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Ceres Power Holdings
(LSE:CWR)
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Rating:48Neutral
Price Target:
274.00 p
▼(-33.33% Downside)
Action:Reiterated
Date:10/16/26
The score is held back primarily by weak financial performance (ongoing losses and negative free cash flow) and a bearish technical setup (price below major moving averages with negative MACD). These are partially offset by a comparatively low-leverage balance sheet and a constructive earnings call emphasizing delivery of contracted revenue guidance and continued cost-base optimization, but near-term profitability and royalty ramp timing remain uncertain.
Positive Factors
Scalable partner-led model
The partner-led model lets Ceres commercialize its intellectual property without becoming a mass manufacturer of complete systems. If partners scale production, licensing and usage-based royalties can expand revenue while limiting the capital intensity of Ceres’ own operations.
Negative Factors
Persistent losses and cash burn
Ceres has not yet demonstrated sustainable cash self-funding, so ongoing losses and negative free cash flow may require continued capital management while commercialization develops. Persistent cash burn can reduce flexibility and delay the point at which growth translates into durable shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Scalable partner-led model
The partner-led model lets Ceres commercialize its intellectual property without becoming a mass manufacturer of complete systems. If partners scale production, licensing and usage-based royalties can expand revenue while limiting the capital intensity of Ceres’ own operations.
Read all positive factors
Ceres Power Holdings (CWR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£591.89M
Dividend YieldN/A
Average Volume (3M)2.60M
Price to Earnings (P/E)―
Beta (1Y)0.62
Revenue Growth-22.86%
EPS Growth-25.81%
CountryUK
Employees353
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.23
Shares Outstanding213,832,470
10 Day Avg. Volume2,824,965
30 Day Avg. Volume2,598,561
Financial Highlights & Ratios
PEG Ratio-0.13
Price to Book (P/B)3.83
Price to Sales (P/S)12.64
P/FCF Ratio-22.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£855.00Price Target Upside108.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.04
Revenue Forecast (FY)£55.34M
Ceres Power Holdings Business Overview & Revenue Model
Company Description
Ceres Power Holdings plc is an engineering company specializing in fuel cell technology, involved in the creation and global distribution of its innovations throughout North America, Asia, and Europe. Its flagship offering, SteelCell, is a solid o...
How the Company Makes Money
Ceres primarily makes money by commercializing its solid oxide technology through a partner-led model rather than by selling large volumes of finished hardware. Its key revenue streams are: (1) Licensing revenue: Ceres licenses its intellectual pr...
Ceres Power Holdings Earnings Call Summary
Earnings Call Date:Sep 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 19, 2027
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.Positive Updates
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.
Negative Updates
The Company Remains Loss-Making
Although the loss decreased on a comparable revenue basis from the prior year, the company continued to report a loss in the first half.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
The company reiterated guidance for contracted revenues of GBP 45 million for the year, having achieved about half of that in the first half, and Stuart said they were very confident they could deliver the contracted revenue in the second half; Ceres remains confident that it is in a good position to sign a new licensee this year, with a target cadence of 1 a year or an average cadence of every 12 months, which would make the company more or less breakeven from a profitability and a cash perspective. R&D cost fell from GBP 25 million in the first half of 2025 to GBP 18 million in the first half of 2026, and the company said its optimized R&D cost base is going to roll forward. Royalties are not yet material but should start to grow into next year and '28, '29, becoming significant towards the late stage of this decade when partners are expected to scale to around 1 gigawatt or more.Ceres Power Holdings Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
68
Positive
Cash Flow
29
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.32M | 32.64M | 51.89M | 22.32M | 19.79M | 30.78M |
| Gross Profit | 18.25M | 18.85M | 40.16M | 13.55M | 13.05M | 19.05M |
| EBITDA | -32.54M | -35.66M | -18.68M | -44.05M | -45.11M | -17.30M |
| Net Income | -44.80M | -47.55M | -28.30M | -54.01M | -47.62M | -21.09M |
Balance Sheet | ||||||
| Total Assets | 214.21M | 145.80M | 181.10M | 206.37M | 261.99M | 299.99M |
| Cash, Cash Equivalents and Short-Term Investments | 172.02M | 83.27M | 102.47M | 139.96M | 182.32M | 244.58M |
| Total Debt | 2.04M | 2.41M | 2.22M | 2.60M | 3.12M | 3.04M |
| Total Liabilities | 22.49M | 38.15M | 27.27M | 25.74M | 24.59M | 19.34M |
| Stockholders Equity | 191.73M | 107.65M | 153.83M | 180.63M | 233.77M | 280.65M |
Cash Flow | ||||||
| Free Cash Flow | -30.68M | -18.19M | -42.68M | -48.62M | -68.47M | -32.17M |
| Operating Cash Flow | -28.95M | -16.42M | -35.94M | -33.90M | -50.29M | -20.22M |
| Investing Cash Flow | 25.79M | 5.58M | 34.26M | 12.29M | -38.85M | -32.85M |
| Financing Cash Flow | 98.70M | -693.00K | -478.00K | -242.00K | 129.00K | 171.00M |
Ceres Power Holdings Technical Analysis
Negative
411.00
Price Trends
373.24
Negative
417.28
Negative
430.30
Negative
Market Momentum
-33.86
Positive
35.31
Neutral
33.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CWR, the sentiment is Negative. The current price of 411 is above the 20-day moving average (MA) of 330.88, above the 50-day MA of 373.24, and below the 200-day MA of 430.30, indicating a bearish trend. The MACD of -33.86 indicates Positive momentum. The RSI at 35.31 is Neutral, neither overbought nor oversold. The STOCH value of 33.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CWR.
