CAP-XX Limited - Interim Results
02/02/2026 07:00
RNS Number : 1962R
CAP-XX Limited
02 February 2026
2 February 2026
CAP-XX Limited
("CAP-XX" or "the Company")
Unaudited interim results for the period ended 31 Dec 2025
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 period ended 31 Dec 2025.
Unaudited interim results for the period ended 31 Dec 2025 ("H1 FY26"):
· Total revenue of A$2.6m (H1 FY25: A$2.4m), an increase of 9%.
· Bookings of A$3.4m (H1 FY25: A$2.6m), an increase YoY of 31%.
· Billings of A$2.6m (H1 FY25: A$2.3m), an increase YoY of 14%.
· Backlog of A$2.8m (H1 FY25: A$1.2m), an increase YoY of 132%.
· Loss after tax of A$1.5m (H1 FY25: A$1.7m), an improvement of 9%.
· EBITDA loss of A$1.1m (H1 FY25: A$1.2m), an improvement of 7%.
· Cash at bank on 31 Dec 2025 was A$2.9m (H1 FY25: A$4.2m).
· Trade debtors exceeded trade creditors by A$0.3m.
· The company is debt-free.
· Strong operational improvements, including the integration of Datapel WMS & Pipeliner CRM with MYOB.
CAP-XX CEO Lars Stegmann commented: "In the first half of FY26 we made solid progress focusing on operations and execution. While the 9% revenue increase shows steady growth the real story lies in the 31% surge in bookings and our significant A$2.8m order backlog which we are currently delivering. This is a clear signal that we are experiencing strong market pull.
By integrating Datapel and Pipeliner directly into our MYOB core, we've eliminated the operational silos that slow down most technology companies. This makes us more effective at turning sales into sustainable revenue.
Our entire operational focus is directed towards becoming cash flow positive. Every operational improvement and efficiency gain that we implemented in the period is a deliberate step towards this milestone. We are running a lean, debt-free company that currently maintains a healthy cash runway and a strong orderbook."
For further information, please contact:
CAP-XX Limited
Dr Graham Cooley (Chairman) +61 (2) 9157 0000
Lars Stegmann (Chief Executive Officer)
Allenby Capital (Nominated Adviser and Broker)
David Hart/Piers Shimwell (Corporate Finance) +44 (0) 20 3328 5656
Jos Pinnington/Tony Quirke (Sales and Corporate Broking)
Notes to Editors:
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.
For more information about CAP-XX, visit www.cap-xx.com
CAP-XX Limited
31 December 2025
Business Review
Review of Operations and Activities
During the half-year ended 31 December 2025 ("H1 FY26"), CAP-XX Limited accelerated its transformation into a more disciplined, transparent, and scalable enterprise. The Group remained firmly focused on advancing its core supercapacitor technology platform while materially enhancing execution across manufacturing, inventory optimisation, and financial governance to support sustainable long-term growth.
Operational performance and systems enhancement
In recent years, CAP-XX has invested in the implementation and integration of enhanced enterprise systems across its operations, including warehouse management, customer relationship management and accounting platforms. These systems are now fully embedded across the Group's manufacturing and supply-chain activities and provide management with significantly improved transparency and real-time visibility over production throughput, inventory levels, and financial performance.
The enhanced systems environment enables the Group to more efficiently monitor stock positions, review production yields, and accurately determine inventory requirements across its manufacturing footprint. This improved visibility has supported more informed decision-making, reduced manual intervention, and strengthened internal controls across production planning and procurement.
As a result, the Group has achieved improvements in cost allocation accuracy, with clearer attribution of manufacturing, logistics and overhead costs across products and projects. These improvements are contributing to better cost discipline, enhanced margin analysis, and more reliable financial reporting, positioning CAP-XX to support future growth as sales volumes scale.
Commercial activity
Revenues for H1 FY26 increased to A$2.63 million (H1 FY25: A$2.42 million) reflecting continued demand for the Group's supercapacitor products despite challenging global market conditions.
During the half-year, the Group continued to build momentum with its global distribution partners and strategic customers, with some of these relationships only commencing in H1 FY25. The breadth and progress with these partners and customers have driven significant progress in CAP-XX's bookings and backlog which will convert into enhanced revenues in due course. The strengthened operational platform supports the Company's ability to service customers efficiently while maintaining quality and delivery standards.
