REG - CAP-XX Limited - Final results and notice of AGM
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RNS Number : 6552G CAP-XX Limited 07 November 2025
7 November 2025
CAP-XX Limited
("CAP-XX" or "the Company")
Audited results for the year ended 30 June 2025
Notice of AGM
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 audited results for the year ended 30 June 2025 and provide an
update on current trading.
Audited results for the year ended 30 June 2025 ("FY25")
· Total revenue of A$4.94m (FY24: A$4.59m) has increased by 7.6%
· Gross margin of 29.7% broadly in line with last year (FY24:
30.0%)
· EBITDA loss of A$3.04m (FY24: A$5.11m*) a 40.5% improvement
· Loss after tax of A$3.93m (FY24: A$6.14m*) a 36.0% improvement
· Cash as at 30 June 2025 was A$3.96m
· Finished goods stock, raw materials and WIP totalled A$0.99m
* FY24 restated as outlined in the Annual Report
Commercial Highlights
· Billings A$4.7m (FY24: A$4.6m) increased marginally YoY
· Bookings A$5.0m (FY24: A$5.0m) remained constant YoY
· Distribution deals signed with Farnell (AVNET) and RS Components
· Master distributor deal signed with Waldom Electronics
· Developing a strong potential pipeline with SCHURTER AG
Operational Highlights
· Strong operational improvements, Datapel WMS & Pipeliner CRM
integrated with MYOB
· Introduction of real-time Power BI reporting from these three
systems
· Improved yield at Seven Hills producing close to optimal output
and reduced lead times
Current Trading: For the four months since year end
· Bookings are up by 25.4% and Billings are up 12.1% for the first
four months of FY26
· Backlog as at 31 October 2025 was A$ 2.7m
· At 31 October 2025 cash held of A$1.5m and R&D tax credit of
A$1.8m applied for
· Non-recurring costs and some large creditor payments totalled
A$0.85 million in the period
· During the period the Company invested in inventories which were
historically low at year end
Investor presentation
Lars Stegmann, Chief Executive Officer, and Anthony Guarna, Interim Chief
Financial Officer, will provide a live presentation relating to the FY25
results via the Investor Meet Company platform on 10 November 2025 at 10:00
a.m. UK time. 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
(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.
Notice of Annual General Meeting
The Company announces that its 2025 Annual General Meeting ("AGM") will be
held at the Company's office at Unit 1, 13A Stanton Road Seven Hills 2147 NSW
Australia at 6.00 pm (AEDT) on 28 November 2025, being 7.00 am (GMT). CAP-XX
shareholders may participate at the AGM via the Investor Meet Company platform
(www.investormeetcompany.com).
CAP-XX's annual report and audited accounts for the year ended 30 June 2025
and notice of AGM will shortly be sent to shareholders and electronic copies
will shortly be available from the Company's website: www.cap-xx.com
(http://www.cap-xx.com)
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
(http://www.cap-xx.com)
Summary
FY25 was marked by significant operational improvements and strategic
execution, setting a solid foundation for future growth. Strong deal flow and
commercial traction are now translating into a robust start to FY26, with
momentum accelerating in Q1 trading.
The Group delivered a year of solid revenue growth and continued operational
progress during FY25, with total revenue increasing by 7.6% to A$4.94m (FY24:
A$4.59m). Gross margin was 29.7%, slightly lower than the prior year (FY24:
30.0%), reflecting a minor shift in product mix.
The Group reported an EBITDA loss of A$3.04 million, a 40.5% improvement from
the FY24 loss of A$5.11 million, as restated, reflecting continued investment
in commercial expansion, improved operational capabilities and resolution of
historic legacy commercial matters. The loss after tax also improved
significantly to A$3.93m (FY24: A$6.14m, as restated), representing a 36.0%
year-on-year reduction. The Group ended the year with a cash balance of A$3.96
million, underscoring prudent cost control and disciplined cash management
throughout the period.
