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Ceres Power Holdings
(LSE:CWR)
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Rating:49Neutral
Price Target:
449.00 p
▲(11.86% Upside)
Action:Reiterated
Date:06/12/26
The score is held back primarily by weak financial performance (persistent losses, negative operating/free cash flow, and volatile/shrinking revenue) and soft near-term technicals (below key short-term moving averages with weak momentum). These are partially offset by a positive earnings-call outlook centered on cost reductions, strong liquidity, and commercialization milestones, while valuation remains constrained by ongoing losses and no dividend support.
Positive Factors
Broad strategic partner ecosystem
A deep, global partner roster provides manufacturing scale, regional market access and credible commercialization pathways. Long-term, this reduces single-partner concentration risk, enables faster licensing roll-outs and creates multiple potential royalty streams across different end markets.
Negative Factors
Persistent negative cash flow
Consistent negative operating and free cash flow means the business has not yet proven self-sustaining economics. Even with improved burn, continued cash consumption necessitates ongoing funding or dilution and raises execution risk if royalty scale-up is slower than expected.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad strategic partner ecosystem
A deep, global partner roster provides manufacturing scale, regional market access and credible commercialization pathways. Long-term, this reduces single-partner concentration risk, enables faster licensing roll-outs and creates multiple potential royalty streams across different end markets.
Read all positive factors
Ceres Power Holdings (CWR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£964.65M
Dividend YieldN/A
Average Volume (3M)3.49M
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue Growth-37.09%
EPS Growth-67.49%
CountryUK
Employees478
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.24
Shares Outstanding213,797,580
10 Day Avg. Volume3,155,376
30 Day Avg. Volume3,494,985
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
£760.00Price Target Upside89.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.02
Revenue Forecast (FY)£59.34M
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 licensing its solid oxide technology platform to strategic partners rather than manufacturing and selling fuel cell products at scale itself. Key revenue streams typically include: (1) Licence revenue: fees paid by p...
Ceres Power Holdings Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 24, 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
Hydrogen market headwinds and timing uncertainty
Management acknowledged headwinds in the hydrogen market over the past 12 months and a tail‑off in hydrogen pipeline activity late in 2024; pressurized SOEC modules and related balance‑of‑plant work are still under development and not yet a material revenue source.
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
Negative
401.40
Price Trends
638.11
Negative
474.96
Negative
368.35
Positive
Market Momentum
-35.45
Positive
33.09
Neutral
6.68
Positive
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 401.4 is below the 20-day moving average (MA) of 628.81, below the 50-day MA of 638.11, and above the 200-day MA of 368.35, indicating a neutral trend. The MACD of -35.45 indicates Positive momentum. The RSI at 33.09 is Neutral, neither overbought nor oversold. The STOCH value of 6.68 is Positive, 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | £991.75M | 20.36 | 14.90% | 1.11% | 8.85% | 29.67% | |
57 Neutral | £52.44M | -6.84 | -42.08% | ― | -93.86% | -54.74% | |
54 Neutral | £528.30M | -44.08 | -6.50% | ― | -6.96% | -1.58% | |
52 Neutral | £39.00M | -5.40 | -42.23% | ― | ― | 42.60% | |
49 Neutral | £964.65M | -19.76 | -39.26% | ― | -37.09% | -67.49% |
* Industrials Sector Average
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Ceres Power Holdings Corporate Events
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...
Business Operations and StrategyExecutive/Board Changes
Ceres Power Announces Departure of Non-Executive Director Trine Borum Bojsen
Neutral
May 14, 2026
Ceres Power has announced a board change, confirming that Trine Borum Bojsen has completed her term as a non-executive director at the close of the company’s AGM on 14 May 2026. She chose not to stand for re-election following her promotion ...
Business Operations and StrategyShareholder Meetings
Ceres Power Wins Strong Shareholder Backing at AGM as It Expands Clean Energy Push
Positive
May 14, 2026
Ceres Power Holdings, listed on the London Stock Exchange and recognised under the LSE Green Economy Mark, develops solid oxide fuel cell and electrolyser technology used in power generation, AI data centres, commercial and industrial applications...
Business Operations and Strategy
Ceres Power Grants New Sharesave Options to Employees and Executives
Positive
May 8, 2026
Ceres Power Holdings has granted options over 376,277 ordinary shares under its HMRC-approved all-employee Sharesave Scheme, which is designed to broaden staff ownership of the company. The options, priced at £2.4352 per share, are exercisabl...
Regulatory Filings and Compliance
Ceres Power CEO Phil Caldwell Cashes In LTIP Options but Retains Significant Stake
Neutral
May 1, 2026
Ceres Power Holdings has disclosed that chief executive Phil Caldwell, a person discharging managerial responsibilities, has exercised options over 358,593 shares under the company’s 2016 long-term incentive plan and sold those shares along ...
Business Operations and StrategyRegulatory Filings and Compliance
Ceres Power Updates Share Capital and Admits New Shares to LSE
Neutral
Apr 30, 2026
Ceres Power Holdings has confirmed that as of 30 April 2026 it has 195,035,726 ordinary shares in issue, each carrying one voting right, and holds no shares in treasury, establishing the total voting share capital for regulatory disclosure calcula...
Business Operations and Strategy
Ceres Power Sees Partner Fuel Cell Deal Target Data Centres and Heavy Industry
Positive
Apr 30, 2026
Ceres Power Holdings plc, a UK-based clean energy technology developer specialising in solid oxide fuel cells and electrolysers, commercialises its technology through licensing deals with global industrial partners. Its solutions support electrifi...
Business Operations and Strategy
Ceres Power Adds UBS as Joint Corporate Broker to Bolster Market Reach
Positive
Apr 21, 2026
Ceres Power Holdings, the London-listed clean energy technology company focused on solid oxide fuel cells and green hydrogen electrolysers, continues to build on a partnership-driven, asset-light licensing model with major global industrials. Its ...
Business Operations and StrategyExecutive/Board Changes
Ceres Power Awards Performance-Linked LTIP Options to Top Executives
Positive
Apr 17, 2026
Ceres Power Holdings has granted long-term incentive plan share options to chief executive Philip Caldwell and chief financial officer Stuart Paynter under its 2025 LTIP, with options over 413,987 and 231,833 ordinary shares respectively at a nomi...
Business Operations and StrategyProduct-Related Announcements
Ceres Power Unveils Ceres Endura at Capital Markets Event
Positive
Apr 15, 2026
Ceres Power Holdings will host a capital markets event in London for analysts and institutional investors, focusing on near-term demand for onsite power solutions across commercial, industrial and data centre markets. The event, themed around a ne...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Ceres Power Sets May AGM as It Publishes 2025 Annual Report
Neutral
Apr 14, 2026
Ceres Power Holdings has scheduled its Annual General Meeting for 14 May 2026 in London and plans to host shareholders in person, while reserving the option to adjust arrangements via updates on its website and regulatory news channels. The compan...
Business Operations and StrategyRegulatory Filings and Compliance
Ceres Power Updates Share Capital and Admits New Shares to LSE
Neutral
Mar 31, 2026
Ceres Power Holdings has confirmed that as of 31 March 2026 it has 194,808,774 ordinary shares in issue, all carrying one voting right each and with none held in treasury, setting the official denominator for investors’ disclosure obligation...
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.