Ceres Power Holdings plc, a leading developer of clean energy technology, has announced its final results for the year ended 31 December 2023. The company reported a revenue of £22.3 million, representing an increase from the previous year, and a gross profit of £13.6 million, maintaining a sector-leading gross margin at 61%. The strategic focus has been on accelerating the pace of development and commercialization, with a significant new fuel cell and electrolysis license signed with Delta Electronics in January 2024, expected to bring staged revenues of £43 million to Ceres through technology transfer and licensing.
The company's financial position remains strong, with a cash and short-term investments position of £140.0 million and reduced cash outflow through disciplined working capital and cash management. Ceres has also made significant progress in its strategic partnerships, with Bosch's 'power units' based on Ceres' technology receiving European funding of ~€160 million and Doosan's 50MW stack factory in South Korea completing factory acceptance testing and machine installation on schedule for 2024.
The company's CEO, Phil Caldwell, expressed confidence in the outlook for 2024, stating, "After a challenging 2023, Ceres is already on track for a strong year in 2024, underpinned by a significant new licence deal with Delta, our first to include SOEC." The company has also graduated to the Main Market of the London Stock Exchange in June 2023, reflecting its growth and development.
However, the company was informed by its auditors BDO that they required more time to complete the year's audit, and a number of prior period corrections were identified, impacting the net assets for 2022. The restated financial summary for 2023 shows total revenue of £22,324, comprising license fees, engineering services revenue, and provision of technology hardware, with a gross margin of 61%.
Ceres Power Holdings plc will be hosting a live webcast for analysts and investors on 15 April 2024 at 09.30 GMT to provide further insights into the results and outlook for the company. Ceres is listed on the London Stock Exchange and is classified by the LSE Green Economy Mark, recognizing listed companies that derive more than 50% of their activity from the green economy.
For further information, interested parties can visit the company's website or contact Ceres Power Holdings plc directly.