Ceres Power H1 Revenue Rises 8% to £22.8 Million as Adjusted EBITDA Loss Narrows

Ceres Power (LSE:CWR) reported an 8% increase in revenue to £22.8 million for the first half of 2026, with engineering services and licence income accounting for the majority of revenue during the period.

Gross profit declined 3%, while gross margin decreased to 71%, reflecting a change in the mix of revenue.

Operating expenses fell 14%, contributing to a reduction in the company’s adjusted EBITDA loss to £6.8 million.

Ceres also completed an oversubscribed £102.6 million equity fundraising during the period. Cash and short-term investments subsequently stood at £172 million.

Ceres Launches Endura Solid Oxide Stack Platform

Ceres continued changes to its operating model during the first half as it increased its focus on the commercialisation and licensing of its technology.

The company launched Ceres Endura, a new solid oxide stack platform designed for applications using its fuel-cell technology.

Ceres develops solid oxide fuel-cell technology for power generation as well as electrolyser technology for hydrogen production.

Partnerships Cover Power and Hydrogen Applications

During the period, Ceres reported new or expanded commercial relationships involving Centrica, Doosan, Delta, Weichai, Denso, Thermax and Shell.

The partnerships cover applications including on-site power generation and hydrogen production across Europe and Asia.

Ceres said the potential applications for its technology include data centres and commercial and industrial power generation, alongside hydrogen production for sectors including ammonia, steel and electrofuels.

Ceres Guides to Around £45 Million of Contracted Revenue

The company expects approximately £45 million of contracted revenue in 2026 before taking into account revenue that could arise from any additional agreements.

Ceres operates a licensing-based business model under which its technology is commercialised through industrial partners rather than through wholly owned large-scale manufacturing operations.

The company works with partners including Doosan, Delta, Denso, Shell, Weichai, Centrica and Thermax across fuel-cell and hydrogen-related applications.