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That's how I read it m99 if dh is really excited being substantially down on his current investment it's either a brilliant heist or he knows more than we do.

It's not ideal basing your investment on linkedin posts but with the lack of detail from lar's and Co we can only assume dh is happy with his serving of detail over lunch.

I'd agree with that ME but ironically that's probably what attracts many here in that DH has invested around £2m and it's not based on those results or the linkedin back slapping for attending an exhibition. Maybe gc and lar's spiked his drinks and got him to buy another million whilst comotosed.

I see what you are referring to yes the south africa smart meter contract with most revenue received fy25 and apparently more to come.

Wyn I don't think the design wins have become contracts yet and not sure what you mean by battery sale. The lack of future guidance I agree is not ideal.

For the lth all this is nothing new waiting for groundbreaking news and hear what you say about paltry but with the backlog and future bookings revenue is looking much better than fy25.

I've always thought like parkez the smt/binder is what could transform the business and that still looks to be the case. I don't think lar's said anything to not believe these products are coming and when they do it's just a question of whether they become as big as we hope.

I would have liked the questions to be more direct with clear answers, thought the person asking questions was rubbish and hope the agm is better for investors.

I wouldn't say it's anything other than someone posting some information about consolidation in the supercapacitor market.

Wyn I agree the lack of news regarding design wins is frustrating but I think it's all to do with protecting the patent process. We just need to wait until the smt product family is released and not to forget the growing sales of existing products.

The agm might also provide some answers with hopefully a clearer q&a session.

You wouldn't expect any takeover below the current sp but who knows. If smt is released as lar's described as a new product family things could change. All very secretive at the moment but dh is excited about the future so more has been discussed in the inner circle than what we know.

And another one hope the sp is a bit higher when the bids come in. Really looking like capvis ipo schurter then cap-xx acquired by schurter in some sort of share transaction. If gc and dh are in the know they all have enough shares to prevent anyone else getting a look in.

Clarios acquires supercapacitor manufacturer Maxwell Technologies

Https://scitechdaily.com/new-graphene-tech-powers-supercapacitors-to-rival-traditional-batteries/

Billings are up 12.1% and the backlog is still 2.7m.

2.7m is more than 50% of total fy25 revenue.

What ever the 4 months billing value was at 12.1% up, for example (5m÷3)+12.1% is 1.86m plus the 2.7m is already 4.56m of potential revenue with 8 more months of future bookings to bill.

Don't know if I'm mistaken but if they continue at this rate fy26 revenue could be around 9 to 10m allowing for the fact you can't bill all bookings the closer they are to year end.

VR see below depending on how much inventories were would determine the cash burn. Could easily be 850 one-offs, 850 inventories and 800 cash burn at 200/m leaving the 1.5m

Current Trading: For the four months since year end

· Bookings are up by 25.4% and Billings are up 12.1% for the first four months of FY26

· Backlog as at 31 October 2025 was A$ 2.7m

· At 31 October 2025 cash held of A$1.5m and R&D tax credit of A$1.8m applied for

· Non-recurring costs and some large creditor payments totalled A$0.85 million in the period

· During the period the Company invested in inventories which were historically low at year end

I see the 3 musketeers have been visiting allenby in London with other institutional investors getting the inside information. They must have something big lined up with smt considering the warehouse software at nationgate/malaysia and australia with sakib being recruited the patent applications in various regions, schurter interest and the global nature of recent design wins. The presentation also seemed to imply a major product development was coming but shroud in secrecy hopefully it really is that special.

VR are you sure about the cash burn as at the half year presentation it was A$200k/month and since then there have been some one-off non recurring costs that have reduced the cash but would not be used to calculate ongoing cash burn.

Do agree though some concrete news is needed on contracts but with the NDA's and the reluctance to give out progress news on smt it looks like if great news lands it will come unexpectedly.

This will either happen and provide a welcome boost or we'll just continue with linkedin and all the back slapping with gc & dh doing all the buying.

Parkez what about this paragraph.

CAP-XX’s principal research focus is on the development of high energy surface mountable supercapacitors suitable for assembly in automated production lines using reflow solder ovens.

There seems to be general apathy here and towards the results.

Lars needs a rabbit which hopefully will be smt early in the new year.

Or perhaps dh and gc have seen something else to surprise on the upside. They've put a lot of money in here based on something they like and it must be more than link-ed-in.

Parkez I agree if products have passed testing and patent protection is in place as part of the process then sales will be made.

Why else has dh and gc bought such a large stake.

Parkez the presentation is quite good, you should listen to it especially the times when lar's talks about smt and the patents. He is quite clearly hesitant and guarded in what he says. Made it quite clear they don't want to jeopardise the patent process and didn't give anything away about product development other than it's coming and said several times smt will become another product family within their portfolio.

I can only think this is what all the buying has been for and is what could transform the business and propel the sp.

On everything else that we would like progress on there was not a lot said if anything which I guess is what is causing the disappointment. The design wins, Ionic, energous, even digikey not mentioned when I thought they were going to significantly boost revenue.

It's a case of stay tuned and keep watching link....Edinburgh!

Well after listening to that I understand the secrecy around the smt product which is sounding more and more like it's a biggy.

If only I had the foresight to sell up prior to results and buy all back in the bargain sale the amount of times I have seen this cycle but always think the day I try this tactic is the day the results will be amazing....you have to smile.

At least it's looking positive and rosy from here onwards and who would sell other than sushi with all that DH accumulation going on.

Thanks NF & Techie I shall add that to the questions. Btw tech I found your analysis of AIM amusing there are exceptions whether this turns out to be one who knows might need something totally unexpected & out the blue to land though

I've sent all mine in......

why didn't digikey & shurter increase h2 results as expected, why aren't sales growing as fast as the market is growing, smt, dmh & dmv forever extended timescales, October headphone release, Continental, Ionic, energous??? , business forecast, h2 fy26 breakeven?????