Commercially, FY25 saw billings of A$4.7 million (FY24: A$4.6 million) and
bookings of A$5.0 million (FY24: A$5.0 million), both broadly in line with the
prior year. Key distribution agreements were signed with Farnell (AVNET) and
RS Components, along with a master distributor arrangement with Waldom
Electronics, the benefits of which are now beginning to be reflected in
current trading performance. The Company's partnership with SCHURTER continues
to grow, with initial product shipments completed during the year.
Operationally, the integration of Datapel WMS and Pipeliner CRM with MYOB was
completed, enabling seamless data flow and real-time reporting through Power
BI. The Seven Hills production facility achieved improved yield and
near-optimal stacker performance, resulting in higher throughput and shorter
lead times.
Current Trading and Outlook
Post year-end, trading momentum has strengthened. For the four months ended 31
October 2025, billings and bookings are tracking well ahead of the equivalent
period in FY25, with a current book-to-bill ratio of 1.2. As at 31 October
2025, the Group held cash of A$1.5 million, after the payment of approximately
A$0.4m for non-recurring operational improvement costs and approximately
A$0.5m for certain large trade creditor balances which were outstanding. In
addition, CAP-XX expects to receive a R&D tax credit of A$1.8 million in
cash which will bolster Group resources. This position reflects effective cash
control, providing a solid platform to support ongoing operations and growth
initiatives.
The strong start to FY26, supported by growing order momentum and enhanced
operational efficiency, positions the Group well for continued progress in the
year ahead.
Market Dynamics
The global market for supercapacitors continues to expand rapidly, driven by
increasing demand for energy-efficient, high-reliability power solutions
across consumer electronics, industrial systems, automotive, defence, and
renewable energy applications. This growth trend is expected to persist as
industries pursue technologies that enable faster charging, higher
performance, and greater sustainability.
With strengthened global distribution channels, a growing portfolio of
design-wins and a proven technology platform, CAP-XX is well positioned to
capitalise on these favourable market dynamics. The Company has entered FY26
with strong momentum, a sound cash position underpinned by prudent financial
management and a clear focus on converting current opportunities into
sustainable revenue growth and long-term shareholder value.
CEO Statement
FY25 was a year of both transformation and disciplined execution for CAP-XX.
While global economic conditions remained challenging, with rising trade
tensions, tariffs and supply chain pressures impacting the electronics sector,
the Company navigated this environment with agility and focus. Three long-term
projects reached end-of-life during the year, but this transition has allowed
us to reallocate resources toward higher-growth, higher-margin opportunities.
Operationally, we made substantial progress. The integration of Datapel WMS
and Pipeliner CRM with MYOB has enhanced transparency and efficiency across
our operations, while automation and process improvements at our Seven Hills
facility have lifted production yields and reduced lead times. These
initiatives, together with our diversified production base in Malaysia, China
and Australia, continue to deliver tangible efficiency gains.
Commercially, the relationship with SCHURTER AG is developing well and we have
strengthened our global reach through new distribution agreements with Farnell
(AVNET), RS Components, and Waldom Electronics and achieved important
design-wins with other major international customers. The early impact of
these initiatives is now visible in current trading, with bookings in Q1 FY26
tracking more than 20% ahead of the same period last year.
We also maintained strong financial discipline, closing the financial year
with A$3.96 million in cash and an expected R&D tax credit of A$1.8
million to be received in due course. This provides CAP-XX with the
flexibility to continue investing in innovation and growth.
Looking ahead, we are encouraged by growing traction in professional headsets
and industrial applications, alongside emerging opportunities in Defence,
Aviation and Satellite markets, sectors where CAP-XX's technology provides
clear competitive advantages. Our focus remains on executing with discipline,
enhancing margins and building sustainable value for shareholders.
On behalf of the executive team, I thank our employees for their dedication,
our customers for their trust and our shareholders for their continued support
as we advance CAP-XX's next phase of growth.
