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  "documentTitle": "Ceres Power Holdings plc (CWR)",
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  "authorName": "Grizzly Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-12-11 00:00:00",
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  "notes": "The slide uses a screenshot of a Ceres Power corporate slide to highlight the gap between their projected $1bn opportunity and the firm's negative outlook.",
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      "text": "Even though past results are not indicative of future performance, past and current indicators clearly show a tendency not to yield any results.",
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      "text": "annual gross margin: $1bn",
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      "text": "Even though past results are not indicative of future performance, past and current indicators clearly show a tendency not to yield any results. To us, none of these failures are surprising, as we believe Ceres business model is deeply and fundamentally flawed, as we explain in the next section.",
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      "text": "Source: Ceres Annual Report 2017",
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      "text": "Ceres Power Fuels Investors’ Illusions With Misleading Promises",
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