Ceres Power Holdings

CWR · Main Market · Energy · mcap £815m · 372.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 23 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £795.3m
Owner’s net cash: £152.1m
Net cash / market cap: 19%
EV ex leases: £643.3m
Revenue: £34.3m
Operating profit: −£47.6m
Free cash flow after leases: −£34.5m
FCF yield: -4.3%
Price / tangible book: 4.15×

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 23 Sep 26 · read the results ↗

Source ↗

	30 June 2026 (unaudited) £'000	31 December 2025 (audited) £'000
Assets
Non-current assets
Property, plant and equipment	13,406	18,194
Right-of-use assets	1,728	2,063
Intangible assets	14,367	16,203
Other receivables	741	741
Total non-current assets	30,242	37,201
Current assets
Inventories	2,486	3,203
Contract assets	811	143
Other current assets	1,976	1,449
Current tax receivable	679	1,792
Trade and other receivables	5,998	18,736
Short-term investments	19,966	47,437
Cash and cash equivalents	152,055	35,835
Total current assets	183,971	108,595
Liabilities
Current liabilities
Trade and other payables	(3,324)	(2,742)
Contract liabilities	(8,213)	(23,284)
Other current liabilities	(4,815)	(4,149)
Lease liabilities	(872)	(834)
Provisions	(234)	(2,214)
Total current liabilities	(17,458)	(33,223)
Net current assets	166,513	75,372
Non-current liabilities
Lease liabilities	(1,169)	(1,575)
Other non-current liabilities	(1,459)	(976)
Provisions	(2,401)	(2,376)
Total non-current liabilities	(5,029)	(4,927)
Net assets	191,726	107,646
Equity attributable to the owners of the parent
Share capital	21,380	19,469
Share premium	504,160	406,650
Capital redemption reserve	3,449	3,449
Merger reserve	7,463	7,463
Accumulated losses	(344,726)	(329,385)
Total equity	191,726	107,646

Source ↗

	30 June 2026 (unaudited) £'000	30 June 2025 (unaudited) £'000	31 December 2025 (audited) £'000
Cash flows from operating activities
Loss before taxation	(15,444)	(18,977)	(46,306)
Adjustments for
Finance income	(1,477)	(2,168)	(4,060)
Finance expense	229	165	587
Depreciation of property, plant and equipment	2,601	3,880	7,100
Depreciation of right-of-use assets	382	365	753
Amortisation of intangible assets	1,836	1,786	3,858
Impairment of the investment in associate	-	2,218	2,218
Impairment of assets under construction	3,006	-	-
Net foreign exchange (gain)/loss	(14)	62	(13)
Net change in fair value of financial instruments	-	95	90
Loss on disposal of property, plant and equipment and right of use assets	-	-	125
Share-based payments charge	1,560	360	1,260
Operating cash flows before movements in working capital	(7,321)	(12,214)	(34,388)
Decrease/(increase) in trade and other receivables	12,211	9,668	(870)
Decrease/(increase) in inventories	717	82	(447)
Increase/(decrease) in trade and other payables	1,731	(2,620)	(3,717)
(Increase)/decrease in contract assets	(668)	4,816	8,065
(Decrease)/increase in contract liabilities	(15,071)	2,787	12,602
(Decrease)/increase in provisions	(1,998)	(307)	1,717
Net cash (used) in/generated by operations	(10,399)	2,212	(17,038)
Taxation paid	(344)	(1,260)	(3,032)
Net cash (used) in/generated by operating activities	(10,743)	952	(20,070)
Investing activities
Purchase of property, plant and equipment	(819)	(870)	(1,776)
Capitalised development expenditure	-	(80)	(87)
Decrease in short-term investments	27,423	7,346	7,445
Finance income received	1,525	2,367	4,149
Net cash generated in investing activities	28,129	8,763	9,731
Financing activities
Proceeds from issuance of ordinary shares	291	11	99
Proceeds from issuance of ordinary shares for the fundraise	99,424	-	-
Costs on issuance of ordinary shares in connection to the fundraise	(294)	-	-
Repayment of lease liabilities	(415)	(400)	(792)
Interest paid	(113)	(116)	(495)
Net cash generated/(used) by financing activities	98,893	(505)	(1,188)
Net increase/(decrease) in cash and cash equivalents	116,279	9,210	(11,527)
Exchange losses on cash and cash equivalents	(59)	(63)	(132)
Cash and cash equivalents at beginning of period	35,835	47,494	47,494
Cash and cash equivalents at end of period	152,055	56,641	35,835

