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) +61 (0) 2 9157 0000
Kreab (Financial PR)
Robert Speed +44 (0) 20 7074 1800
Allenby Capital (Nominated Adviser and Joint Broker)
David Hart / Piers Shimwell (Corporate Finance) +44 (0) 20 3328 5656
Tony Quirke / Stefano Aquilino (Sales and Corporate Broking)
Cavendish Capital Markets plc (Joint Broker)
Neil McDonald / Pearl Kellie +44 (0) 13 1220 6939
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.
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