Ceres Power slashes full-year sales guidance
By Benjamin Chiou
Date: Friday 26 Sep 2025
(Sharecast News) - Clean energy group Ceres Power has scaled back its full-year sales guidance by nearly 40% after reporting weaker results for the first half.
The company, whose business focuses on licensing fuel cell and electrolyser technology, said on Friday that the "most probable revenue outturn" for 2025 will now be just £32m due to the uncertain timing of a new manufacturing licence agreement.
Current forecasts are for a figure closer to £52.5m, according to company-compiled consensus estimates, after Ceres guided to a "broadly similar" top line to 2024 at the time of its annual results in March.
"The company is in later stage negotiation regarding a new manufacturing licence agreement but recognises that completion and timing of revenue recognition are uncertain. If successful, any revenue recognised in the current year would be in addition to the above guidance," the firm said.
The news came alongside Ceres's interim results, which showed that revenues fell 26% year-on-year to £21.1m, which it attributed to strong comparatives following a significant one-off licence with partner Delta in 2024.
Along with a fall in the gross margin to 79% from 80%, the adjusted EBITDA loss increased to £11.3m from £9.0m a year earlier.
Chief executive Phil Caldwell expressed the need to adapt to "changing market opportunities" and said the company was kicking off a business transformation programme to drive the next phase of growth.
"We are seeing an unprecedented change in the market with an acute need for power to service the demand of AI-data centres and increased electrification of society which represents a major market opportunity for the business. The emergence of this market has coincided with Doosan's start of mass manufacture of Ceres-based products and marks a key inflection point as we transition from being an R&D-led organisation to a commercially focused business," he said.
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