Ceres Power Holdings Risk Analysis
Ceres Power Holdings disclosed 6 risk factors in its most recent earnings report. Ceres Power Holdings reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ceres Power Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | £1.05B | 22.06 | 15.29% | 0.83% | 8.85% | 29.67% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | £501.41M | -56.97 | -4.89% | 0.04% | -1.21% | 46.27% | |
52 Neutral | £43.59M | -6.15 | -40.88% | ― | -94.63% | 24.26% | |
48 Neutral | £591.89M | -16.13 | -17.63% | ― | -22.86% | -25.81% | |
46 Neutral | £43.26M | -5.40 | -45.06% | ― | 53.47% | -14.16% |
* Industrials Sector Average
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Ceres Power Holdings Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Ceres Power Updates Share Capital and Voting Rights Following New Admissions
Neutral
Sep 30, 2026
Ceres Power Holdings plc has confirmed that as of 30 September 2026 it has 213,832,469 ordinary shares in issue, each carrying one voting right, with no shares held in treasury, setting the updated base for shareholder disclosure calculations unde...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Ceres Power Tightens Losses and Secures Cash as Commercial Fuel-Cell Deals Build
Positive
Sep 23, 2026
Ceres Power reported an 8% rise in first-half 2026 revenue to £22.8 million, driven mainly by engineering services and licences, while gross profit slipped 3% and gross margin narrowed to 71% on a lower-margin mix. Cost-cutting cut operating ...
Business Operations and StrategyFinancial Disclosures
Ceres Power to Unveil Interim Results and Engage Investors in Live Presentation
Positive
Sep 3, 2026
Ceres Power Holdings will publish its interim results for the six months to 30 June 2026 on 23 September 2026, underscoring a key financial reporting milestone for the clean energy technology group. The announcement will give investors greater ins...
Regulatory Filings and Compliance
Ceres Power updates market on total voting rights after new share admissions
Neutral
Aug 28, 2026
Ceres Power Holdings has updated investors on its share capital, confirming that as of 28 August 2026 it has 213,826,715 ordinary shares in issue, all carrying voting rights and with no shares held in treasury. The company reported that 20,662 new...
Business Operations and StrategyPrivate Placements and Financing
Ceres Power Spins Out RFC Power as Certain Energy After £10m Funding Round
Positive
Aug 26, 2026
Ceres Power has reduced its ownership in RFC Power, a manganese flow battery specialist for long-duration energy storage, following a £10 million Series A funding round led by the British Business Bank with participation from Centrica, Ceres ...
Business Operations and Strategy
Ceres-backed Doosan lands first overseas SOFC export deal with Reverion
Positive
Aug 6, 2026
Ceres Power highlighted that Doosan Fuel Cell has secured its first overseas export contract for solid oxide fuel cell stacks licensed from Ceres, valued at about 108.7 billion KRW, for deployment in power facilities across Germany and Europe with...
Regulatory Filings and Compliance
Ceres Power updates total voting rights after new share admissions
Neutral
Jul 31, 2026
Ceres Power Holdings has confirmed that, as of 31 July 2026, it has 213,806,053 ordinary shares in issue, each carrying one voting right, with no shares held in treasury. The company has also reported that 8,477 new shares issued under its share p...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.