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17 Feb 2025 07:00
17 February 2025
CAP-XX Limited
("CAP-XX" or "the Company")
Half Year Results
CAP-XX Limited (AIM: CPX), a world leader in the design and manufacture of thin, prismatic supercapacitors and energy management systems, is pleased to announce its unaudited interim results for the six months ended 31 December 2024 ("H1FY25").
It should be noted that these are the last set of results that do not reflect the positive impact of partnerships with SCHURTER and DigiKey.
One of the most important outcomes of the current transformation is the reduction of operating costs during the (comparative) period by 30%.
Key highlights
· Total revenue of A$2.4m during H1FY25 has increased by approximately A$0.2m compared to H1FY24, representing an increase of 6.8%.
· Gross margin of 35.0% is broadly consistent with the margin recorded for H1FY24 (35.7%) and represents a five percentage points increase compared to the gross margin of 30.0% recorded for the 12 months ended 30 June 2024.
· Adjusted EBITDA loss* of A$0.8m, is an A$0.3m improvement versus the same period last year. The improved performance is mainly attributable to lower operating costs as a result of the restructuring activities delivered during 2024.
· Loss after tax for the period of A$1.7m is significantly improved from the A$3.4m loss recorded for H1FY24. The improved performance is mainly attributable to the decrease in legal costs associated with resolving the legacy licence fee disputes.
· Cash at bank at 31 December 2024 was A$4.2m following a successful capital raise which resulted in net proceeds of A$5.7m received in the period. During January 2025 a further A$1.2m net R&D tax credit was completed by the Company.
* Adjusted to exclude legal expenses for patent infringement, restructuring costs and the amortisation of share-based payment expenses.
Current trading
The current trading includes one month of activity with SCHURTER.
· Billings of A$321,000 in January 2025 is an increase of 62 per cent versus January 2024.
· Bookings of A$281,000 in January 2025 is an increase of 27% versus January 2024.
· Backlog of A$1.2m as at 31 January 2025.
· Book to bill ratio of 0.88 as at 31 January 2025.
· Cash at bank as at 31 January 2025 was A$5.0m.
Investor presentation
Lars Stegmann, Chief Executive Officer, and Ariel Sivikofsky, Interim Chief Financial Officer, will provide a live presentation relating to the Interim Results via the Investor Meet Company platform on 19 February 2025 at 9:00 a.m. UK time.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00 a.m. the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet CAP-XX via:
https://www.investormeetcompany.com/cap-xx-limited/register-investor
Investors who already follow CAP-XX on the Investor Meet Company platform will automatically be invited.
Electronic copies of CAP-XX's interim results for the half-year ended 31 December 2024 will shortly be available from the Company's website: www.cap-xx.com.
For further information contact:
CAP-XX Limited +61 (2) 9157 0000
Pat Elliott (Chairman)
Lars Stegmann (Chief Executive Officer)
Allenby Capital (Nominated Adviser and Broker) +44 (0) 20 3328 5656
David Hart / Piers Shimwell (Corporate Finance)
Jos Pinnington / Tony Quirke (Sales and Corporate Broking)
Business Review Review of Operations and Activities
CAP-XX continues to focus on transforming the business to optimise operations and secure sustainable growth. Good progress has been made during the period, with the following key developments:-
· A strategic technology partnership was established with SCHURTER AG (SCHURTER), a world class Swiss technology company and solutions innovator. This partnership focuses on the joint development of innovative supercapacitor products combining CAP-XX's expertise in supercapacitor technology and SCHURTER's extensive experience in electronic components distribution. As part of this partnership, the first co-branded supercapacitor products were shipped by CAP-XX to SCHURTER during January 2025. · CAP-XX commenced delivery of services to the National University of Singapore Institute for Functional Intelligent Materials under the Memorandum of Understanding signed during July 2024. Services delivered by CAP-XX form part of the strategic partnership between the two organisations to drive innovation and develop cutting-edge solutions that will shape the future of technology. · During the period, CAP-XX matured its relationship with DigiKey, a global electronic component distributor. The Company is now an accredited partner of the 'Fulfilled by DigiKey' programme which is designed to streamline the supply chain process in North America. As such, during February 2025, CAP-XX shipped the first stock order to DigiKey and this will now form part of a physical stock holding in the US for the first time in the Company's history. · CAP-XX continued to develop its network of distribution partners around the world. This was further enhanced by the signing of a franchised distribution agreement with JM Elektronik sp. z o.o. ("JM Elektronik"), a leading Polish-based electronic component distributor. This agreement grants JM Elektronik the rights to distribute CAP-XX's full range of high-performance supercapacitor products throughout Poland. · Further growth in the Africa region is anticipated following the announcement during the period that a new contract has been signed with a customer in the smart meter sector in South Africa. The customer will incorporate CAP-XX's supercapacitors in their smart meter products which will then be distributed to the customer's end customers to measure their gas and electricity usage. · CAP-XX continues to invest in and develop its product portfolio and has invested in its internal systems (CRM, accounting and MRP) to support continued sales growth and optimise operational efficiency. · The Company filed a number of patent applications during the period to protect and secure the intellectual knowledge created. · A successful fundraise was delivered by the Company during the period which raised gross proceeds of approximately £3.025 million (before expenses).
