Ceres Power Holdings (CWR) AI Stock Analysis

• Market Cap: £608.14M
• Dividend Yield: N/A
• Average Volume (3M): 3.49M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.11
• Revenue Growth: 12.58%
• EPS Growth: 12.39%
• Country: UK
• Employees: 478
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.10
• Shares Outstanding: 194,417,910
• 10 Day Avg. Volume: 3,155,376
• 30 Day Avg. Volume: 3,494,985
• PEG Ratio: 0.25
• Price to Book (P/B): 2.15
• Price to Sales (P/S): 6.37
• P/FCF Ratio: -7.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £345.00
• Price Target Upside: -7.21% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: 392.00p ▲(5.43% Upside)

Ceres Power Holdings' overall score is driven by strong technical momentum and strategic progress highlighted in the earnings call. However, financial performance and valuation are hindered by ongoing losses and negative cash flow, which are significant risks.

Positive Factors

Strategic Partnerships

Strategic partnerships and investments, like those with Delta Electronics, enhance manufacturing capabilities and market reach, supporting long-term growth.

Production Commencement

The start of production with Doosan marks a shift from R&D to commercialization, validating the business model and supporting revenue growth.

Cash Reserves

Strong cash reserves provide financial stability and flexibility, allowing the company to invest in growth opportunities and weather economic challenges.

Negative Factors

Ongoing Losses

Continuous losses despite revenue growth indicate challenges in achieving profitability, which could hinder long-term financial health and investment capacity.

Revenue Recognition Challenges

Challenges in revenue recognition create uncertainty in financial projections, complicating strategic planning and potentially affecting investor confidence.

Order Intake Decline

A decline in order intake suggests weakening demand or competitive pressures, which could impact future revenue and market position.

Ceres Power Holdings Business Overview & Revenue Model

Company Description

Ceres Power Holdings plc, a fuel cell technology and engineering company, engages in the development and commercialization of fuel cell technology in North America, Asia, and Europe. The company offers SteelCell, a solid oxide fuel cell that generates power from conventional and sustainable fuels, such as natural gas, biogas, ethanol, and hydrogen. Its products are applied in commercial, data center, transport, and residential markets. Ceres Power Holdings plc has a collaboration and license agreement with Doosan Fuel Cell Co. Ltd to build a 50MW facility for the mass manufacture under license of Ceres' fuel cell stacks in South Korea. The company was incorporated in 2004 and is headquartered in Horsham, the United Kingdom.

How the Company Makes Money

Ceres Power generates revenue primarily through the sale of its fuel cell technology and related systems. The company operates a business model that includes both direct sales of its products and licensing agreements with strategic partners who integrate its technology into their own energy solutions. Key revenue streams include the sale of fuel cell components, ongoing royalties from licensees, and collaborations with major players in the energy sector, which enhance market reach and technological development. Significant partnerships, such as those with leading automotive and energy companies, play a crucial role in driving sales and expanding the adoption of Ceres Power's technology, thereby contributing to its overall earnings.

Ceres Power Holdings Financial Statement Overview

Summary

Ceres Power Holdings shows strong revenue growth but struggles with profitability, as indicated by negative net and EBIT margins. The balance sheet is stable with low leverage, but cash flow is negative, reflecting operational challenges despite significant cash reserves.

Income Statement

Ceres Power Holdings shows significant revenue growth with an increase from £22.3M in 2023 to £51.9M in 2024, a 132.4% growth rate. However, the company struggles with profitability, as indicated by consistent negative net and EBIT margins over the years. Despite growing revenue, the net income remains negative, reflecting operational challenges.

Balance Sheet

The company's balance sheet is stable with a low debt-to-equity ratio of 0.01, indicating low leverage. The equity ratio is strong at 84.97%, showing a high proportion of assets financed by equity. However, net losses have impacted the return on equity, which is negative.

Cash Flow

Cash flow analysis reveals negative free cash flow and operating cash flow, indicating cash burn. The free cash flow to net income ratio is negative due to continuous losses. However, the company maintains significant cash reserves, which provides a buffer for operational funding.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	44.48M	51.89M	22.32M	19.79M	30.78M	21.12M
Gross Profit	33.90M	40.16M	13.55M	13.05M	19.05M	14.22M
EBITDA	-21.88M	-18.68M	-44.05M	-45.11M	-17.30M	-9.21M
Net Income	-35.34M	-28.30M	-54.01M	-47.62M	-21.09M	-9.88M
Balance Sheet
Total Assets	162.41M	181.10M	206.37M	261.99M	299.99M	147.51M
Cash, Cash Equivalents and Short-Term Investments	104.07M	102.47M	139.96M	182.32M	244.58M	102.19M
Total Debt	2.80M	2.22M	2.60M	3.12M	3.04M	4.45M
Total Liabilities	27.85M	27.27M	25.74M	24.59M	19.34M	26.00M
Stockholders Equity	134.56M	153.83M	180.63M	233.77M	280.65M	121.51M
Cash Flow
Free Cash Flow	-21.92M	-42.68M	-48.62M	-68.47M	-32.17M	-18.42M
Operating Cash Flow	-18.99M	-35.94M	-33.90M	-50.29M	-20.22M	-5.37M
Investing Cash Flow	10.66M	34.26M	12.29M	-38.85M	-32.85M	-26.58M
Financing Cash Flow	-654.00K	-478.00K	-242.00K	129.00K	171.00M	57.47M

Ceres Power Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 371.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CWR, the sentiment is Positive. The current price of 371.8 is above the 20-day moving average (MA) of 254.39, above the 50-day MA of 181.53, and above the 200-day MA of 112.27, indicating a bullish trend. The MACD of 39.88 indicates Negative momentum. The RSI at 79.33 is Negative, neither overbought nor oversold. The STOCH value of 84.09 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:CWR.

