Ceres Power Holdings PLC on Friday recorded a sharp rise in annual revenue and a narrowed loss.
The Horsham, England-based clean energy technology developer reported a pretax loss of £25.9 million for 2024, slimming from £53.6 million in 2023.
Revenue more than doubled to £51.9 million from £22.3 million.
Research & development costs decreased 10% to £48.5 million from £54.0 million, while administrative costs increased 1.9% to £18.0 million from £17.7 million.
Ceres Power shares fell 11% to 63.80 pence each on Friday morning in London.
‘2024 was a record year for Ceres, as our teams continued to deliver best in class technology and global partnerships during a period of significant change in the energy markets and a challenging economic environment. We now have three major global manufacturing partners establishing factories to produce Ceres-based products,’ Chief Executive Officer Phil Caldwell said.
‘For 2025, we are focusing on building our partner portfolio and delivering technology milestones, whilst looking forward to Doosan commencing production in the second half of the year.’
CEO Caldwell added: ‘I see a wealth of opportunities as the high efficiency power generation and hydrogen markets around the world continue to evolve. As we build on our commercial success and technology innovation, Ceres aims to expand its partnerships globally to deploy its technology at scale and pace. I remain confident that Ceres can establish its technology as the solid oxide industry standard. This will position the company as a key technology player in these markets for years to come.’
In February, Gerlingen, Germany-based Robert Bosch GmbH announced plans to discontinue some work in the solid oxide fuel cells space and exit its minority holding in Ceres Power.
Ceres said on Friday: ‘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.’
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