Ceres Power Holdings plc Earnings Recaps
Q2 2026
Sep 25, 2026
Ceres Power shares fell 10.1% after the results, with investors likely focused on the absence of a newly signed licensee: management reiterated confidence it can sign one this year, but the transcript offers no completed deal. The commercial opportunity and partner activity are positives, but much of the near-term case still depends on partners reaching production and scaling.
Key takeaways
- Ceres reiterated its guidance and said it remains confident of signing a new licensee this year; no new licensee was announced in the presentation.
- Doosan secured a roughly £60 million export order to supply stacks to Germany’s Reverion. Delta is starting initial production and plans a new facility in Taiwan; Weichai is targeting first production later this year or early next year.
- DENSO received £165 million in Japanese government support. Management said power systems, rather than hydrogen, are the near-term priority.
- Ceres raised just over £100 million through an oversubscribed equity issuance, strengthening its balance sheet but involving new equity.
- Management described solid oxide as currently cost-competitive with conventional power generation, while acknowledging that its future cost reductions depend on scale, supply-chain development and localization.