Strong commercial progress has driven improved financial performance
· Revenue1 and other operating income ahead of expectations, up 140% to £4.1m (2016: £1.7m).
· EBITDA2 loss down by 11% to £10.3m (2016: £11.5m) while continuing to invest in people, technology and operations to support growth into higher power applications, addressing new sectors including EVs and Data Centres.
· Equity free cash outflow3 reduced 17% to £9.4m (2016: £11.3m). As of June 2017, the Company held £17.2m in net cash and short-term investments, ahead of previous forecasts.
· Growing order book of £3.2m (2016: £1.7m) positions Ceres Power for continued commercial growth.
Rapid development towards commercialisation:
· First significant US commercial success with Cummins & US Dept. of Energy to develop multi-kW systems for Data Centre and commercial scale applications.
· Signing of fourth significant partner and first 'go-to-market' agreement to develop a combined heat and power ("CHP") product for the business sector, adding to agreements with Cummins, Honda & Nissan.
· Agreement signed in May 2017 with an existing Global OEM to develop a residential CHP system.
· On track to sign fifth partner by the end of 2017.
Further technical progress highlights SteelCell's proven performance and Ceres Power's manufacturing expertise
· Successful UK field trial proved SteelCell™ is reliable, highly efficient, and can generate low carbon heat and power that could save home-owners around £400 a year.
· Formal release of SteelCell™ version 4 to customers with improved performance and manufacturability.
· Assessing options to increase UK manufacturing capacity to meet near term customer demand and continuing to explore manufacturing partner for large scale production.