Interim Results

CAP-XX Limited

01 February 2024

 

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

1 February 2024

CAP-XX Limited

("CAP-XX" or the "Company")

Interim Results for the half-year ended 31 December 2023

CAP-XX Limited, a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems, announces its interim results for the half-year ended 31 December 2023.

Key highlights

·    Total revenue of approximately A$2.3m, an increase of 40% versus the comparative period (H1FY2023: A$1.6m)

·     No license revenue recorded for the period (H1FY2023 : A$187K) but product sales increased by 59% versus the comparative period to A$2.3m (H1FY2023: A$1.4m), reflecting the greater focus by the Company on those revenues

·      Average product gross margin increased to 35.7% (H1FY2023: 28.8%)

·      Sales order book at 31 December 2023 was 33% higher than at 1 January 2023

·      Continuing to add new distributors to broaden sales channels

·      Adjusted EBITDA* loss of A$1,077k (H1FY2023: Adjusted EBITDA* loss of A$966k)

·      On 15 December 2023, certain CAP-XX patents were deemed invalid by the United States District Court for the District of Delaware.  CAP-XX has since lodged a motion to appeal the decision

·      Cash reserves as at 31 December 2023 were A$0.3m with no debt. In addition, the Company has an unused line of credit of approximately A$1.5m.   

* Adjusted EBITDA excludes patent infringement costs

CAP-XX Chairman, Pat Elliott and CEO, Lars Stegmann said: 

"Our half-year results reflect resilience in the face of industry challenges in the passive electronic market, achieving +59% growth on product revenue versus H1FY23. Key strategic initiatives, including a new salesforce as well as new distributor integration and market-focused approaches, position us for sustained success. This is underlined by a 33% growth in our sales bookings. The book-to-bill ratio remains above one and our progressive pipeline remains strong.

"Excitingly, partnerships with Ionic Industries and international universities for graphene technologies are underway, enhancing our innovation roadmap.

"The legal costs and unexpected expenses in relation to the departure of the former CEO and investment in new product developments have result in our adjusted EBITDA remaining negative and the Company's cash position being tight.  However, the Board is managing the Company's cashflows carefully."

Electronic copies of CAP-XX's interim results for the half-year ended 31 December 2023 will shortly be available from the Company's website: www.cap-xx.com.

For further information contact:

CAP-XX Limited

Lars Stegmann (Chief Executive Officer)                                 [phone]

Kreab (Financial PR)

Robert Speed                                                                           [phone]

Allenby Capital (Nominated Adviser and Joint Broker)

David Hart / Piers Shimwell (Corporate Finance)                     [phone]

Tony Quirke / Stefano Aquilino (Sales and Corporate Broking)

Cavendish Capital Markets plc (Joint Broker)

Neil McDonald / Pearl Kellie                                                      [phone]

More information is available at www.cap-xx.com

Notes to Editors:

CAP-XX (LSE: CPX) is a world 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. For more information about CAP-XX, visit www.cap-xx.com

CAP-XX Limited

Consolidated statement of profit or loss

For the half-year ended 31 December 2023

		Consolidated
	Notes	Half-year 2023	Half-year 2022
Currency: Australian Dollars		$	$
Revenue from sale of goods and services		2,263,636	1,613,684
Cost of sale of goods and services		(1,455,452)	(1,015,774)
Gross margin (loss) on sale of goods and services		808,184	597,910
Other revenue		4,869	456
Other income		1,038,810	1,103,384
General and administrative expenses		(1,298,477)	(1,063,597)
Legal Expenses		(1,624,502)	(727,918)
Process and engineering expenses		(703,248)	(676,629)
Selling and marketing expenses		(405,728)	(407,085)
Research and development expenses		(885,494)	(900,223)
Share based payments		(206,251)	(387,326)
Other expenses		(159,725)	(111,800)
(Loss) before income tax		(3,431,562)	(2,572,828)
Income tax benefit/(expense)		-	-
Net loss after income tax for the half year		(3,431,562)	(2,572,828)
(Loss) attributable to members of CAP-XX Limited		(3,431,562)	(2,572,828)
Loss per share attributable to the ordinary equity holders of the company		Cents	Cents
Basic loss per share		(0.46)	(0.57)
Diluted loss per share		(0.46)	(0.57)

CAP-XX Limited

Consolidated statement of comprehensive income

For the half year ended 31 December 2023

		Consolidated
		2023	2022
Currency: Australian Dollars	Notes	$	$
Loss for the half year		(3,431,562)	(2,572,828)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations		57,871	(5,108)
Other comprehensive loss for the half year, net of tax		(57,871)	(5,108)
Total comprehensive loss for the half year attributable to owners of CAP-XX Limited		(3,373,691)	(2,577,936)

