Ceres Power LON:CWR ended the week trading below its recent £103m placing level after a stretch of volatile moves tied to AI power sentiment.
- Ceres ended Friday up 1.05% at 527p, though still down 7.5% from the 570p price of its June equity raise.
- LSE/FTSE Russell data showed the shares climbed 16.8% this week and are up 147.7% for the year, though they remain 21.9% below where they were four weeks ago.
- With Friday’s close and the new share count after the raise, market cap is almost £1.13 billion. That’s roughly 34.5x 2025 revenue.
No trading in London Saturday, so Friday’s close is the last number. Ceres Power Holdings plc LON:CWR finished at 527p, up 5.5p, or 1.05%. The FTSE 250 gained 0.52%. Barclays said its last quote update came at 15:50 BST on July 3. Hargreaves Lansdown reported Friday’s volume at about 3.18 million shares.
The near-term level to watch is 570p, where Ceres sold 18 million new shares in a June 10 fundraising, raising £103 million gross, about £100 million after costs. Shares finished Friday 7.5% below that, so the week’s rally wasn’t enough to push the stock back over the deal price.
| Post-raise market marker | Figure | Investor read |
|---|---|---|
| Friday close | 527p | 7.5% under the 570p raise price |
| June capital raise | £103 mln gross / around £100 mln net | The fresh cash is about 9.1% of the market value at Friday close |
| Shares in issue at June 30 | 213.8 mln | This is the number of shares outstanding after the raise |
| Market value at 527p | about £1.13 bln | Calculated off the post-raise share count |
| 2025 revenue / contracted 2026 revenue | £32.6 mln / about £45 mln | Trades at near 34.5x next year’s revenue, or 25.0x contracted 2026 revenue |
The stock is still tough to trade on single-day swings because of that valuation. Ceres reported 2025 revenue down 37% to £32.6 million. Adjusted EBITDA loss grew to £32.5 million, with net cash used in operations at £20.1 million. The company closed out 2025 with £83.3 million in cash and short-term investments, ahead of the June raise, and says it has about £45 million contracted revenue for 2026, not counting new business.
Ceres remains an outlier among LSE/FTSE Russell alternative-fuel stocks. The July 3 factsheet showed Ceres leading on year-to-date price gains and price/book, but five-year EPS growth trailed the peer average.
| LSE/FTSE Russell peer metric | Ceres | Peer average |
|---|---|---|
| Year-to-date price change | up 147.7% | up 26.7% |
| Price/book | 9.5 times | 3.9 times |
| Five-year revenue growth | rose 8.5% | fell 8.7% |
| Five-year EPS growth | down 23.6% | up 49.9% |
Analysts are split on the stock. MarketScreener data showed eight analysts with an average “outperform” rating and a mean target price of 746.2p. That’s 41.6% above where the stock closed on Friday, though the lowest target is just 200p. Panmure Liberum downgraded Ceres to sell in June, even with a 590p target. The firm said it “still believe[s] in Ceres technology”, but added the “share price now ignores execution risks.” MarketScreener
Ceres CEO Phil Caldwell called the cash raise acceleration money, saying the company is “well placed for the future” after the new funding. He said “commercial execution” is now the focus. Investegate
AI-driven energy demand is pulling in customers, but when revenue comes is still up in the air. Centrica (LON:CNA) and Ceres said in March they will work together to deliver solid oxide fuel-cell power to commercial buyers in the UK and Europe. Centrica boss Chris O’Shea said companies “need more power” and want it “faster than electricity grids can deliver.” Caldwell called the tech “more efficient than a combined cycle gas turbine” and said it can be “deployed faster.” Reuters
The China data centre deal is also key for the bull case. Ceres surged over 23% in November after Reuters said it struck a licensing agreement with Weichai Power (SHE:000338) to produce solid oxide fuel cells and stacks for stationary power in China. Luca Moro, CIO at energy transition fund SpesX, said the agreement was “a step in the right direction” but questioned whether it would deliver enough cash flow. Reuters
Ceres’ financial calendar listed no events for the week ahead as of Saturday, keeping the focus on the 570p placing price. Shares ended Friday at 527p, still below that level.