Chairman's Statement
Dear Shareholders, FY25 was a pivotal year for CAP-XX, marked by operational
improvement, strategic renewal and clear progress in positioning the Company
for sustainable growth. I was honoured to assume the role of Chairman in March
2025, succeeding Patrick Elliott, who continues to serve as a Non-Executive
Director after more than a decade of valued leadership. I also wish to
acknowledge Steen Feldskov for his contribution prior to stepping down at the
last AGM. The appointment of SW Audit as our new auditor during the year
reinforces our commitment to strong governance and transparency.
Commercially, the Company made meaningful strides. New distribution
partnerships with Farnell (AVNET) and RS Components significantly expanded our
global reach and we have already begun to see the benefits of these
relationships in current trading. We also achieved key design-wins, including
integration into a next-generation headphone platform with a major Asian
manufacturer and, post year-end, a design-in with one of the world's leading
semiconductor companies. The collaboration with SCHURTER AG has also begun to
convert into orders, supported by a growing opportunity pipeline.
The Board remains disciplined in overseeing capital allocation and cash
control. CAP-XX ended the financial year with A$3.96 million in cash, to be
supplemented by an expected A$1.8 million R&D tax credit receivable in
cash in due course. The addition of new institutional shareholders further
demonstrates growing confidence in CAP-XX's direction and execution
capability.
With a strengthened global distribution network, an expanding design-win
portfolio and a focus on operational efficiency, the Company has entered FY26
with real momentum. While macroeconomic challenges remain, the Board is
confident that CAP-XX is well placed to convert its growing commercial
pipeline into sustainable revenue and long-term value creation.
On behalf of the Board, I thank our employees for their commitment, our
partners and customers for their collaboration and our shareholders for their
ongoing support.
Review of Operations and Activities
During the financial year ended 30 June 2025 ("FY25"), CAP-XX Limited
continued its transformation toward a more efficient, commercially focused,
and sustainable operating model. The Group further consolidated its
competitive advantage in thin, prismatic supercapacitors, a market
characterised by rapid technological change and growing demand across IoT,
industrial, and mobility applications.
Operational performance
Management implemented a comprehensive systems upgrade-integrating WMS and CRM
tools with the MYOB platform - to strengthen production planning and customer
engagement. Manufacturing processes at Seven Hills were optimised, while
diversification of production across Malaysia, China, and Australia provided
greater supply-chain resilience and improved yields. No environmental
non-compliance events were reported.
Commercial and partnership progress
FY25 saw an expansion of the Company's global sales footprint. A new
distribution agreement with RS Group plc (signed in June 2025) joined existing
relationships with Farnell (Avnet) and other global distributors, extending
CAP-XX's reach throughout EMEA and North America. The technology cooperation
with SCHURTER AG, announced earlier in the year, progressed to first
co-branded shipments in January 2025 and is generating a growing pipeline of
industrial and medical electronics opportunities.
Research & development
The Company advanced several new product platforms, including surface-mount
(SMT) supercapacitors capable of automated reflow-oven assembly, ultra-thin
DMH (0.4 mm) devices for wearables and medical sensors, and 3 V prismatic
capacitors designed to simplify system integration. CAP-XX continues to
strengthen its intellectual-property portfolio - seven patent families with
seven granted national patents and two further applications pending,
reflecting a disciplined "quick-to-file, quick-to-abandon" IP strategy.
Financial results
Group revenue increased 8% to A$4.94 million (FY24: A$4.59 million) and gross
profit rose 7% to A$1.47 million (FY24: A$1.38 million). The EBITDA loss
improved to A$3.04 million (restated FY24: A$5.11 million), largely due to
lower legacy legal costs and tighter operating expenditure. The net loss after
tax was A$3.93 million (restated FY24: A$6.14 million). Cash as at 30 June
2025 was A$3.96 million (FY24: A$1.76 million), with an A$1.8 million R&D
tax credit expected in due course. Borrowings were fully repaid during the
year.