|
CAP-XX Limited
Consolidated statement of profit or loss and consolidated statement of comprehensive income
For the half-year ended 31 December 2024
| Consolidated |
| ||
| Half-year 2025 | Half-year 2024 | ||
Currency: Australian Dollars |
| $ | $ | |
Revenue from contracts with customers |
| 2,416,946 | 2,263,636 | |
Cost of sales | (1,570,860) | (1,455,452) | ||
Gross Profit | 846,086 | 808,184 | ||
Other income |
| 1,111,030 | 1,038,810 | |
General and administrative expenses | (1,390,040) | (1,112,248) | ||
Process and engineering expenses | (774,596) | (685,674) | ||
Selling and marketing expenses | (302,827) | (405,728) | ||
Research and development expenses | (598,242) | (720,061) | ||
Legal expenses | (11,006) | (1,624,502) | ||
Share based payment expense | (92,521) | (206,251) | ||
Depreciation and Amortisation | (360,741) | (369,236) | ||
Interest expense | (140,666) | (159,725) | ||
Interest income | 22,019 | 4,869 | ||
Loss before income tax | (1,691,504) | (3,431,562) | ||
Income tax benefit | - | - | ||
Net loss after income tax for the half year | (1,691,504) | (3,431,562) | ||
|
|
| ||
Loss attributable to owners of CAP-XX Limited |
| (1,691,504) | (3,431,562) | |
Items that may be reclassified subsequently to profit or loss |
|
| ||
Exchange difference on translation of foreign operations | (83,480) | 57,871 | ||
Other comprehensive income / (loss) | (83,480) | 57,871 | ||
Total comprehensive income / (loss) for the half year end attributable to owners of CAP-XX Limited |
| (1,774,984) | (3,373,691) | |
|
|
| ||
Earnings per share for loss attributable to the ordinary equity holders of the Company | Cents | Cents | ||
Basic loss per share | (0.051) | (0.46) | ||
Diluted loss per share | (0.051) | (0.46) | ||
CAP-XX Limited
Consolidated statement of financial position
As at 31 December 2024
|
|
| |||
| As at 31 December 2024 (Unaudited) | As at 30 June 2024 (Audited) | As at 31 December 2023 (Unaudited) | ||
Currency: Australian Dollars |
| $ | $ | $ | |
|
|
|
| ||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | 4,162,022 | 1,916,995 | 328,630 | ||
Receivables | 669,148 | 686,065 | 608,212 | ||
Inventories | 1,701,556 | 1,678,616 | 2,396,026 | ||
Other | 2,975,323 | 1,993,015 | 1,234,018 | ||
Total current assets |
| 9,508,049 | 6,274,691 | 4,566,886 | |
Non-current assets | |||||
Property, plant and equipment | 1,855,872 | 2,043,449 | 2,238,246 | ||
Right of use assets | 1,680,452 | 1,847,504 | 2,019,071 | ||
Other | 204,808 | 204,808 | 204,808 | ||
Total non-current assets | 3,741,132 | 4,095,761 | 4,462,125 | ||
TOTAL ASSETS | 13,249,181 | 10,370,452 | 9,029,011 | ||
|
| ||||
LIABILITIES | |||||
Current liabilities | |||||
Payables | 1,495,420 | 1,658,885 | 1,902,848 | ||
Lease liabilities | 279,872 | 261,521 | 178,953 | ||
Provisions | 431,406 | 456,124 | 732,672 | ||
Interest bearing liabilities | - | 768,174 | - | ||
Total current liabilities | 2,206,698 | 3,144,704 | 2,814,473 | ||
Non-current liabilities |
| ||||
Lease liabilities | 1,599,018 | 1,746,642 | 1,920,194 | ||
Provisions | 833,405 | 869,730 | 785,862 | ||
Total non-current liabilities | 2,432,423 | 2,616,372 | 2,706,056 | ||
TOTAL LIABILITIES | 4,639,121 | 5,761,076 | 5,520,529 | ||
| |||||
NET ASSETS | 8,610,060 | 4,609,376 | 3,508,482 | ||
EQUITY |
|
|
|
| |
Contributed equity | 128,583,960 | 122,900,813 | 119,317,434 | ||
Reserves |
| 8,446,643 | 8,437,602 | 8,364,352 | |
Accumulated losses |
| (128,420,543) | (126,729,039) | (124,173,304) | |
TOTAL EQUITY | 8,610,060 | 4,609,376 | 3,508,482 | ||
CAP-XX Limited
Consolidated statement of changes in equity
For the half-year ended 31 December 2024
| Consolidated | |||
Currency: Australian Dollars | Contributed Equity | Reserves | Accumulated Losses | Total |
