**Summary of Ceres Power Holdings PLC Interim Results for H1 2025**
**Financial Highlights**
**Strong Balance Sheet** Cash and short-term investments stood at £104.1 million as of June 2025, up from £102.5 million in December 2024, due to disciplined working capital management.
**Revenue Decline** Revenue decreased by 26% to £21.1 million compared to H1 2024 (£28.5 million), primarily due to the absence of significant one-off license revenue from the Delta agreement in 2024.
**Gross Profit and Margin** Gross profit fell by 27% to £16.6 million, with a gross margin of 79% (H1 2024: 80%).
**Operating Costs** Operating costs (before exceptional costs) decreased by 6% to £35.6 million, reflecting cost base rationalization and financial discipline.
**Adjusted EBITDA Loss** Adjusted EBITDA loss increased to £11.3 million (H1 2024: £9.0 million).
**Commercial Highlights**
**Doosan Mass Production** Doosan began mass production of products using Ceres solid oxide fuel cell (SOFC) technology in July 2025, targeting applications like AI-driven data center power, energy grid stabilization, and marine auxiliary power.
**Shell Electrolyser Project** Shells megawatt-scale electrolyser in Bangalore achieved an industry-leading efficiency of 37kWh/kg of hydrogen.
**Deltas Investment** Delta committed approximately £170 million for large-scale manufacturing of hydrogen energy solutions, including Ceres technology, for data centers, microgrids, and energy infrastructure.
**Thermax and Denso Progress** Thermax inaugurated its HydroGenx Hub in India, while Denso passed key technology transfer milestones.
**Business Transformation** Ceres announced a transformation program to transition from an R&D-focused to a commercially-led organization.
**Outlook**
**Revenue Guidance** The Board expects revenue of around £32 million for FY 2025, with potential additional revenue from a new manufacturing license agreement currently in negotiation.
**Market Opportunity** Increased demand for clean power, driven by AI data centers and electrification, presents a significant growth opportunity.
**Strategic Focus** Ceres will prioritize the fuel cell power market in the near term, while continuing to position itself in the electrolysis market for long-term growth.
**CEOs Statement**
Phil Caldwell highlighted the unprecedented market demand for power due to AI data centers and electrification, positioning Ceres for growth. The transition to commercial production, led by Doosan and Delta, marks a key inflection point. The business transformation program aims to align Ceres with market opportunities, reduce operating costs, and drive growth in both power and hydrogen markets.
**Financial Review**
**Revenue and Gross Profit** Revenue decline was due to the absence of one-off license revenue, while gross margins remained strong at 79%.
**Operating Costs** Decreased due to cost rationalization, with R&D costs increasing slightly due to accounting effects.
**Cash Position** Strong cash position supports future investment and growth initiatives.
**Principal Risks and Uncertainties**
Key risks include technology viability, operational capability, IP challenges, partner performance, supply chain issues, cybersecurity, geopolitical factors, and funding liquidity.
**Conclusion**
Ceres Power is transitioning from an R&D-focused company to a commercially-led organization, leveraging its solid oxide technology to capitalize on growing demand for clean power and hydrogen solutions. Despite short-term revenue declines, strategic partnerships and market opportunities position the company for long-term growth.