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Ceres Power Holdings
(LSE:CWR)
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Rating:48Neutral
Price Target:
407.00 p
▼(-0.97% Downside)
Action:Reiterated
Date:07/18/26
The score is held down primarily by weak financial performance (ongoing losses and negative cash flows) and bearish technicals (price below all key moving averages with negative MACD). The latest earnings call provides a partial offset via strong liquidity, cost-reduction plans, and commercialization progress, but valuation remains constrained by negative earnings and no dividend data.
Positive Factors
Partner-led commercialisation gaining traction
First royalties and partner factory production validate Ceres's asset-light licensing model. Progress at Doosan, Delta and Weichai broadens routes to scale while shifting manufacturing investment and execution toward industrial partners.
Negative Factors
Persistent losses and declining revenue
The business has not yet reached sufficient scale to cover its cost base. A sharp revenue contraction alongside recurring operating and net losses reduces visibility on breakeven and leaves results sensitive to partner timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Partner-led commercialisation gaining traction
First royalties and partner factory production validate Ceres's asset-light licensing model. Progress at Doosan, Delta and Weichai broadens routes to scale while shifting manufacturing investment and execution toward industrial partners.
Read all positive factors
Ceres Power Holdings (CWR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£857.87M
Dividend YieldN/A
Average Volume (3M)2.20M
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth-37.09%
EPS Growth-67.49%
CountryUK
Employees353
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.24
Shares Outstanding213,826,720
10 Day Avg. Volume1,631,031
30 Day Avg. Volume2,199,513
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
£942.50Price Target Upside129.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.03
Revenue Forecast (FY)£51.87M
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 Power primarily makes money by commercializing its solid oxide technology through a partner-led model. Key revenue streams include: (1) Licensing revenue: Ceres licenses its SteelCell intellectual property and technology package to industria...
Ceres Power Holdings Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 23, 2026
Earnings Call Sentiment Positive
The call emphasized multiple concrete commercial progress points (first royalties, new MLAs, strong cash, large addressable market, technology launch and a global partner ecosystem) and clear cost‑reduction actions (targeting ~20% cost savings for 2026). At the same time, management was candid about timing risks: near‑term royalties are modest, the business remains dependent on signing MLAs on a steady cadence to reach breakeven, and hydrogen demand and product development face headwinds and multi‑year timelines. On balance the positives (cash strength, partnerships, product launch, cost optimization and a sizable market opportunity) outweigh the near‑term revenue and timing challenges.Positive Updates
Strong cash position and controlled cash burn
Cash balance over GBP 83 million at year end; cash burn for the year was just under GBP 20 million; company reports around GBP 45 million of contracted revenue for 2026.
Negative Updates
Near‑term revenue recognition timing and modest 2026 royalties
Weichai MLA signed too late in 2025 to recognize revenue in that year; management expects royalties in 2026 to remain modest with more substantive royalty build expected later (many partner royalty streams push into 2027+).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong cash position and controlled cash burn
Cash balance over GBP 83 million at year end; cash burn for the year was just under GBP 20 million; company reports around GBP 45 million of contracted revenue for 2026.