Source ↗

	2025 £'000	2024 £'000
Assets
Non-current assets
Property, plant and equipment	18,194	23,584
Right-of-use assets	2,063	1,834
Intangible assets	16,203	19,974
Investment in associate ꟷ	2,218	–
Other receivables	741	741
Total non-current assets	37,201	48,351
Current assets
Inventories	3,203	2,756
Contract assets	143	8,208
Other current assets	1,449	1,430
Derivative financial instruments ꟷ	16	8
Current tax receivable ꟷ	1,792	–
Trade and other receivables	18,736	17,885
Short-term investments	47,437	54,971
Cash and cash equivalents	35,835	47,494
Total current assets	108,595	132,752
Liabilities
Current liabilities
Trade and other payables	(2,742)	(3,538)
Contract liabilities	(23,284)	(10,682)
Other current liabilities	(4,149)	(6,825)
Lease liabilities	(834)	(731)
Provisions	(2,214)	(441)
Total current liabilities	(33,223)	(22,217)
Net current assets	75,372	110,535
Non-current liabilities
Lease liabilities	(1,575)	(1,492)
Other non-current liabilities	(976)	(1,221)
Provisions	(2,376)	(2,340)
Total non-current liabilities	(4,927)	(5,053)
Net assets	107,646	153,833
Equity attributable to the owners of the parent
Share capital	19,469	19,370
Share premium	406,650	406,650
Capital redemption reserve	3,449	3,449
Merger reserve	7,463	7,463
Accumulated losses	(329,385)	(283,099)
Total equity	107,646	153,833

Source ↗

	2025 £'000	2024 £'000
Cash flows from operating activities
Loss before taxation	(46,306)	(25,872)
Adjustments for
Finance income	(4,060)	(5,807)
Finance expense	587	362
Depreciation of property, plant and equipment	7,100	7,472
Depreciation of right-of-use assets	753	710
Amortisation of intangible assets	3,858	1,374
Impairment of associates ꟷ	2,218	–
Net foreign exchange (gains)/loss	(13)	79
Net change in fair value of financial instruments	90	(99)
Loss on disposal of property, plant and equipment and right of use assets ─	125	–
Share-based payments charge	1,260	964
Operating cash flows before movements in working capital	(34,388)	(20,817)
Increase in trade and other receivables	(870)	(8,757)
(Increase)/decrease in inventories	(447)	69
Decrease in trade and other payables	(3,717)	(1,809)
Decrease/(increase) in contract assets	8,065	(6,633)
Increase in contract liabilities	12,602	3,213
Increase/(decrease) in provisions	1,717	(188)
Net cash used in operations	(17,038)	(34,790)
Taxation paid	(3,032)	(1,019)
Net cash used in operating activities	(20,070)	(35,941)
Investing activities
Purchase of property, plant and equipment	(1,776)	(4,449)
Capitalised development expenditure	(87)	(2,294)
Decrease in short-term investments	7,445	32,537
Finance income received	4,149	8,469
Net cash generated from investing activities	9,731	34,263
Financing activities
Proceeds from issuance of ordinary shares	99	539
Repayment of lease liabilities	(792)	(774)
Interest paid	(495)	(243)
Net cash generated used by financing activities	(1,188)	(478)
Net decrease in cash and cash equivalents	(11,527)	(2,156)
Exchange loss on cash and cash equivalents	(132)	(57)
Cash and cash equivalents at beginning of period	47,494	49,707
Cash and cash equivalents at end of period	35,835	47,494