Financial performance
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:
2025 2024
(Restated *)
$ $
EBITDA Calculation
Loss before income tax attributable to owners of CAP-XX Limited (3,925,922) (6,143,542)
Depreciation and Amortisation expense 716,959 734,726
Interest Expense 240,902 307,268
Interest Income (73,993) (4,929)
EBITDA (3,042,054) (5,106,477)
*See note 1(x) of the Annual Report for details regarding the restatement as a
result of a prior period adjustment
The Company reported an EBITDA loss of A$3.04 million in FY25. The EBITDA loss
decreased by $2.07m from the restated FY24 mainly due to the decrease in costs
associated with resolving the legacy licence fee disputes.
Certain financial information in the Chief Executive's Review, the Chairman's
Report and this Business Review reference Earnings Before Interest, Tax,
Depreciation and Amortisation (EBITDA) have been derived from the audited
consolidated financial statements.
EBITDA positions are non-IFRS financial information used by the Directors and
Management to assess the underlying performance of the business and as such
have not been audited.
Outlook
The Board remains focused on achieving profitability and positive operating
cash flow through increased sales volumes, richer product mix, continued
efficiency gains, and accelerating design-wins in target markets. CAP-XX
enters FY26 with a strengthened balance sheet, a growing customer base, and a
clear pathway toward sustainable growth.
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2025
Note 2025 2024
(Restated *)
$ $
Revenue
Revenue from contracts with customers 5 4,939,728 4,593,490
Cost of sales 7 (3,470,348) (3,214,710)
Gross profit 1,469,380 1,378,780
Other income 6 2,141,349 1,950,780
Finance income 6 73,993 4,929
Expenses
Process and engineering expenses (2,041,669) (2,055,488)
Research expenses (1,275,412) (1,264,491)
Other expenses (24,711) (349,225)
Finance costs 7 (240,902) (307,268)
Selling and marketing expenses (695,307) (691,090)
General and administrative expenses (3,332,643) (4,810,469)
Loss before income tax expense 7 (3,925,922) (6,143,542)
Income tax expense - -
Loss after income tax expense for the year attributable (3,925,922) (6,143,542)
to the owners of CAP-XX Limited
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations (56,640) (43,068)
Other comprehensive income for the year, net of tax (56,640) (43,068)
Total comprehensive income for the year attributable (3,982,562) (6,186,610)
to the owners of CAP-XX Limited
33 (0.08) (0.55)
Earnings per share for loss attributable to the
Ordinary equity holders of the Company
Basic loss per share
Diluted loss per share 33 (0.08) (0.55)
*See note 1(x) in the Annual Report for details regarding the restatements as
a result of a prior period adjustment.
The above consolidated statement of profit or loss and other comprehensive
income should be read in conjunction with the accompanying notes
Consolidated statement of financial position
As at 30 June 2025
Note 2025 2024
(Restated *)
$ $
Assets
Current assets
Cash and cash equivalents 9 3,956,163 1,760,750
Trade and other receivables 10 2,471,775 2,628,066
Inventories 11 991,017 1,678,616
Other assets 12 65,937 51,014
Total current assets 7,484,892 6,118,446
Non-current assets
Property, plant and equipment 13 1,699,718 2,043,449
Intangibles 14 149,715 -
Right-of-use assets 15 1,515,161 1,847,504
Other assets 16 204,808 204,808
Total non-current assets 3,569,402 4,095,761
Total assets 11,054,294 10,214,207
Liabilities
Current liabilities
Trade and other payables 17 1,297,348 1,658,885
Borrowings 18 - 768,174
Lease liabilities 19 442,561 261,521
Provisions 20 466,563 456,124
Total current liabilities 2,206,472 3,144,704
Non-current liabilities
Lease liabilities 19 1,300,036 1,746,642
Provisions 21 848,965 869,730
Total non-current liabilities 2,149,001 2,616,372
Total liabilities 4,355,473 5,761,076
