The following is a summary of the Ceres Power Holdings Plc. (CPWHF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Ceres Power Holdings reported a revenue of GBP 22.3 million, risen due to progress with commercial partners moving towards stack supply and scale manufacture.

• Gross profit margin improved to 61% due to the revenue increase and the reduction in warranty provision.

• The company ended the year with a GBP 140 million cash position and a decreased cash burn of GBP 42.4 million compared to last year's GBP 67.3 million.

• Adjusted EBITDA loss was GBP 50.3 million due to an increased planned investment in Solid Oxide Electrolysis Cell (SOEC).

• With an existing order backlog and contract signings, the 2024 revenue expected to approximately double that of 2023.

• An increase in earnings from GBP 2.8 million in 2022 to GBP 7 million in 2023 was also reported.

Business Progress:

• Significant progress was made with Bosch on power units development, with €160 million of EU funding, and Doosan in South Korea for a 50-megawatt factory construction.

• A strategic relationship with Bosch and Linde has been developed for early evaluation and more collaborative development.

• A GBP 43 million license deal was signed with Delta Electronics to accelerate the scaling of the SOEC technology.

• Plans to accelerate its commercial offering for the SOEC platform in 2024.

• The company plans to maintain stable operating costs and focus on cost and priority program management, with plans to accelerate R&D, particularly in fuel cells and SOEC technology.

• Continues with its green hydrogen demonstrator programs and is developing larger scale modules for hydrogen plant applications.

• A promising market future in Green Steel, Green Ammonia, and Future Fuels sectors is expected.

• A perceived growth strategy in Asia, specifically in China and India, where subsidies for green hydrogen increase interest in solid oxide cells.

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