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  "documentTitle": "Ceres Power Holdings plc (CWR)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-12-11 00:00:00",
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  "notes": "The slide uses financial data to support a bearish thesis on Ceres Power's partnership with Doosan.",
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      "text": "All of this leads to one unavoidable conclusion: Ceres has almost no royalty-bearing SOFC volume coming from Doosan, and the near-term outlook is still poor.",
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      "kind": "disclaimer",
      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "Net Income: -17.5",
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      "text": "This raises another red flag, as Doosan Fuel Cell explicitly stated that they would put more focus on the international market, more specifically the U.S.to boost their product’s adoption and revenue.",
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      "text": "All of this leads to one unavoidable conclusion: Ceres has almost no royalty-bearing SOFC volume coming from Doosan, and the near-term outlook is still poor. Unless Doosan begins winning, and actually deploying SOFC projects with real external customers, Ceres’ royalty stream will remain negligible.",
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      "text": "Source: Doosan Fuel Cell’s Q3 2025 English Presentation",
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      "text": "Separate and Consolidated Income Statements for Doosan Fuel Cell",
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      "text": "Ceres Power Fuels Investors’ Illusions With Misleading Promises",
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      "text": "Appendix 5. Income Statements (Separate/Consolidated)",
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