FY23 Financials in line – Numbers were largely pre-guided and in line with expectations. Revenue in the period was £22.3m and gross profit £13.6m, giving a gross profit margin of 61%. Importantly, the balance sheet remains robust as the company continues to invest across its business, with c.£140m of net cash at year end. R&D investment continues in line with its strategy to drive innovation and commercial acceleration in SOEC, with a c.11% increase to c.£54m in the period. SOEC commercialisation accelerating – The electrolysis programme is progressing well. Ceres’ 1MW scale electrolyser demonstrator successfully completed testing in Germany and has arrived at partner Shell’s R&D centre in Bangalore, India. The team is now focused on developing the next SOEC concept, a 4-5MW modularised system that would facilitate larger scale installations and, we believe, should help commercial discussions and entice further pipeline progression for new licence partners. Partners scaling to manufacture – Ceres’ SOFC partners are continuing to scale manufacturing and build global supply chains which can service both the SOFC and SOEC markets. Doosan’s 50MW stack factory in South Korea has completed factory acceptance testing and machine installation, with commissioning on track to complete in H2 24 and first production of SOFC systems and royalties to Ceres to follow in 2025. We highlight that initial production by Delta is also expected to start by the end of 2026. Valuation – We update numbers for FY23 and make some changes to our model but note that our valuation and 765p TP remain unchanged. Buy.