Ceres Power Holdings (CWR) AI Stock Analysis

• Market Cap: £579.07M
• Dividend Yield: N/A
• Average Volume (3M): 3.49M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.06
• 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: 194,712,190
• 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: 69.24% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: 358.00p ▲(20.38% Upside)

The score is primarily driven by solid financial positioning (low leverage and strong equity base) and strong revenue growth, but held back by continued losses and cash burn. Technical signals are mixed, and valuation remains pressured by negative earnings and no dividend support. The latest earnings call adds support via commercialization progress and cost reduction initiatives, though order intake and revenue-recognition uncertainty remain key risks.

Positive Factors

Revenue Growth

Sustained, large percentage revenue growth demonstrates accelerating commercial traction and product adoption for Ceres' SOFC platform. Over 2-6 months this supports scaling of licensing and royalty streams and reduces the time horizon to achieve operating leverage once fixed costs are absorbed.

Low Leverage and Strong Equity Base

A very low leverage profile and high equity ratio provide financial flexibility to fund commercialization and absorb R&D and op-ex losses. This durable balance sheet strength lowers default risk and enables strategic investments or partnerships without near-term refinancing pressure.

Commercialisation with Strategic Partners

Transitioning from R&D to production with established partners validates the technology and business model, enabling scaled manufacturing, recurring license/royalty revenue and faster market entry. Strategic partner endorsements materially raise long-term commercialization prospects.

Negative Factors

Ongoing Losses and Cash Burn

Persistent negative operating and free cash flows indicate the business still consumes cash despite revenue growth. Over months this necessitates continued external funding or partner cash support, constraining reinvestment capacity and increasing dilution or financing risk if trends persist.

Revenue Recognition and Contract Timing Uncertainty

Complex MLA structures and IFRS 15 application create durable forecasting uncertainty for license and royalty timing. This undermines revenue visibility, complicates budgeting and investor guidance, and can delay recognition of material revenue even as production scales.

Decline in Order Intake

A meaningful drop in order intake signals potential gaps in conversion or near-term demand that can slow the build-out of licensed production volumes. Over the medium term this weakens visibility into royalty streams and may delay realization of scale economies from manufacturing partnerships.

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

Strong revenue growth (2024 revenue up sharply vs. 2023) and a robust, low-leverage balance sheet (very low debt-to-equity, high equity ratio) are positives. However, persistent losses and negative cash flow/free cash flow indicate the business has not yet converted growth into sustainable profitability.

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: Neutral
• Last Price: 297.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 297.4 is above the 20-day moving average (MA) of 291.70, above the 50-day MA of 290.48, and above the 200-day MA of 175.13, indicating a bullish trend. The MACD of 12.35 indicates Negative momentum. The RSI at 51.57 is Neutral, neither overbought nor oversold. The STOCH value of 24.77 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 Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VLX	75 Outperform	£810.84M	18.62	15.54%	1.11%	8.20%	25.85%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
XPP	58 Neutral	£347.34M	-21.90	-8.12%	―	-18.43%	24.86%
CWR	56 Neutral	£579.07M	-16.30	-23.26%	―	12.58%	12.39%
AFC	51 Neutral	£132.56M	-5.11	-86.37%	―	732.03%	12.60%
GELN	46 Neutral	£43.59M	-4.66	―	―	―	―
IKA	44 Neutral	£56.06M	-7.31	-31.45%	―	265.67%	-16.50%

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.