up from £21.1 million in H1 2025.

• Gross margin was 71%, compared to 79% in H1 2025, with gross profit at £16.1 million.

• Adjusted EBITDA loss improved to £6.8 million from £11.3 million year-over-year.

• Cash and short-term investments stood at £172.0 million as of June 2026, bolstered by an oversubscribed equity raise of over £100 million.

• R&D expenditure reduced from £25.6 million in H1 2025 to £18.3 million in H1 2026.

Outlook and guidance

• Contracted group revenue for 2026 is approximately £45 million, excluding potential new business.

• Confident in signing at least one new manufacturing licensee within the year.

• Partners are scaling up manufacturing and deployment, targeting significant capacity increases by 2027.

• Royalties expected to become a more significant part of revenue mix from 2028 onwards as partners scale.