Ceres Power Holdings shares (LSE: CWR) plunged 16% on Friday after the fuel cell technology developer warned that 2023 revenue would miss expectations.
The FTSE 250 firm forecast revenue of £20-21 million for 2023, down from £22 million in 2022. Ceres said an expected licensing deal had not materialized in time to be counted in 2023 revenue, despite “good progress.”
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Chief Executive Phil Caldwell said Ceres remains in active licensing discussions but has not concluded a new partnership this year. He expressed confidence in securing a deal “in the coming months.”
Ceres is developing solid oxide fuel cell technology to enable green hydrogen production. But its shares have struggled, down 55% year-to-date and 58% in the last 12 months amid the delayed licensing deals.
