REG - CAP-XX Limited - Interim Results
01/02/2024 07:15
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RNS Number : 6148B 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 (http://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 (http://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 (http://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 (3,373,691) (2,577,936)
Limited
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)
3,508,482 6,534,347 4,755,765
TOTAL EQUITY
CAP-XX Limited
Consolidated statements of changes in equity
For the half-year ended 31 December 2023
Consolidated
Contributed Reserve Accumulated losses Total
Equity $ $ $
$
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)
- (27,433) -
Other comprehensive loss (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
- - (3,431,562) (3,431,562)
Profit for the period as reported in the 2024 interim financial statements
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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