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Ceres Power
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 major commercial milestones, including Doosan's start of SOFC mass production in South Korea and Delta Electronics' £170 million commitment to hydrogen manufacturing in Taiwan.
Shell's megawatt-scale demonstrator began producing hydrogen in India; Thermax launched HydroGenX Hub for green hydrogen technology.
Transitioned from R&D to commercialisation, supported by a business transformation initiative to align resources for commercial execution and reduce operating expenses by 20% by end of 2026.
Entered the commercialisation phase with a strong balance sheet and positive cash inflow during the period.
Introduced 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 profit was £16.6m, with a gross margin of 79%.
Cash and short-term investments increased to £104.1m at 30 June 2025, with a positive cash inflow of £1.6m in H1 2025.
Adjusted EBITDA loss was £11.3m, compared to £9.0m in H1 2024; operating loss before exceptional costs was £17.2m.
Achieved a 17% reduction in OpEx and CapEx, surpassing the initial 15% target.
Order intake dropped to £0.9m from £46.9m in H1 2024.
Outlook and guidance
FY 2025 revenue expected to be around £32m, with potential upside from new manufacturing licence agreements under negotiation.
Focused on near-term commercial power market opportunities, especially for AI-driven data centres and grid reinforcement.
Business transformation programme aims for a 20% reduction in operating expenses by end of 2026, with the first phase completed by year-end.
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
Ceres Power
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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