Ceres Power slides deeper into the red

26th Mar 2026 08:52

(Sharecast News) - Ceres Power posted a slide in annual revenues and widened losses on Thursday, amid a slowdown in hydrogen adoption.

The clean energy specialist saw total revenues tumble to £32.6m in the year to December end, from £51.9m. Gross profits slid to £22.7m from £40.2m, and the operating loss widened to £47.6m from £31.3m.

Chief executive Phil Caldwell said the year "had its challenges", including Bosch withdrawing from the solid oxide fuel cell market and a slowdown in demand for hydrogen solutions. But he also insisted it had been a "year of progress" as the company pivoted away from being a pure-play research and development business to one "firmly focusing on its commercial phase".

He continued: "Building on the record performance in 2024, we have advanced each of our key partnerships towards factory completion and the start of mass manufacturing Ceres' solid oxide cells.

"Importantly, we recognised our first royalty income as Doosan commenced production and sales of Ceres fuel cells, and we deepened our long-standing relationship with Weichai."

Looking to the current year, Ceres said current contracted group revenue was around £45m before any new business.

Caldwell concluded: "Although we are conscious of the uncertainties arising from the war in Iran and its impact on global energy markets we start 2026 with strong operational momentum.

"We remain well-positioned for electrolysis for green hydrogen as we anticipate industrial demand will accelerate as global decarbonisation policies mature towards the end of the decade."

Ceres also announced on Thursday a collaboration with British Gas-owner Centrica to provide fuel-flexible on-site generation for data centres, artificial intelligence hubs, distribution centres and other commercial and industrial applications.

Chris O'Shea, Centrica chief executive, said: "Businesses across the UK and Europe need more power, and they need it faster than the electricity grids can deliver. This partnership is about offering customers a reliable, efficient source of on-site power that can be up and running quickly."

As at 0845 GMT, shares in Ceres were trading up 3% at 318.4p.

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