Ceres Power Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
CWR	61 Neutral	£608.14M	-17.14	-23.26%	―	12.58%	12.39%
EAAS	45 Neutral	£19.94M	-4.68	-36.75%	―	20.98%	17.29%
LPA	45 Neutral	£5.62M	-25.30	-1.39%	―	-10.88%	-122.05%
AFC	44 Neutral	£98.44M	-3.80	-86.37%	―	732.03%	12.60%
IKA	43 Neutral	£76.85M	-12.04	-31.45%	―	265.67%	-16.50%

Ceres Power Holdings Corporate Events

Ceres Power Expands Manufacturing with Weichai Partnership

Ceres Power Holdings has signed a manufacturing licence agreement with Weichai Power for the production of its solid oxide fuel cell technology, expanding its global manufacturing partner portfolio. This agreement will allow Weichai to manufacture cells and stacks for stationary power systems, targeting AI data centres and industrial applications, and is expected to generate significant revenue through licence fees and royalties. The partnership with Weichai, a major player in conventional gas engines, is seen as both an endorsement of Ceres’ technology and a substantial business opportunity, positioning Ceres to further establish its technology as an industry standard.

The most recent analyst rating on (GB:CWR) stock is a Hold with a £324.00 price target. To see the full list of analyst forecasts on Ceres Power Holdings stock, see the GB:CWR Stock Forecast page.

Ceres Power Confirms Total Voting Rights and Shareholder Transparency

Ceres Power Holdings plc has announced that as of 31 October 2025, it has 194,417,904 Ordinary Shares in issue, each with one voting right. This information is crucial for shareholders to determine their interests in the company under the Disclosure Guidance and Transparency Rules. The announcement reflects Ceres Power’s ongoing commitment to transparency and regulatory compliance, which is essential for maintaining investor confidence and supporting its strategic partnerships in the clean energy sector.

The most recent analyst rating on (GB:CWR) stock is a Hold with a £324.00 price target. To see the full list of analyst forecasts on Ceres Power Holdings stock, see the GB:CWR Stock Forecast page.

Ceres Power’s Earnings Call: Milestones and Challenges

Ceres Power Holdings recently held an earnings call that painted a mixed picture of the company’s current standing and future prospects. The sentiment expressed during the call was one of cautious optimism, with notable achievements in production and partnerships, alongside prudent financial management. However, challenges such as revenue recognition issues, ongoing losses, and a decline in order intake were also highlighted. The company is undertaking a transformation initiative to optimize operations and address these hurdles.

Ceres Power Announces Total Voting Rights Update

Ceres Power Holdings plc announced that as of September 30, 2025, the company had 193,955,462 Ordinary Shares in issue, each with one voting right, and none held in treasury. This information is crucial for shareholders to determine their notification requirements under the Disclosure Guidance and Transparency Rules, potentially impacting their engagement with the company.

The most recent analyst rating on (GB:CWR) stock is a Buy with a £3.00 price target. To see the full list of analyst forecasts on Ceres Power Holdings stock, see the GB:CWR Stock Forecast page.

Ceres Power Transitions to Commercial Phase Amid Strong Financial Position

Ceres Power Holdings plc announced its interim results for the six months ended 30 June 2025, highlighting a strong balance sheet with cash and short-term investments of £104.1 million. Despite a 26% decrease in revenue to £21.1 million due to prior one-off license revenue, the company maintained a gross margin of 79%. Key commercial developments include the start of mass production by partner Doosan using Ceres’ solid oxide fuel cell technology, and the launch of Shell’s electrolyser in Bangalore. Delta has also invested significantly in manufacturing facilities for hydrogen energy solutions. Ceres is undergoing a business transformation to shift from an R&D focus to a commercial production phase, driven by growing demand for power solutions in AI data centers and electrification. The company is poised for growth with a strategic focus on the fuel cell power market, while the hydrogen market remains a future opportunity.

The most recent analyst rating on (GB:CWR) stock is a Hold with a £108.00 price target. To see the full list of analyst forecasts on Ceres Power Holdings stock, see the GB:CWR Stock Forecast page.

Ceres Power to Announce Interim Results and Host Investor Presentation

Ceres Power Holdings plc announced that it will release its interim results for the first half of 2025 on September 26, 2025. The company will host a live presentation for shareholders and potential investors via Investor Meet Company, allowing for pre-submitted and live questions. This announcement provides stakeholders an opportunity to engage with the company’s management and gain insights into its performance and strategic direction.

The most recent analyst rating on (GB:CWR) stock is a Hold with a £138.00 price target. To see the full list of analyst forecasts on Ceres Power Holdings stock, see the GB:CWR Stock Forecast page.

Ceres Power Updates on Total Voting Rights

Ceres Power Holdings plc announced that as of 29 August 2025, the company has 193,821,949 Ordinary Shares in issue, each with one voting right, and holds no shares in treasury. This information is crucial for shareholders to determine their interest in the company under the Disclosure Guidance and Transparency Rules. The announcement underscores Ceres Power’s commitment to transparency and provides stakeholders with necessary data for compliance with regulatory requirements.

The most recent analyst rating on (GB:CWR) stock is a Hold with a £138.00 price target. To see the full list of analyst forecasts on Ceres Power Holdings stock, see the GB:CWR Stock Forecast page.