Ceres Power Holdings (GB:CWR)
LSE:CWR
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Ceres Power Holdings
(LSE:CWR)
Select Model
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Rating:55Neutral
Price Target:
338.00 p
▲(9.53% Upside)
Action:ReiteratedDate:03/27/26
The score is held back primarily by weak financial performance (ongoing losses and negative cash flow) and an unfavorable earnings-based valuation (negative P/E). These are partially offset by strong technical uptrend signals and a moderately constructive earnings call emphasizing commercialization milestones, cash discipline, and cost-reduction initiatives despite order intake and revenue-recognition headwinds.
Positive Factors
Licensing-based, asset-light business model
An IP/licensing model is structurally durable: it can deliver high gross margins, low capital intensity and scalable royalty streams as partners commercialize. Over 2-6 months this supports margin resilience and lowers capex needs versus manufacturing peers, preserving optionality.
Negative Factors
Persistent negative cash generation
Consistent negative operating and free cash flow forces reliance on external funding or equity dilution to sustain development and support partner scale-up. Over months this constrains strategic flexibility and raises financing risk if commercialization lags.
Read all positive and negative factors
Positive Factors
Negative Factors
Licensing-based, asset-light business model
An IP/licensing model is structurally durable: it can deliver high gross margins, low capital intensity and scalable royalty streams as partners commercialize. Over 2-6 months this supports margin resilience and lowers capex needs versus manufacturing peers, preserving optionality.
Read all positive factors
Ceres Power Holdings (CWR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£601.14M
Dividend YieldN/A
Average Volume (3M)3.49M
Price to Earnings (P/E)―
Beta (1Y)1.54
Revenue Growth12.58%
EPS Growth12.39%
CountryUK
Employees478
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.15
Shares Outstanding194,795,870
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
£522.50Price Target Upside69.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)<0.01
Revenue Forecast (FY)£64.56M
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 gener...
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:Sep 26, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Sep 24, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted substantial progress in production and partnerships, along with sound financial management and strategic initiatives to capitalize on market opportunities. However, challenges in revenue recognition and ongoing losses, along with a decline in order intake, present significant hurdles. The transformation initiative is a strategic move to optimize operations and address these challenges.Positive Updates
Start of Production with Doosan in South Korea
Achieved a major milestone with the beginning of production in collaboration with Doosan, which validates the business model and R&D innovation, transitioning from R&D to mass production.
Negative Updates
Revenue Recognition Challenges
Difficulties in predicting revenue recognition due to complex MLA contracts and standards like IFRS 15.
Read all updates
Q2-2025 Updates
Positive
Negative
Start of Production with Doosan in South Korea
Achieved a major milestone with the beginning of production in collaboration with Doosan, which validates the business model and R&D innovation, transitioning from R&D to mass production.
Read all positive updates
Company Guidance
In the recent call, Ceres Power provided a comprehensive update on its strategic progress and financial performance for the first half of 2025. The company highlighted several key milestones, including the commencement of production with Doosan in South Korea, which marks a significant shift from R&D to commercialization. Ceres also reported a strong balance sheet with positive cash flow and managed to preserve over GBP 100 million in cash. Revenue for the period was just over GBP 20 million, driven by high gross margins thanks to its licensing model. Despite still being a loss-making company, Ceres achieved a 17% cost savings in OpEx and CapEx, surpassing their initial 15% target. Looking forward, the company plans a business transformation initiative aimed at reducing operating expenses by around 20% to better position itself for future growth. This initiative is part of their strategy to enhance their focus on the power market, which is projected to reach 22 gigawatts by 2030, and to capitalize on opportunities in both the power and hydrogen markets.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
Positive
308.60
Price Trends
308.43
Positive
305.04
Positive
221.25
Positive
Market Momentum
3.88
Positive
57.41
Neutral
32.42
Neutral
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 308.6 is below the 20-day moving average (MA) of 314.56, above the 50-day MA of 308.43, and above the 200-day MA of 221.25, indicating a bullish trend. The MACD of 3.88 indicates Positive momentum. The RSI at 57.41 is Neutral, neither overbought nor oversold. The STOCH value of 32.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | £818.19M | 7.96 | 15.54% | 1.11% | 8.20% | 25.85% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | £348.46M | -21.41 | -6.50% | ― | -18.43% | 24.86% | |
55 Neutral | £601.14M | -3.71 | -24.51% | ― | 12.58% | 12.39% | |
52 Neutral | £112.51M | -3.53 | -76.88% | ― | 732.03% | 12.60% | |
46 Neutral | £29.82M | -2.66 | -42.23% | ― | ― | ― | |
44 Neutral | £47.02M | -5.44 | -42.08% | ― | 265.67% | -16.50% |
* Industrials Sector Average
GB:CWR
Ceres Power Holdings
308.60
253.60
461.09%
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Ceres Power Holdings Corporate Events
Business Operations and Strategy
Ceres and Centrica in multi‑GW on‑site fuel cell power pact
Positive
Mar 26, 2026
Ceres Power Holdings, a UK-listed clean energy technology developer of solid oxide fuel cells and electrolysers, has built an asset-light licensing model with global manufacturing partners to serve data centres, industrial users and hard-to-abate ...
Business Operations and StrategyFinancial Disclosures
Ceres Power Secures First Royalties as Global Partners Scale Up Solid Oxide Technology
Neutral
Mar 26, 2026
Ceres Power reported 2025 revenue of £32.6 million, down 37% year-on-year, with gross profit of £22.7 million and a robust cash and investments position of £83.3 million as disciplined cost control cut operating cash outflow almost ...
Business Operations and StrategyProduct-Related Announcements
Ceres Power to Unveil Next-Gen Solid Oxide Platform at Investor Event
Positive
Mar 23, 2026
Ceres Power Holdings will host a capital markets event in London on 15 April for analysts and institutional investors to outline its strategy for on-site power, hydrogen markets and its competitive positioning. The company will also unveil its nex...
Business Operations and StrategyRegulatory Filings and Compliance
Ceres Power Updates Share Capital and Voting Rights After New Share Admissions
Neutral
Feb 27, 2026
Ceres Power Holdings has confirmed that, as of 27 February 2026, it has 194,795,875 ordinary shares in issue, all carrying voting rights, with no shares held in treasury. Over the month to 26 February 2026, 83,679 new shares issued under the compa...
Business Operations and StrategyFinancial Disclosures
Ceres Power Sets March Date for 2025 Results and Investor Presentation
Positive
Feb 24, 2026
Ceres Power Holdings will publish its results for the year ended 31 December 2025 on 26 March 2026 and will host a live online investor presentation the same day via the Investor Meet Company platform. The event, open to existing and prospective s...
Regulatory Filings and Compliance
Ceres Power Confirms Total Voting Rights at Just Under 195 Million Shares
Neutral
Jan 30, 2026
Ceres Power Holdings, a specialist in solid oxide fuel cell and green hydrogen electrolyser technology with a licensing-led business model and partnerships across global industrial names, is positioned as a key player in the energy transition and ...
Regulatory Filings and Compliance
Ceres Power Confirms Total Voting Rights at Year-End
Neutral
Dec 31, 2025
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 d...
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.