CAP-XX Limited

Consolidated statement of financial position

As at 31 December 2023

		Consolidated
	Notes	31 December 2023	30 June 2023	31 December 2022
Currency: Australian Dollars		$	$	$
ASSETS
Current assets
Cash and cash equivalents		328,630	2,643,810	494,839
Receivables		608,212	959,515	567,760
Inventories		2,396,026	2,201,906	2,300,272
Other		1,234,018	2,429,946	1,097,305
Total current assets		4,566,886	8,235,177	4,460,176
Non-current assets
Property, plant and equipment		2,238,246	2,428,233	2,626,643
Right of Use Assets		2,019,071	2,193,777	2,372,360
Other		204,808	204,808	204,808
Total non-current assets		4,462,125	4,826,818	5,203,811
TOTAL ASSETS		9,029,011	13,061,995	9,663,987
LIABILITIES
Current liabilities
Payables		1,902,848	1,833,557	1,035,285
Lease Liabilities		178,953	194,888	205,128
Provisions		732,672	632,655	801,016
Interest bearing liabilities		-	1,038,054	-
Total current liabilities		2,814,473	3,699,154	2,041,429
Non-current liabilities
Lease Liabilities		1,920,194	2,024,584	2,095,836
Provisions		785,862	803,910	770,957
Total non-current liabilities		2,706,056	2,828,494	2,866,793
TOTAL LIABILITIES		5,520,529	6,527,648	4,908,222
NET ASSETS		3,508,482	6,534,347	4,755,765
EQUITY
Contributed equity		119,317,434	119,175,769	114,615,217
Reserves		8,364,352	8,100,320	7,895,991
Accumulated losses		(124,173,304)	(120,741,742)	(117,755,443)
TOTAL EQUITY		3,508,482	6,534,347	4,755,765

CAP-XX Limited

Consolidated statements of changes in equity

For the half-year ended 31 December 2023

	Consolidated
		Contributed Equity $	Reserve $	Accumulated losses $	Total $
Balance at 1 July 2022		114,511,790	7,513,773	(115,182,615)	6,842,948
Loss for the period as reported in the 2023 financial statements		-		(5,559,127)	(5,559,127)
Other comprehensive loss		-	(27,433)	-	(27,433)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs and tax		4,663,979			4,663,979
Employee share options ‑ value of employee services		-	613,980	-	613,980
Balance at 30 June 2023		119,175,769	8,100,320	(120,741,742)	6,534,347
Profit for the period as reported in the 2024 interim financial statements		-	-	(3,431,562)	(3,431,562)
Other comprehensive income		-	57,871	-	57,871
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs and tax		141,665	-	-	103,428
Employee share options ‑ value of employee services		-	206,251	-	387,326
Balance at 31 December 2023		119,317,434	8,364,352	(124,173,304)	3,508,482

CAP-XX Limited

Consolidated statement of cash flows

For the half-year ended 31 December 2023

		Consolidated
		2023	2022
Currency: Australian Dollars	Notes	$	$
Cash flows from operating activities
Receipts from customers (inclusive of goods and services tax)		2,632,708	2,180,265
Payments to suppliers and employees (inclusive of goods and services tax)		(6,161,627)	(5,108,521)
		(3,528,919)	(2,928,256)
Tax credit received		2,268,810	2,043,384
Interest paid on lease liabilities		(96,476)	(105,356)
Interest received		4,869	456
Net cash (outflow) from operating activities		(1,278,268)	(989,772)
Cash flows from investing activities
Payments for property, plant and equipment		(4,541)	(119,337)
Net cash (outflow) from investing activities		(4,541)	(119,337)
Cash flows from financing activities
Proceeds from issue of shares		141,665	103,428
Costs associated with the issue of shares		-	-
Proceeds from / (repayment of) borrowings		(1,038,054)	-
Principal repayments for lease liabilities		(120,316)	(109,086)
Net cash inflow from financing activities		(1,016,704)	(5,658)
Net (decrease) in cash and cash equivalents		(2,373,051)	(1,114,767)
Cash and cash equivalents at the beginning of the financial year		2,643,810	1,614,714
Effects of exchange rate changes on cash and cash equivalents		57,871	(5,108)
Cash and cash equivalents at the end of the financial year		328,630	494,839

This general purpose interim financial report, for the half-year reporting period ended 31 December 2023, 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 2023, is unaudited.

 

END