REG - CAP-XX Limited - Half-year Results
17/02/2025 07:00
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RNS Number : 3306X CAP-XX Limited 17 February 2025
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
(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 (1,774,984) (3,373,691)
owners of CAP-XX Limited
Earnings per share for loss attributable to the ordinary equity holders of the Cents Cents
Company
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 As at As at
31 December 30 June 31 December 2023
2024 2024 (Unaudited)
(Unaudited) (Audited)
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
3,725,044 - - 3,725,044
Share warrants issued
Employee share options value of employee services - 249,016 - 249,016
- 131,334 - 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 - - 5,683,147
- 92,521 - 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)
- 2,078,233
R&D Tax incentive received
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
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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