Business
Final results for the year ended 31 December 2024
Final results for the year ended 31 December 2024.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n\n\n\n\n\nCWR.L\n21 March 2025\nCeres Power Holdings plc\n \nFinal results for the year ended 31 December 2024\n \nHorsham, UK: Ceres Power Holdings plc (\"Ceres\", the \"Company\") (CWR.L), a leading developer of clean energy technology, announces its audited results for the year ended 31 December 2024.\n \nFinancial highlights\n• Record order intake of £112.8 million, following signing of two manufacturing licensee partners, Delta Electronics and Denso, and an electrolyser system partner, Thermax Ltd.\n• Revenue of £51.9 million (2023: £22.3 million), an increase of 132%.\n• Gross profit of £40.2 million (2023: £13.6 million), extending sector-leading gross margin to 77% (2023: 61%).\n• Strong cash and short-term investments position of £102.5 million (2023: £140.0 million) with reduced cash outflow of £37.5 million (2023: £42.4 million) through continued disciplined cash management\n \n \nStrategic highlights\n• South Korea - Doosan production on track. Doosan factory commissioning for SOFC stack and cell production is progressing towards product launch in 2025 for stationary power systems for commercial and data centre applications.\n• Taiwan - Delta is progressing well towards manufacturing. Our first licensee for both solid oxide fuel cell (\"SOFC\") and solid oxide electrolyser cell (\"SOEC\") technology, Delta is evaluating factory designs, targeting the growing data centre and industrial hydrogen markets.\n• Japan - Denso completed upfront technology transfer. Ceres has successfully completed the upfront technology transfer to Denso Corporation, an expert in system control and thermal management to address the growing green hydrogen sector.\n• India - SOEC system development with Thermax underway. Thermax has begun developing assembly facility layouts to accelerate entry into the dynamic Indian market for industrial decarbonisation.\n \nCurrent trading\n• The termination of the Bosch contract on 20 February, while disappointing, will have limited financial impact in the low single digit millions of euros for 2025.\n• Ceres rem...