Financial performance
The Group recorded a net loss after tax of A$1.53 million for H1 FY26 (H1 FY25: loss of A$1.69 million). EBITDA loss improved to A$1.13 million (H1 FY25: loss of A$1.21 million), reflecting tighter cost control and benefits from improved operational efficiency.
The balance sheet remains sound, with cash and cash equivalents of A$2.92 million at period end. The Board continues to closely monitor liquidity and expenditure, ensuring capital is deployed prudently to support operational priorities and growth initiatives.
A reconciliation of the loss attributable to the owners of CAP-XX Limited as reported in the consolidated statement of profit or loss through to EBITDA is tabled below:
| EBITDA Calculation | Consolidated | |
| Half Year FY26 6 months ended 31 December 2025 | Half Year FY25 6 months ended 31 December 2024 | |
| A$ | A$ | |
| Loss attributable to owners of CAP-XX Limited | (1,534,882) | (1,691,504) |
| Depreciation / Amortisation | 332,376 | 360,741 |
| Interest Expense | 104,552 | 140,666 |
| Interest Income | (29,962) | (22,019) |
| EBITDA | (1,127,916) | (1,212,116) |
| Consolidated | ||||
| Half-year 2026 | Half-year 2025 | |||
| Currency: Australian Dollars | $ | $ | ||
| Revenue from contracts with customers | 2,634,395 | 2,416,946 | ||
| Cost of sales | (1,868,174) | (1,570,860) | ||
| Gross Profit | 766,221 | 846,086 | ||
| Other income | 937,639 | 1,111,030 | ||
| Interest income | 29,962 | 22,019 | ||
| Process and engineering expenses | (648,958) | (1,135,336) | ||
| Research and development expenses | (660,491) | (598,242) | ||
| Other expenses | (34,706) | - | ||
| Finance costs | (104,552) | (140,666) | ||
| Selling and marketing expenses | (398,757) | (302,827) | ||
| General and administrative expenses | (1,421,240) | (1,493,569) | ||
| Loss before income tax | (1,534,882) | (1,691,504) | ||
| Income tax benefit | - | - | ||
| Net loss after income tax for half year | (1,534,882) | (1,691,504) | ||
| Loss attributable to owners of CAP-XX Limited | (1,534,882) | (1,691,504) | ||
| Items that may be reclassified subsequently to profit or loss | ||||
| Exchange difference on translation of foreign operations | (36,472) | (83,480) | ||
| Other comprehensive income / (loss) | (36,472) | (83,480) | ||
| Total comprehensive income / (loss) for the half year end attributable to owners of CAP-XX Limited | (1,571,354) | (1,774,984) | ||
| Earnings per share for loss attributable to the ordinary equity holders of the Company | Cents | Cents | ||
| Basic loss per share | (0.027) | (0.051) | ||
| Diluted loss per share | (0.027) | (0.051) | ||
| As at 31 December 2025 (Unaudited) | As at 30 June 2025 (Audited) | As at 31 December 2024 (Unaudited) | ||
| Currency: Australian Dollars | $ | $ | $ | |
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | 2,917,503 | 3,956,163 | 4,162,022 | |
| Receivables | 1,941,538 | 2,471,775 | 3,521,117 | |
| Inventories | 877,788 | 991,017 | 1,701,556 | |
| Other | 38,681 | 65,937 | 123,354 | |
| Total current assets | 5,775,510 | 7,484,892 | 9,508,049 | |
| Non-current assets | ||||
| Property, plant and equipment | 1,557,216 | 1,699,718 | 1,855,872 | |
| Intangibles | 154,820 | 149,715 | - | |
| Right of use assets | 1,349,871 | 1,515,161 | 1,680,452 | |
| Other | 204,808 | 204,808 | 204,808 | |
| Total non-current assets | 3,266,715 | 3,569,402 | 3,741,132 | |
| TOTAL ASSETS | 9,042,225 | 11,054,294 | 13,249,181 | |
| LIABILITIES | ||||
| Current liabilities | ||||
| Payables | 826,159 | 1,297,348 | 1,495,420 | |
