Ceres Power Sees Record Revenues and Orders as Losses Narrow in 2024
Key Ideas
- Ceres Power achieved record revenues of £51.9 million in 2024, showcasing more than a 100% increase from the previous year.
- The company's gross margin rose to 77% with a gross profit of £40.2 million, indicating a strong financial performance.
- Despite facing a setback with Bosch discontinuing its partnership, Ceres Power signed significant agreements with new partners, including Delta Electronics and Denso, aiming to boost market share and profitability.
- Moving towards hydrogen production in collaboration with Shell, Ceres Power is optimistic about future revenue growth and expanding partnerships beyond emerging markets.
Ceres Power, a fuel cell and electrolyser company based in Horsham, reported impressive financial results for the year ending on 31 December 2024. The company's revenues surged to £51.9 million, more than doubling from the previous year, resulting in a gross margin increase to 77%. Pre-tax losses were halved to £25.9 million, showcasing improved profitability. Ceres Power attributed its success to the progress made with partners, despite the setback of Bosch discontinuing production of its fuel cells. The company inked key partnerships with Delta Electronics, Denso, and Thermax, aiming to enhance market share and profitability. Additionally, Ceres Power is gearing towards hydrogen production in collaboration with Shell in Bangalore, India, expecting to expand the partnership beyond emerging markets. Although facing a decline in stock price due to Bosch's decision, Ceres Power remains optimistic about future revenue growth and market expansion.