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	34.3	32.6	51.9
Gross profit	22.2	22.7	40.2
Adjusted EBITDA	(28.0)	(32.5)	(22.3)
EBITDA	(36.6)	(37.2)	–
Operating profit	–	(47.6)	(31.3)
Depreciation (owned assets)	5.8	7.1	7.5
Depreciation (right-of-use)	0.8	0.8	0.7
Amortisation	3.9	3.9	1.4
Share-based payments	2.5	1.3	1.0
Operating profit to net income
Finance costs	–	0.6	0.4
Profit before tax	(42.8)	(46.3)	(25.9)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	22.8	+8%	11.6	21.1
Gross profit	16.1	−3%	6.1	16.6
Adjusted EBITDA	(6.8)	n/m	(21.2)	(11.3)
EBITDA	(12.6)	n/m	(24.0)	(13.2)
Depreciation (owned assets)	2.6	−33%	3.2	3.9
Depreciation (right-of-use)	0.4	+5%	0.4	0.4
Amortisation	1.8	+3%	2.1	1.8
Share-based payments	1.6	+333%	0.9	0.4
Operating profit to net income
Profit before tax	(15.4)	n/m	(27.3)	(19.0)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(31.8)	(20.1)	(35.9)
Interest paid	(0.5)	(0.5)	(0.2)
Tax paid	(2.1)	(3.0)	(1.0)
Investing activities
Capex (PP&E)	(1.7)	(1.8)	(4.4)
Capex (intangibles)	(0.0)	(0.1)	(2.3)
Financing activities
Lease principal paid	(0.8)	(0.8)	(0.8)
Lease interest paid	(0.2)	(0.2)	–
Shares issued	–	0.1	0.5

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(10.7)	n/m	(21.0)	1.0
Interest paid	(0.1)	−3%	(0.4)	(0.1)
Tax paid	(0.3)	−73%	(1.8)	(1.3)
Investing activities
Capex (PP&E)	(0.8)	−6%	(0.9)	(0.9)
Capex (intangibles)	0.0	n/m	(0.0)	(0.1)
Financing activities
Lease principal paid	(0.4)	+4%	(0.4)	(0.4)
Lease interest paid	(0.1)	−3%	(0.1)	(0.1)
Shares issued	99.4	–	–	–

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	–	16.2	20.0
Property, plant & equipment	13.4	18.2	23.6
Associates & JVs	–	–	2.2
Current assets
Inventories	2.5	3.2	2.8
Trade receivables	6.0	18.7	17.9
Cash	152.1	35.8	47.5
Current assets	184.0	108.6	132.8
Current liabilities
Trade payables	3.3	2.7	3.5
Lease liabilities, current	0.9	0.8	0.7
Current liabilities	17.5	33.2	22.2
Non-current liabilities
Lease liabilities, non-current	1.2	1.6	1.5
Equity
Total equity	191.7	107.6	153.8
Net cash and other figures
Net cash / (debt) ex leases	172.0	–	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	–	16.2	–	20.0
Property, plant & equipment	13.4	18.2	–	23.6
Associates & JVs	–	–	–	2.2
Current assets
Inventories	2.5	3.2	–	2.8
Trade receivables	6.0	18.7	–	17.9
Cash	152.1	35.8	–	47.5
Current assets	184.0	108.6	–	132.8
Current liabilities
Trade payables	3.3	2.7	–	3.5
Lease liabilities, current	0.9	0.8	–	0.7
Current liabilities	17.5	33.2	–	22.2
Non-current liabilities
Lease liabilities, non-current	1.2	1.6	–	1.5
Equity
Total equity	191.7	107.6	–	153.8
Net cash and other figures
Net cash / (debt) ex leases	172.0	–	104.1	–

Read automatically from each results announcement. Check the source before relying on a figure.

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Company filings. Not investment advice.