Ceres Power Shares Fall Despite Narrower Loss and Cash Boost

Ceres Power (LON: CWR), the fuel cell technology licensor, saw shares fall more than 4% in early trade today despite reporting a narrower first-half loss and a hugely strengthened balance sheet. The stock changed hands at 414p by 7.25am, down from Tuesday’s close of 432.2p, having ranged between 410p and 446.8p.

The move follows this morning’s interim results, released before markets opened, with shares falling in early trade following the results.

Revenue for the six months to 30 June rose 8% to £22.8m. The adjusted EBITDA loss, a measure of underlying operating performance before non-cash charges, narrowed to £6.8m from £11.3m, while net loss fell to £16.9m from £19.6m. The results were transformed by an oversubscribed £102.6m equity raise completed in June, which lifted cash and short-term investments to £172.0m from £83.3m at the end of December, taking net assets to £191.7m.

Measure	H1 2026	H1 2025
Revenue	£22.8m	£21.1m
Adjusted EBITDA loss	£6.8m	£11.3m
Net loss	£16.9m	£19.6m
Cash and short-term investments	£172.0m	£104.1m

Gross margin, the share of revenue kept after direct costs, fell to 71% from 79%, even as partners including Centrica and Doosan reported new contracts and Ceres launched its Endura stack platform. Ceres reiterated 2026 guidance for around £45m of contracted group revenue before new business, and said it remains confident of signing one new licensee partner this year.

Demand for power continues to grow, while the time required to secure new generation and grid capacity is becoming an increasing challenge for customers… Combined with a stronger balance sheet following our successful capital raise and sharper commercial focus, this gives us confidence in our ability to capitalise on the significant opportunity ahead.

Phil Caldwell, Chief Executive Officer, Ceres Power Holdings

The reaction points to investors focusing on execution and a fresh licensee signing as the next catalyst, rather than the balance-sheet repair alone.