Ceres Power: FY24 results
This morning, Ceres reported FY24 results in line with adjusted guidance. FY24 revenue came in at GBP51.9m (vs cons. at GBP57.1m and guidance for GBP50-60m) supported by agreements with Delta on both SOFC/SOEC, Denso and Thermax. Gross profit thereby reached 77%, right in the 75-80% guidance range.Ceres Power Holdings is a fuel cell technology and engineering company. Co. is working with partners to embed its SteelCell™ technology in mass-market energy products for the commercial, residential and transportation markets. SteelCell™ is Co.'s Solid Oxide Fuel Cell. SteelCell™ is a perforated sheet of steel with special screen-printed ceramic layers that electrochemically convert a variety of fuels directly into power. The principal activity of Co.'s subsidiary, Ceres Power Ltd is the commercialisation and continued development of Co.'s fuel cell technology.
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