The company said the £21.1m ($28.2m) revenues – down from £28.5m ($38m) in H1 2024 – were “in line” with management expectations after a one-off license revenue from its deal with Delta Electronics last year.

Gross profit was also down 27% to £16.6m ($22.2m) in the period, while gross margins remained flat at 79%.

Throughout H1, Ceres reduced its operating costs by 6% to £35.6m ($47.5m), leading to an adjusted EBITDA loss of £11.3m ($15.1m).

For 2025, the company anticipates ending on revenues of around £32m ($42.7m), down from the £51.9m ($69.3m) recognised in 2024, thanks to the deals with Delta and Denso, as well as an electrolyser system partnership with Thermax.

However, it said it is in “later-stage negotiations” for a new manufacturing license agreement. While acknowledging the timeline for completion is uncertain, the deal would be recognised in addition to the current guidance.

The company also expects to begin seeing royalty revenues after Doosan Fuel Cell opened its 50MW solid oxide fuel cell factory in South Korea in July.

CEO Phil Caldwell said the opening coincided with an “unprecedented change in the market with an acute need for power to service the demand of AI-data centres and increased electrification of society, which represented a major market opportunity for the business.”

As part of that shift in market, he said Ceres was implementing a “business transformation programme” to ensure the firm is in “the best shape” for its next phase.

“With a single product approach, a sharper commercial and operational focus and the establishment of mass manufacturing, I am confident that we can both meet the needs of today’s rapidly growing power market while also positioning the business for the future hydrogen market,” he added.

The company has not yet announced details of the programme. H2 View will bring any updates.