$ | $ | $ | $ | |
Balance at 1 July 2023 |
119,175,769 |
8,100,320 |
(120,741,742) |
6,534,347 |
Loss for the year as reported in the 2024 financial statements |
- |
- |
(5,987,297) |
(5,987,297) |
Other comprehensive loss |
- |
(43,068) |
- |
(43,068) |
Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs and tax
Share warrants issued
Employee share options value of employee services |
3,725,044
-
- |
-
249,016
131,334 |
-
-
- |
3,725,044
249,016
131,334 |
Balance at 30 June 2024 |
122,900,813 |
8,437,602 |
(126,729,039) |
4,609,376 |
Loss for the year as reported in the 2024 financial statements |
- |
- |
(1,691,504) |
(1,691,504) |
Other comprehensive loss |
- |
(83,480) |
- |
(83,480) |
Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs and tax
Employee share options value of employee services |
5,683,147
- |
-
92,521 |
-
- |
5,683,147
92,521 |
Balance at 31 December 2024 |
128,583,960 |
8,446,643 |
(128,420,543) |
8,610,060 |
CAP-XX Limited
Consolidated statement of cash flows
For the half-year ended 31 December 2024
| Consolidated | ||
|
| ||
| Half-year 2025 | Half-year 2024 | |
Currency: Australian Dollars |
| $ | $ |
Cash flows from operating activities | |||
Receipts from customers (inclusive of goods and services tax) | 2,434,242 | 2,632,618 | |
Payments to suppliers and employees (inclusive of goods and services tax) | (4,766,678) | (5,971,050) | |
(2,332,436) | (3,338,432) | ||
R&D Tax incentive received | - | 2,078,233 | |
Interest paid | (184,840) | (96,476) | |
Interest received | 22,019 | 4,869 | |
Net cash (outflow) from operating activities | (2,495,257) | (1,351,806) | |
| |||
Cash flows from investing activities |
| ||
Payments for property, plant and equipment (net) | (6,110) | (4,541) | |
Net cash (outflow) from investing activities | (6,110) | (4,541) | |
|
|
| |
Cash flows from financing activities |
| ||
Proceeds from issue of shares | 6,173,993 | 141,665 | |
Costs associated with the issue of shares | (490,846) | - | |
Proceeds from borrowings | 812,370 | - | |
Repayment of borrowings | (1,536,370) | (1,038,053) | |
Principal repayments for lease liabilities | (129,273) | (120,316) | |
Net cash inflow / (outflow) from financing activities | 4,829,874 | (1,016,704) | |
| |||
Net increase / (decrease) in cash and cash equivalents | 2,328,507 | (2,373,051) | |
Cash and cash equivalents at the beginning of the financial period | 1,916,995 | 2,643,810 | |
Effects of exchange rate changes on cash and cash equivalents | (83,480) | 57,871 | |
Cash and cash equivalents at the end of the financial period | 4,162,022 | 328,630 | |
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| |
This general purpose interim financial report, for the half-year reporting period ended 31 December 2024, has been prepared in accordance with Australian equivalents to International Financial Reporting Standards (AIFRSs), other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001. This general purpose interim financial report, for the half-year reporting period ended 31 December 2024, is unaudited.
About CAP-XX
CAP-XX (LSE: CPX) is a leader in the design and manufacture of thin, flat supercapacitors and energy management systems used in portable and small-scale electronic devices, and to an increasing extent, in larger applications such as automotive and renewable energy. The unique feature of CAP-XX supercapacitors is their very high-power density and high energy storage capacity in a space-efficient prismatic package. These attributes are essential in power-hungry consumer and industrial electronics and deliver similar benefits in automotive and other transportation applications.
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