The hydrogen industry is facing delays and limited financial investment decisions, but there are still companies showing resilience and positive outlook improvements. Ceres Power Holdings PLC has been upgraded to 'Buy' with a 265p target price, supported by new licensing agreements that enhance revenue visibility up to 2027-2028. The company is also partnering with Shell to commission a 1-megawatt demonstrator, with plans for future scaling. ITM Power PLC, backed by industry giants like Linde and Shell, is also maintained as a 'Buy' with a healthy cash reserve of £230 million and a promising order backlog, particularly in the UK's Hydrogen Allocation Rounds initiative. On the other hand, Norway's Nel has been downgraded to 'Underperform' due to slow order momentum, project delays, and significant financial pressures, with a cash reserve of NOK1.90 billion. The industry analysts emphasize Ceres' solid oxide technology and ITM's strong industry support as factors indicating a positive future growth trajectory for these companies.