Net assets 6,698,821 4,453,131
Equity
Contributed equity 22 128,836,930 122,900,813
Reserves 23 8,673,097 8,437,602
Accumulated losses 23 (130,811,206) (126,885,284)
Total equity 6,698,821 4,453,131
Note
2025
2024
(Restated *)
$
$
Assets
Current assets
Cash and cash equivalents
9
3,956,163
1,760,750
Trade and other receivables
10
2,471,775
2,628,066
Inventories
11
991,017
1,678,616
Other assets
12
65,937
51,014
Total current assets
7,484,892
6,118,446
Non-current assets
Property, plant and equipment
13
1,699,718
2,043,449
Intangibles
14
149,715
-
Right-of-use assets
15
1,515,161
1,847,504
Other assets
16
204,808
204,808
Total non-current assets
3,569,402
4,095,761
Total assets
11,054,294
10,214,207
Liabilities
Current liabilities
Trade and other payables
17
1,297,348
1,658,885
Borrowings
18
-
768,174
Lease liabilities
19
442,561
261,521
Provisions
20
466,563
456,124
Total current liabilities
2,206,472
3,144,704
Non-current liabilities
Lease liabilities
19
1,300,036
1,746,642
Provisions
21
848,965
869,730
Total non-current liabilities
2,149,001
2,616,372
Total liabilities
4,355,473
5,761,076
Net assets
6,698,821
4,453,131
Equity
Contributed equity
22
128,836,930
122,900,813
Reserves
23
8,673,097
8,437,602
Accumulated losses
23
(130,811,206)
(126,885,284)
Total equity
6,698,821
4,453,131
*See note 1(x) in the Annual Report for details regarding the restatement as a
result of a prior period adjustment
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes
Consolidated statement of changes in equity
For the year ended 30 June 2025
Issued capital Reserves Accumulated Losses Total
Equity
Note
$ $ $ $
Balance at 1 July 2023 119,175,769 8,100,320 (120,741,742) 6,534,347
Loss after income tax expense for the year (restated *) - - (6,143,542) (6,143,542)
Other comprehensive income for the year, - (43,068) - (43,068)
net of tax
Total comprehensive income for the year - (43,068) (6,143,542) (6,186,610)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs and tax 3,725,044 - - 3,725,044
Share warrants issued - 249,016 - 249,016
Employee share options - value of employee services - 131,334 - 131,334
Balance at 30 June 2024 (restated *) 122,900,813 8,437,602 (126,885,284) 4,453,131
Note
Issued capital
Reserves
Accumulated Losses
Total
Equity
$
$
$
$
Balance at 1 July 2023
119,175,769
8,100,320
(120,741,742)
6,534,347
Loss after income tax expense for the year (restated *)
-
-
(6,143,542)
(6,143,542)
Other comprehensive income for the year,
net of tax
-
(43,068)
-
(43,068)
Total comprehensive income for the year
-
(43,068)
(6,143,542)
(6,186,610)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs and tax
3,725,044
-
-
3,725,044
Share warrants issued
-
249,016
-
249,016
Employee share options - value of employee services
-
131,334
-
131,334
Balance at 30 June 2024 (restated *)
122,900,813
8,437,602
(126,885,284)
4,453,131
Issued Reserves Accumulated Losses Total
capital Equity
Note
$ $ $ $
Balance at 1 July 2024 122,900,813 8,437,602 (126,729,039) 4,609,376
Prior period error - - (156.245) (156,245)
122,900,813 8,437,602 (126,885,284) 4,453,131
Restated balance at 1 July 2024
Loss after income tax expense for the year - - (3,925,922) (3,925,922)
Other comprehensive income for the year, - (56,640) - (56,640)
net of tax
- (56,640) (3,925,922) (3,982,562)
Total comprehensive income for the year
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs and tax 5,830,284 - - 5,830,284
Employee share options - value of employee services - 397,968 - 397,968
23(a)
Warrants exercised 105,833 (105,833) - -
Balance at 30 June 2025 128,836,930 8,673,097 (130,811,206) 6,698,821
*See note 1(x) in the Annual Report for details regarding the restatement as a
result of a prior period adjustment
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes
Consolidated statement of cash flows
For the year ended 30 June 2025
Note 2025 2024
(Restated *)
$ $
