Ceres Power Holdings (LSE:CWR) posted a 26% decline in revenue to £21.1 million for the first half of 2025, as the clean energy technology company transitions from R&D to commercial production.
Despite lower revenues, largely due to significant one-off license revenue from the Delta agreement in 2024, Ceres maintained a strong balance sheet with £104.1 million in cash and short-term investments, recording a positive cash inflow of £1.6 million during the period. Gross profit fell 27% to £16.6 million, while operating costs before exceptional items dropped 6% to £35.6 million following cost rationalization measures introduced last year. Adjusted EBITDA loss widened to £11.3 million from £9.0 million in H1 2024.
In a notable milestone, Doosan became the first Ceres partner to begin mass production of products using the company’s solid oxide fuel cell technology in July. Additionally, Shell’s megawatt-scale electrolyser went live at Ceres’ Technology Centre in Bangalore, demonstrating efficient hydrogen production.
The company launched a business transformation program to reflect its shift from an R&D-focused to a commercially-led organization, aiming to cut operating expenses by roughly 20% by the end of 2025 compared to the full year.
Looking ahead, Ceres expects full-year revenue of around £32 million, with additional potential upside if a new manufacturing license agreement currently under negotiation is finalized.
CEO Phil Caldwell highlighted the rapidly evolving market, particularly the urgent power needs of AI data centers, as a key growth opportunity. “With a single product approach, a sharper commercial and operational focus and the establishment of mass manufacturing, I am confident that we can both meet the needs of today’s rapidly growing power market,” Caldwell said.
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