Revenue for the six months to June 30 fell to £21.1 million ($27.3 million) from £28.5 million a year earlier
LONDON: British clean energy technology firm Ceres Power Holdings plc (CWR.L) reported a 26% drop in first-half revenue on Friday, in line with expectations, but highlighted an “unprecedented” market opportunity driven by power-hungry AI data centres.
Revenue for the six months to June 30 fell to £21.1 million ($27.3 million) from £28.5 million a year earlier, which the company said was due to a significant one-off licence fee from partner Delta in 2024.
The company’s adjusted EBITDA loss widened to £11.3 million from £9.0 million. However, it ended the period with a strong cash position of £104.1 million, citing disciplined cost management.
Chief Executive Phil Caldwell said the focus was on the commercial rollout of its solid oxide technology, with key partner Doosan starting mass production in July.
“This marks a key inflection point as we transition from being an R&D-led organisation to a commercially focused business,” Caldwell said in a statement.
Ceres said it is implementing a business transformation programme to capitalise on demand for power systems for AI data centres, energy grid stabilisation, and marine applications. The company now expects full-year revenue of around £32 million.
It added that it is in late-stage negotiations for a new manufacturing licence agreement, which could provide additional revenue this year if completed.
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