UK-based solid oxide hydrogen technology firm Ceres announced delayed financial results due to past revenue reporting errors but expects to double its revenues in 2024 with an accelerated focus on electrolysis.
An extended audit of the company’s 2023 financial statements uncovered multiple inaccuracies requiring corrections to previous years’ financials, Ceres revealed today (April 15).
The audit revealed errors in the timing and recording of revenue recognition, accounting for foreign exchange impacts on long-term impacts and mistakes in provisions for property dilapidation and the capitalisation of costs.
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