EarningsQ2 2026 Earnings Report
DE:CFJA Q2 2026 EPS Results
Actual EPS-€0.10
Consensus EPS-€0.06
Beat/MissMissed by -€0.04
One Year Ago EPS-€0.12
DE:CFJA Q2 2026 Revenue Results
Actual Revenue€26.57M
Expected Revenue€30.59M
Beat/MissMissed by -€4.02M
YoY Revenue Growth+7.94%
Earnings Announcement Details
QuarterQ2 2026
Date09/23/2026
TimeBefore Open
Conference CallWednesday, September 23, 2026
DE:CFJA Upcoming Earnings
Ceres Power Holdings's next earnings date is estimated for March 19, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly constructive, with management highlighting progress across the partner pipeline, factory scale-up, Endura commercialization, balance-sheet strength, cost reduction, and customer milestones. The main negatives were that the company remains loss-making, royalties are not yet material, and the timing of new partnerships and revenue recognition remains uncertain. Overall, the number and significance of the stated achievements substantially outweighed the challenges.Company Guidance
Strong First-Half Contracted Revenue Progress
The company reported contracted revenue guidance of GBP 45 million for the year and achieved about half of that amount in the first half. Management said it was very confident of delivering the contracted revenue in the second half.
Improved Loss Performance and Optimized Cost Base
The loss decreased on a comparable revenue basis from the prior year, supported by work to rationalize the cost base. Management said the business now has an optimized cost base and will be prudent with cash while making strategic investments.
R&D Expenditure Reduced While Maintaining Innovation
R&D costs declined from approximately GBP 25 million in the first half of 2025 to GBP 18 million in the first half of 2026. Management said this reflected the commercialization of Endura and that the company has the right number of people to continue innovating on lifetime and cost.
Oversubscribed GBP 100 Million Equity Issuance
The company reinforced its balance sheet with just over GBP 100 million from an oversubscribed equity issuance earlier in the year. Management said this left the company in a strong cash position and provided partners with confidence in Ceres as a long-term technology provider.
Pipeline Growth Across All Regions
The partner pipeline continued to grow significantly in the U.S., Asia, and Europe. Management reported increasing numbers and quality of engagements and reiterated confidence that the company is in a good position to sign a new manufacturing licensee this year.
Endura Stack Platform Launched for Commercial Scale
Ceres launched Endura, its flagship solid oxide stack platform, during the first half. Management described it as the building block for partner factory scale-up, supported by factory blueprints and relationships with line builders and factory builders.
Faster Factory Deployment
The first Doosan factory took around 4 years, current factories have been built in around 3 years, and factories signed with partners such as Weichai are on track for about 2 years or less. Management attributed the faster deployment to standardizing Endura, repeated factory experience, and expanded manufacturing support.
Doosan Secured First Export Order
Doosan signed its first export order, involving approximately GBP 60 million of stack supply to Reverion in Germany. Reverion's system can generate power in one direction and synthetic methane in the other direction using Ceres technology.
Delta Progressing Production and New Facility
Delta in Taiwan is proceeding with initial production at its Tainan facility, described as the 2026 production facility, and has announced a new facility in Guanyin, Taiwan, intended to house scaled mass manufacturing of solid oxide technology.
Weichai Targeting Rapid Production Scale-Up
Weichai is targeting first production later this year or early next year and has announced a target of 200 megawatts by the end of the following year, described by management as being within two years. Weichai is also developing 600-kilowatt SOFC systems for potential sale through Baudouin in Europe.
Centrica Partnership Building U.K. and European Demand
Ceres' channel partnership with Centrica is progressing, with Centrica developing relationships with Ceres' supply chain and signing its first agreement with Delta. The partnership is targeting data centers and other energy-intensive industries in the U.K. and Europe, with units expected to be introduced in the U.K. at the end of this year or beginning of next year.
Hydrogen Partnerships and Government Support
DENSO in Japan received GBP 165 million in government support and continues to develop SOEC technology. Ceres also said its Shell demonstrator partnership continues to exceed expectations, with work underway on a pressurized SOEC version and potential testing with Thermax in India.
Technology Positioned for Power and Hydrogen Markets
The Endura platform can generate power in one direction and hydrogen or synthetic fuels in the other. Management expects the near-term market through 2030 to be focused on power generation, with hydrogen becoming more relevant toward the end of the decade and into the next decade.
Solid Oxide Technology Cost Competitive Today
Management stated that solid oxide technology is currently cost competitive with conventional power generation, there or thereabouts, and expects costs to decline with scale, supply-chain development, and localization.
Permitting and Sustainability Advantages
Management highlighted almost zero water usage, lower carbon emissions when combined with carbon capture, no combustion-related SOx or NOx emissions, and virtually silent operation as attributes that can support permitting and enable installation near buildings and urban centers.
DC-Native Architecture for Data Centers
Ceres said fuel cells are DC native and referenced NVIDIA's view that direct DC power could save about 5% of the efficiency loss associated with converting AC to DC in a data center. Management also highlighted potential savings in copper and the elimination of switchgear and transformers.
Large Addressable Power and Hydrogen Markets
Ceres maintained its estimate of an approximately 22-gigawatt power-generation opportunity by the end of the decade, with data centers representing about 50% of the market and additional demand from industrial applications, commercial buildings, and shipping. The company estimated a hydrogen market of about 38 gigawatts by 2035.
Progress Toward Commercial Breakeven
Management said that with a partnership signing cadence of one partnership every 12 months, the company would be more or less breakeven from a profitability and cash perspective.
Royalty Model Supports Long-Term Revenue Growth
Ceres receives royalties when partners sell products, with management citing a standard range of $50 to $100 per kilowatt depending on the scope of what is sold. Royalties are expected to become more significant as partners scale toward approximately 1 gigawatt or more cumulatively later in the decade.
Commercial Transformation Completed
The transformation program launched in the fourth quarter of 2025 is expected to finish sometime this year. Management said the company has enhanced its commercial capabilities, adopted more partner-centric values and behaviors, and has approximately 350 to 370 employees in Redhill and Horsham.
Strong Financial Self-Sufficiency
Management said the company has a strong relationship with the U.K. government but has never relied on government funding or subsidies. The business was described as well capitalized and self-sufficient, with a global opportunity.
DE:CFJA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed