Ceres Power Holdings PLC (LSE:CWR, OTC:CPWHF) has reduced its revenue guidance for the current year as it now does not expect to conclude a new licensing deal in the period.
Discussions with potential partners are progressing well, said the fuel cell and hydrogen technology specialist, but any associated revenue won’t come through in time for 2023's numbers.
As a result, 2023 revenue is expected to be approximately £20-21 million (FY 2022: £22 million), said the statement.
Phil Caldwell, Ceres' chief executive, commented: "Despite good progress commercially and growing interest in our SOEC technology, we have not been able to conclude a new license partnership in this financial year.
“We remain confident of securing a new commercial partnership in the coming months and we will provide a year-end trading update in January."