Ceres Power (CWR) Trading Update summary

Financial performance

• Achieved record order intake exceeding £110 million, driven by new manufacturing and electrolyser system partners.

• Revenue projected at £55-60 million, up about 150% from 2023.

• Gross margin expected between 78-80%, a significant increase from 61% in 2023.

• Cost optimisation measures completed, reducing annualised cost base by around 15%.

• Cash and short-term investments stood at approximately £102 million at year-end, aligning with expectations.

Commercial and strategic progress

• Delta in Taiwan advancing towards manufacturing, targeting data centre and industrial hydrogen markets.

• Denso in Japan completed upfront technology transfer, following July licence agreement.

• Thermax in India progressing with SOEC commercialisation and facility development.

• Doosan in South Korea on track for SOFC stack and cell production, with commercial launch expected in H2 2025.

• Ongoing partnerships with Bosch, Weichai, and Shell achieved key product milestones, including higher power stack development.

Technology and market outlook

• First power system products with Doosan set for launch in late 2025, initiating royalty streams.

• Increased opportunities from rising energy demand in AI data centres and grid electrification.

• Positioned to drive decarbonisation across multiple sectors as technology scales.

• Strong cash position and commercial momentum support future growth.