| Lease liabilities | 449,117 | 442,561 | 279,872 | |
| Provisions | 318,906 | 466,563 | 431,406 | |
| Total current liabilities | 1,594,182 | 2,206,472 | 2,206,698 | |
| Non-current liabilities | ||||
| Lease liabilities | 1,149,900 | 1,300,036 | 1,599,018 | |
| Provisions | 994,111 | 848,965 | 833,405 | |
| Total non-currentliabilities | 2,144,011 | 2,149,001 | 2,432,423 | |
| TOTAL LIABILITIES | 3,738,193 | 4,355,473 | 4,639,121 | |
| NET ASSETS | 5,304,032 | 6,698,821 | 8,610,060 | |
| EQUITY | ||||
| Contributed equity | 128,933,205 | 128,836,930 | 128,583,960 | |
| Reserves | 8,716,915 | 8,673,097 | 8,446,643 | |
| Accumulated losses | (132,346,088) | (130,811,206) | (128,420,543) | |
| TOTAL EQUITY | 5,304,032 | 6,698,821 | 8,610,060 |
| Consolidated | ||||
| Currency: Australian Dollars | Contributed Equity | Reserves | Accumulated Losses | Total |
| $ | $ | $ | $ | |
| Balance at 1 July 2024 | 122,900,813 | 8,437,602 | (126,729,039) | 4,609,376 |
| Prior period error | - | - | (156,245) | (156,245) |
| Restated balance at 1 July 2024 | 122,900,813 | 8,437,602 | (126.885.284) | 4,453,131 |
| Loss for the year as reported in the 2024 financial statements | - | - | (3,925,922) | (3,925,922) |
| Other comprehensive loss | - | (56,640) | - | (56,640) |
| Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs and tax Share warrants exercised Employee share options - value of employee services | 5,830,284 105,833 - | - (105,833) 397,968 | - - - | 5,830,284 - 397,968 |
| Balance at 30 June 2025 | 128,836,930 | 8,673,097 | (130,811,206) | 6,698,821 |
| Loss for the year as reported in the 2025 financial statements | - | - | (1,534,882) | (1,534,882) |
| Other comprehensive loss | - | (36,472) | - | (36,472) |
| Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs and tax Employee share options - value of employee services | 96,275 - | - 80,290 | - - | 96,275 80,290 |
| Balance at 31 December 2025 | 128,933,205 | 8,716,915 | (132,346,088) | 5,304,032 |
| Consolidated | |||
| Half-year 2026 | Half-year 2025 | ||
| Currency: Australian Dollars | $ | $ | |
| Cash flows from operating activities | |||
| Receipts from customers (inclusive of goods and services tax) | 2,419,873 | 2,434,242 | |
| Payments to suppliers and employees (inclusive of goods and services tax) | (5,146,410) | (4,766,678) | |
| (2,726,537) | (2,332,436) | ||
| R&D Tax incentive received | 1,749,696 | - | |
| Interest paid | (74,590) | (184,840) | |
| Interest received | 29,962 | 22,019 | |
| Net cash (outflow) from operating activities | (1,021,469) | (2,495,257) | |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment (net) | (24,585) | (6,110) | |
| Payments for intangibles | (5,105) | - | |
| Net cash (outflow) from investing activities | (29,690) | (6,110) | |
| Cash flows from financing activities | |||
| Proceeds from issue of shares | 192,550 | 6,173,993 | |
| Costs associated with the issue of shares | - | (490,846) | |
| Proceeds from borrowings | - | 812,370 | |
| Repayment of borrowings | - | (1,536,370) | |
| Principal repayments for lease liabilities | (143,579) | (129,273) | |
| Net cash inflow / (outflow) from financing activities | 48,971 | 4,829,974 | |
| Net increase / (decrease) in cash and cash equivalents | (1,002,188) | 2,328,507 | |
| Cash and cash equivalents at the beginning of the financial period | 3,956,163 | 1,916,995 | |
| Effects of exchange rate changes on cash and cash equivalents | (36,472) | (83,480) | |
| Cash and cash equivalents at the end of the financial period | 2,917,503 | 4,162,022 | |