Ceres Power Holdings PLC (LSE:CWR, OTC:CPWHF) updated its 2024 guidance in July, so next week’s trading update might just be a reiteration of that.
UBS said it does not expect much more, especially with a new finance head not joining until October.
What would be welcome, said the Swiss bank, is confirmation of Ceres' cash runway and how far this will take it towards EBITDA breakeven.
Consensus currently expects this to be in 2027.
Since July, the fuel cell specialist has announced a new license partner, Thermax and before that, confirmed that Denso was the name of the mystery new partner it signed the month before.
UBS believes breakeven could come earlier if more licensees sign up.