Ceres Power Holdings (GB:CWR)
LSE:CWR
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Ceres Power Holdings
(LSE:CWR)
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Rating:55Neutral
Price Target:
746.00 p
▲(85.85% Upside)
Action:Reiterated
Date:04/30/26
The score is held back primarily by weak financial performance (persistent losses and negative cash flow despite low leverage), while strong recent technical momentum provides support. Earnings-call guidance is moderately positive due to cash strength, cost-reduction plans, and contracted 2026 revenue, but timing/execution risk around MLAs and slow royalty ramp limits upside; valuation remains pressured by negative earnings.
Positive Factors
Strong cash position & low leverage
Ceres finished FY25 with >£83m cash and sub-£20m annual burn while leverage is very low. That provides a multi-quarter runway to execute commercialization, fund engineering support and cost-savings measures without immediate equity dilution, supporting near-term delivery of MLAs and milestones.
Negative Factors
Persistent negative cash flow
Despite improved burn, operating and free cash flow remain negative across reporting years and equity has fallen, meaning the business cannot self-fund growth today. Continued losses raise the likelihood of future financings, which can dilute shareholders and constrain long-term investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash position & low leverage
Ceres finished FY25 with >£83m cash and sub-£20m annual burn while leverage is very low. That provides a multi-quarter runway to execute commercialization, fund engineering support and cost-savings measures without immediate equity dilution, supporting near-term delivery of MLAs and milestones.
Read all positive factors
Ceres Power Holdings (CWR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.42B
Dividend YieldN/A
Average Volume (3M)3.49M
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth-37.09%
EPS Growth-67.49%
CountryUK
Employees478
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.24
Shares Outstanding195,580,950
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
£645.00Price Target Upside60.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.02
Revenue Forecast (FY)£60.12M
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: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
Positive
401.40
Price Trends
316.75
Positive
301.74
Positive
239.25
Positive
Market Momentum
19.99
Negative
64.17
Neutral
84.81
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 401.4 is above the 20-day moving average (MA) of 332.44, above the 50-day MA of 316.75, and above the 200-day MA of 239.25, indicating a bullish trend. The MACD of 19.99 indicates Negative momentum. The RSI at 64.17 is Neutral, neither overbought nor oversold. The STOCH value of 84.81 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 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | £1.23B | 7.96 | 14.90% | 1.11% | 8.19% | 25.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | £63.74M | -5.44 | -42.08% | ― | -93.86% | -54.74% | |
56 Neutral | £173.20M | -1.74 | -76.88% | ― | -96.88% | -8.56% | |
55 Neutral | £1.42B | -3.71 | -39.26% | ― | -37.09% | -67.49% | |
54 Neutral | £540.06M | -6.47 | -6.50% | ― | -6.96% | -1.58% | |
46 Neutral | £43.59M | -2.66 | -42.23% | ― | ― | 42.60% |
* Industrials Sector Average
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Ceres Power Holdings Corporate Events
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...
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...
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.