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Audited results for the year ended 30 June 2022
Thu, 29th Sep 2022 07:00
RNS Number : 1325B
CAP-XX Limited
29 September 2022
Dissemination of a Regulatory Announcement that contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
29 September 2022
CAP-XX Limited
("CAP-XX" or the "Company")
Audited results for the year ended 30 June 2022
CAP-XX Limited, a world leader in the design and manufacture of supercapacitors and energy management systems, is pleased to announce its audited results for the year ended 30 June 2022.
Key highlights
· Product sales revenue up 44% on last year
· Total revenue up 36% on last year
· Gross margin up 43% on last year
· Adjusted EBITDA loss* of A$0.5 million, is on par with the previous year (A$0.4 million)
· Sales pipeline** increased by US$10 million to over US$60 million p.a.
· Successful ramp up of ex-Murata lines - manufacturing costs per unit, yield and capacity fast approaching ex-Murata levels of operational performance despite limited time in situ
· CAP-XX continues to pursue patent infringement action against Maxwell Technologies (which is still a wholly owned subsidiary of Tesla Inc.) and other parties. Operating expenses were negatively impacted by A$2.3 million of associated legal expenditure, up A$1.9 million on last year
· Royalty contribution is primarily from AVX with court proceedings in place to ensure payments reflect what is properly owed
· CAP-XX continues to develop new IP around supercapacitors and energy storage with a number of new patent applications
· CAPXX had cash reserves (excluding any legal funding) as at 30 June 2022 of A$1.6 million and was debt free. A further R&D A$2.0m tax rebate is anticipated later this calendar year. Litigation funding approved, pending completion of due diligence process
* Adjusted to exclude legal expenses for patent infringement and the amortisation of share-based payment expenses.
** Sale Pipeline is the total potential annual sales revenue of all known projects which are curently under evaluation by CAP-XX. This total is not risk weighted.
Anthony Kongats, Chief Executive of CAP-XX, said:
"The major focus for CAP-XX continues to be to become profitable and cashflow positive as soon as possible by increasing product sales from the newly installed former Murata production equipment, other new product families the Company recently launched and new products and intellectual property the Company is currently developing. We look forward to the future with increasing confidence."
Electronic copies of CAP-XX's audited annual report and accounts for the year ended 30 June 2022 will shortly be available from the Company's website: www.cap-xx.com
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