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
|
|
|
|
|
|
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.