Cash flows from operating activities
Receipts from customers (inclusive of GST) 5,017,105 4,958,534
Payments to suppliers and employees (inclusive of GST) (9,157,248) (10,891,212)
(4,140,143) (5,932,678)
R&D Tax incentive received 1,953,159 2,078,779
Interest received 73,993 4,929
Interest and other finance costs paid (240,902) (188,465)
Net cash used in operating activities (2,353,893) (4,037,435)
Cash flows from investing activities
Payments for property, plant and equipment (40,885) (20,381)
Payments for intangibles (149,714) -
Net cash used in investing activities (190,599) (20,381)
Cash flows from financing activities
Proceeds from issue of shares 6,321,132 4,321,723
Costs associated with the issue of shares (490,846) (347,662)
Proceeds from borrowings 814,464 723,251
Repayment of borrowings (1,582,638) (1,111,934)
Principal repayment of lease liabilities (265,567) (211,309)
Net cash from financing activities 4,796,545 3,374,069
Net increase/(decrease) in cash and cash equivalents 2,252,053 (683,747)
Cash and cash equivalents at the beginning of the financial year 1,760,750 2,643,810
Effects of exchange rate changes on cash and cash equivalents (56,640) (199,313)
Cash and cash equivalents at the end of the financial year 9 3,956,163 1,760,750
Note
2025
2024
(Restated *)
$
$
Cash flows from operating activities
Receipts from customers (inclusive of GST)
5,017,105
4,958,534
Payments to suppliers and employees (inclusive of GST)
(9,157,248)
(10,891,212)
(4,140,143)
(5,932,678)
R&D Tax incentive received
1,953,159
2,078,779
Interest received
73,993
4,929
Interest and other finance costs paid
(240,902)
(188,465)
Net cash used in operating activities
(2,353,893)
(4,037,435)
Cash flows from investing activities
Payments for property, plant and equipment
(40,885)
(20,381)
Payments for intangibles
(149,714)
-
Net cash used in investing activities
(190,599)
(20,381)
Cash flows from financing activities
Proceeds from issue of shares
6,321,132
4,321,723
Costs associated with the issue of shares
(490,846)
(347,662)
Proceeds from borrowings
814,464
723,251
Repayment of borrowings
(1,582,638)
(1,111,934)
Principal repayment of lease liabilities
(265,567)
(211,309)
Net cash from financing activities
4,796,545
3,374,069
Net increase/(decrease) in cash and cash equivalents
2,252,053
(683,747)
Cash and cash equivalents at the beginning of the financial year
1,760,750
2,643,810
Effects of exchange rate changes on cash and cash equivalents
(56,640)
(199,313)
Cash and cash equivalents at the end of the financial year
9
3,956,163
1,760,750
*See note 1(x) in the Annual Report for details regarding the restatement as a
result of a prior period adjustment
The above consolidated statement of cash flows should be read in conjunction
with the accompanying notes
Notes to the consolidated statements
30 June 2025
Basis of preparation
The financial information included in this announcement does not constitute
statutory accounts within the meaning of the Australian Corporations Act
2001. Whilst the financial information has been computed in accordance with
Australian equivalents to International Financial Reporting standards and
other authoritative pronouncements of the Australian Accounting Standards
Board, Urgent Issues Group Interpretations and the Corporations Act 2001, this
announcement does not itself contain sufficient information to comply with
those requirements.
Note 1. Material Accounting Policy Information
The material accounting policy information relating to the preparation of
these consolidated financial statements is set out below. These policies have
been consistently applied to all the years presented, unless otherwise stated.
The consolidated financial statements are for the consolidated entity
consisting of CAP-XX Limited and its controlled entities.
All amounts shown are in Australian Dollars, rounded to the nearest Dollar,
unless otherwise stated.
