**Summary**
Ceres Power Holdings plc, a UK-based clean energy technology developer, reported its final results for the year ended 31 December 2025. Key financial highlights include a strong cash position of ยฃ83.3 million, revenue of ยฃ32.6 million (down 37% from 2024), and a gross profit of ยฃ22.7 million with a sector-leading gross margin of 70%. The company generated its first royalties, marking a significant milestone. Strategic achievements include manufacturing license agreements with Weichai in China and Delta in Taiwan, factory production by Doosan in South Korea, and testing of solid oxide electrolysis demonstrators in Japan and India. Ceres implemented a business transformation plan to accelerate commercial opportunities, aiming for 20% operating cost savings in 2026. The companys contracted revenue for 2026 is approximately ยฃ45 million before new business. Despite challenges like Boschs withdrawal and a hydrogen market slowdown, Ceres remains focused on commercial growth, particularly in power markets for data centers, commercial buildings, and industrial applications. The company is well-positioned for future growth in both power and hydrogen markets.
Here is the HTML table code comparing the financials and debt year on year for Ceres Power Holdings plc:
| Financial Metric | 2025 (ยฃ'000) | 2024 (ยฃ'000) | Change (ยฃ'000) | Change (%) |
|---|
| Total Revenue | 32,643 | 51,891 | (19,248) | (37%) | tr>
| Gross Profit | 22,704 | 40,164 | (17,460) | (43%) |
| Adjusted EBITDA Loss | (32,522) | (22,287) | (10,235) | 46% |
| Operating Loss | (47,621) | (31,317) | (16,304) | 52% |
| Net Cash and Investments | 83,272 | 102,465 | (19,193) | (19%) |
| Net Cash Used in Operating Activities | (20,070) | (35,941) | 15,871 | (44%) |
**Key Observations:** * **Revenue Decline:** Total revenue decreased by 37% from ยฃ51.89 million in 2024 to ยฃ32.64 million in 2025, primarily due to the timing of revenues recognized in 2024 related to technology transfers.
* **Gross Profit Margin Compression:** Gross profit margin decreased from 77% in 2024 to 70% in 2025, despite maintaining a strong margin, due to the lower revenue base.
* **Increased Losses:** Adjusted EBITDA loss and operating loss both increased significantly in 2025, driven by the decline in revenue and increased operating costs.
* **Reduced Cash Outflow:** Net cash used in operating activities decreased by 44% from ยฃ35.94 million in 2024 to ยฃ20.07 million in 2025, reflecting disciplined cash management.
* **Strong Cash Position:** Despite the reduced cash outflow, the company maintained a strong cash and investments position of ยฃ83.27 million in 2025, down from ยฃ102.47 million in 2024. **Note:** The table does not include debt information as it is not explicitly mentioned in the provided text. However, the company's strong cash position and reduced cash outflow suggest a relatively healthy financial position.