Read all positive updates
Company Guidance
Management’s guidance focused on commercialization and cash discipline: after a business transformation they expect c.20% cost savings in 2026 versus the 2025 cost base, finished FY25 with cash >£83m (cash burn ~<£20m in the year) and report ~£45m of contracted revenue for 2026; they reiterate a target cadence of roughly one new MLA every 12 months (management says hitting that cadence would bring the business close to breakeven/cash‑flow neutral) and a typical license‑to‑royalty horizon of under three years (Doosan delivered the first royalties at end‑2025 but near‑term royalties will be modest); market metrics cited include an addressable SOFC power opportunity of ~22 GW by 2030 (≈50% data centers; ~25% U.S.; just under 20% Europe; ~50% Asia), current SOFC system pricing of about $3,500/kW with further declines expected as partners scale, and key near‑term milestones of a single‑stack platform launch and Capital Markets Day on 15 April.Ceres Power Holdings Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
68
Positive
Cash Flow
29
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 32.64M | 51.89M | 22.32M | 19.79M | 30.78M |
| Gross Profit | 18.85M | 40.16M | 13.55M | 13.05M | 19.05M |
| EBITDA | -35.66M | -18.68M | -44.05M | -45.11M | -17.30M |
| Net Income | -47.55M | -28.30M | -54.01M | -47.62M | -21.09M |
Balance Sheet | |||||
| Total Assets | 145.80M | 181.10M | 206.37M | 261.99M | 299.99M |
| Cash, Cash Equivalents and Short-Term Investments | 83.27M | 102.47M | 139.96M | 182.32M | 244.58M |
| Total Debt | 2.41M | 2.22M | 2.60M | 3.12M | 3.04M |
| Total Liabilities | 38.15M | 27.27M | 25.74M | 24.59M | 19.34M |
| Stockholders Equity | 107.65M | 153.83M | 180.63M | 233.77M | 280.65M |
Cash Flow | |||||
| Free Cash Flow | -18.19M | -42.68M | -48.62M | -68.47M | -32.17M |
| Operating Cash Flow | -16.42M | -35.94M | -33.90M | -50.29M | -20.22M |
| Investing Cash Flow | 5.58M | 34.26M | 12.29M | -38.85M | -32.85M |
| Financing Cash Flow | -693.00K | -478.00K | -242.00K | 129.00K | 171.00M |
Ceres Power Holdings Technical Analysis
Neutral
411.00
Price Trends
418.78
Negative
527.95
Negative
413.92
Negative
Market Momentum
-10.61
Positive
48.05
Neutral
57.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CWR, the sentiment is Neutral. The current price of 411 is below the 20-day moving average (MA) of 414.49, below the 50-day MA of 418.78, and below the 200-day MA of 413.92, indicating a bearish trend. The MACD of -10.61 indicates Positive momentum. The RSI at 48.05 is Neutral, neither overbought nor oversold. The STOCH value of 57.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | £1.10B | 23.44 | 15.29% | 0.79% | 8.85% | 29.67% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | £507.01M | -57.61 | -4.89% | 0.04% | -1.21% | 46.27% | |
52 Neutral | £39.00M | -5.40 | -42.23% | ― | ― | 42.60% | |
48 Neutral | £857.87M | -16.72 | -39.26% | ― | -37.09% | -67.49% | |
45 Neutral | £49.72M | -6.20 | -45.06% | ― | 53.47% | -14.16% |
* Industrials Sector Average
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Ceres Power Holdings Corporate Events
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...
Private Placements and FinancingRegulatory Filings and Compliance
Ceres Power updates share capital and voting rights after June issuances
Positive
Jun 30, 2026
Ceres Power Holdings has confirmed that as of 30 June 2026 it has 213,797,576 ordinary shares in issue, each carrying one voting right, with no shares held in treasury. This updated share count provides the reference denominator for investors asse...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Ceres Power Expands Share Capital as Directors Increase Stakes
Positive
Jun 12, 2026
Ceres Power Holdings plc has admitted 18,000,000 new ordinary shares to trading on the London Stock Exchange’s Main Market, taking its total issued share capital to 213,797,576 shares with full voting rights. The enlarged share base follows ...
Business Operations and StrategyPrivate Placements and Financing
Ceres Power Raises £103m to Accelerate Solid Oxide Fuel Cell Growth
Positive
Jun 10, 2026
Ceres Power Holdings has completed a non-pre-emptive capital raise of £103 million through the issue of 18 million new ordinary shares, representing about 9.2% of its existing share capital. The oversubscribed placement, led by Berenberg and ...
Business Operations and StrategyPrivate Placements and Financing
Ceres Power to Raise £100m to Back Fuel Cell Growth and Partner Scale-Up
Positive
Jun 9, 2026
Ceres Power Holdings plans to raise approximately £100 million through a non-pre-emptive placing, a director subscription and a U.K. retail offer of new ordinary shares. The company intends to use the net proceeds, alongside its existing ...
Business Operations and StrategyPrivate Placements and Financing
Ceres Power launches retail share offer to back fuel cell growth push
Positive
Jun 9, 2026
Ceres Power Holdings has launched a conditional retail offer of new ordinary shares via platform provider RetailBook, alongside an institutional placing and a director subscription that together form a broader capital raise. The pricing of the new...
Delistings and Listing ChangesRegulatory Filings and Compliance
Ceres Power Updates Share Capital and Seeks New Block Listing for Incentive Plans
Positive
May 29, 2026
Ceres Power Holdings has confirmed that it currently has 195,782,718 ordinary shares in issue, all carrying voting rights, following the admission to trading of 746,992 shares allotted under its share plans over the course of May. The updated shar...
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.