Ceres Power Holdings, an AIM-listed fuel-cell technology company, has reported a widened pretax loss for the first half of the year. Despite experiencing revenue growth, the company's operating costs increased, leading to an increased loss compared to the previous year.
For the six months ended June 30, Ceres Power Holdings recorded a pretax loss of £26.4 million ($32 million). This is an increase from the loss of £24.5 million reported in the same period last year. However, revenue saw a positive growth, rising to £11.3 million from £9.7 million. The increase in revenue was fueled by both hardware and engineering services related to the company's progress with Bosch and Doosan as it strives to industrialize its technology for future partnerships.
Adjusted Loss and Gross Profit
The adjusted loss before interest, taxes, depreciation, and amortization (a preferred metric for the company) widened to £23.8 million from a loss of £20.8 million. On a positive note, gross profit experienced a surge, rising to £6.9 million from £4.7 million. This increase can be attributed to reduced scrap and warranty provisions implemented by the company.
The board of directors stated that revenue for the full year will depend on the timing of securing new license partners and China joint ventures. Furthermore, Ceres Power Holdings' shares were down 1.40 pence, or 0.4%, at 328.0 pence as of 8:09 GMT.