Ceres Power Holdings (CWR) AI Stock Analysis

• Market Cap: £486.74M
• Dividend Yield: N/A
• Average Volume (3M): 3.49M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.93
• 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: 194,694,550
• 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: £503.33
• Price Target Upside: 101.33% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: 249.00p ▼(-0.40% Downside)

Ceres Power Holdings' overall stock score is driven by strong revenue growth and strategic initiatives, but is significantly hindered by ongoing profitability challenges and bearish technical indicators. The earnings call provided some positive strategic insights, but valuation remains a concern due to negative earnings and lack of dividends.

Positive Factors

Revenue Growth

Sustained, rapid top-line growth signals accelerating commercial traction for Ceres’ licensing and partnership model. Durable revenue expansion supports scaling royalty streams and justifies continued investment in manufacturing partnerships, improving the outlook for long-term cash generation.

Balance Sheet Strength

Minimal leverage and a high equity ratio provide financial flexibility to fund commercialization and JV investments without pressing debt service burdens. This reduces solvency risk, preserves strategic optionality and lengthens runway for commercialization and technology scaling.

Commercialisation and Partnerships

Transition from R&D to production with established industrial partners materially de-risks technology commercialization. Partner-led manufacturing and large strategic investors validate the platform and accelerate route-to-market, underpinning repeatable licensing and revenue scaling.

Negative Factors

Persistent Losses

Despite revenue gains, continued negative EBIT and net margins indicate the business has not yet converted scale into profitability. Ongoing losses erode returns and may necessitate further funding or structural cost cuts to reach sustainable earnings generation.

Negative Operating and Free Cash Flow

Persistent cash burn despite cash reserves creates financing risk over the medium term. Even with current buffers, negative operating and free cash flow can force dilutive funding, restrict investment cadence or slow commercialization if revenue conversion is delayed.

Revenue Recognition & MLA Timing Uncertainty

Complex MLA contracts and IFRS 15 timing create structural volatility in when licensing revenues are recognized. Unpredictable MLA signings reduce revenue visibility and make cash flow and forecasting lumpy, complicating capital allocation and strategic planning over coming quarters.

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 through multiple streams, primarily by licensing its fuel cell technology to manufacturers and energy providers. The company enters into partnerships with global organizations to develop and commercialize fuel cell systems, which involves upfront licensing fees as well as ongoing royalties based on production and sales volumes. Additionally, Ceres Power engages in joint ventures and collaborations with large-scale energy companies, which further contribute to its revenue through shared development costs and potential profit-sharing arrangements. The company's focus on innovation and expansion into new markets also plays a critical role in driving its earnings, as it seeks to capitalize on the growing demand for clean energy solutions.

Ceres Power Holdings Financial Statement Overview

Summary

Ceres Power Holdings shows strong revenue growth but struggles with profitability due to negative net and EBIT margins. The balance sheet is stable with low debt, but ongoing losses impact return on equity. Cash flow is negative, though liquidity is supported by 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: 250.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• 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 250 is above the 20-day moving average (MA) of 238.96, below the 50-day MA of 302.18, and above the 200-day MA of 156.19, indicating a neutral trend. The MACD of -16.69 indicates Negative momentum. The RSI at 47.31 is Neutral, neither overbought nor oversold. The STOCH value of 81.89 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
VLX	75 Outperform	£801.15M	18.33	15.54%	1.11%	8.20%	25.85%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
XPP	57 Neutral	£257.71M	-16.25	-8.12%	―	-18.43%	24.86%
AFC	51 Neutral	£130.06M	-5.01	-86.37%	―	732.03%	12.60%
CWR	51 Neutral	£486.74M	-13.70	-23.26%	―	12.58%	12.39%
IKA	51 Neutral	£66.91M	-10.48	-31.45%	―	265.67%	-16.50%
GELN	46 Neutral	£50.47M	-5.39	―	―	―	―

Ceres Power Holdings Corporate Events

Ceres Power Confirms Total Voting Rights at Year-End

Ceres Power Holdings has confirmed that as of 31 December 2025 it has 194,694,543 ordinary shares in issue, each carrying one voting right, and holds no shares in treasury, setting the official share capital and voting rights base for regulatory disclosure calculations by investors under UK transparency rules. This clarification of total voting rights provides a clear denominator for shareholders assessing when they must report changes in their stakes, supporting orderly market disclosure and reinforcing governance transparency for investors in the clean energy technology group.

The most recent analyst rating on (GB:CWR) stock is a Hold with a £223.00 price target. To see the full list of analyst forecasts on Ceres Power Holdings stock, see the GB:CWR Stock Forecast page.

Ceres Power Announces Total Voting Rights Update

Ceres Power Holdings plc announced that as of 28 November 2025, it has 194,674,969 Ordinary Shares in issue, each with one voting right, and holds no shares in treasury. This information is crucial for shareholders to determine their interests under the Disclosure Guidance and Transparency Rules, reflecting the company’s commitment to transparency and regulatory compliance.

The most recent analyst rating on (GB:CWR) stock is a Buy with a £570.00 price target. To see the full list of analyst forecasts on Ceres Power Holdings stock, see the GB:CWR Stock Forecast page.

Ceres Power 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.