Note 5. Revenue
2025 2024
$ $
Sales revenue
Sale of goods (recognised at a point in time) 4,704,719 4,593,490
Other services provided (recognised at a point in time) 235,008 -
4,939,728 4,593,490
Note 6. Other income and finance income
2025 2024
$ $
Other Income 1,749,696 1,950,780
R&D Tax Incentive Grant
Net foreign exchange gains 391,653 -
Other income 2,141,349 1,950,780
Finance Income
Interest income 73,993 4,929
Note 7. Result for the year
The result for the year includes the following specific expenses:
2025 2024
$ $
Depreciation and amortisation 716,959 734,726
Net foreign exchange losses - 151,342
Legal expenses 28,848 2,255,213
Share based payments 397,968 131,399
3,126,923 3,551,320
Employee benefits expense
Finance costs
Interest - lease liabilities 164,104 188,465
Interest - R&D Advance 76,798 118,803
240,902 307,268
Note 9. Current assets - cash and cash equivalents
2025 2024
(Restated *)
$ $
Cash at bank 1,384,081 355,113
Cash on deposit 2,572,082 1,405,637
3,956,163 1,760,750
*See note 1(x) in the Annual Report for details regarding the restatement as a
result of a prior period adjustment
Note 10. Current assets - trade and other receivables
2025 2024
$ $
Trade receivables 845,918 721,661
Less: Allowance for expected credit losses (154,645) (35,596)
Research & development tax credit 1,780,502 1,942,001
2,471,775 2,628,066
Note 11. Current assets - inventories
2025 2024
$ $
Raw materials and stores 681,849 861,150
Work in progress 64,135 97,553
Finished goods 279,514 994,083
Obsolescence provision (34,481) (274,170)
991,017 1,678,616
Note 12. Current assets - other
2025 2024
$ $
Prepayments 65,804 39,185
Other 133 11,829
65,937 51,014
Note 13. Non-current assets - property, plant and equipment
2025 2024
$ $
Leasehold improvements - at cost 505,776 478,469
Less: Accumulated depreciation (473,207) (472,001)
32,569 6,468
Fixtures and fittings - at cost 69,394 69,394
Less: Accumulated depreciation (67,653) (67,392)
1,741 2,002
Plant and equipment - at cost 20,176,426 20,162,848
Less: Accumulated depreciation (18,511,018) (18,127,869)
1,665,408 2,034,979
1,699,718 2,043,449
Total property, plant and equipment 20,751,597 20,710,712
Total accumulated depreciation (19,051,879) (18,667,263)
Total net book amount 1,699,718 2,043,449
Note 14. Non-current assets - intangible assets
2025 2024
$ $
Intangible asset - at cost 149,715 -
Less: Accumulated depreciation - -
149,715 -
Note 15. Non-current assets - right-of-use assets
2025 2024
$ $
Land and buildings - right-of-use 3,407,991 3,407,991
Less: Accumulated depreciation (1,892,830) (1,560,487)
1,515,161 1,847,504
Note 16. Non-current assets - other
2025 2024
$ $
Rental bond 204,808 204,808
Note 17. Current liabilities - trade and other payables
2025 2024
$ $
Trade payables 942,138 1,523,202
Other payables 355,210 135,683
1,297,348 1,658,885
Note 18. Current liabilities - borrowings
2025 2024
$ $
Short term borrowings - 768,174
Note 19. Current liabilities - lease liabilities
2025 2024
$ $
Lease liability - current 442,561 261,521
Lease liability - non - current 1,300,036 1,746,642
1,742,597 2,008,163
Note 20. Current liabilities - provisions
2025 2024
$ $
Annual leave 306,176 333,770
Long service leave 160,387 122,354
466,563 456,124
Note 21. Non-current liabilities - Provisions
2025 2024
$ $
Long service leave 63,102 83,867
Make good provision 785,863 785,863
848,965 869,730
Note 22. Equity - Contributed Equity
2025 2024
(a) Share capital Number of shares Number of shares
Fully paid ordinary shares (no par value) 5,775,571,289 2,908,226,437
Note 23. Equity - Reserves and accumulated losses
(a) Reserves
2025 2024
$ $
Foreign currency reserve (458,855) (402,215)
Share-based payments reserve 9,131,952 8,839,817
8,673,097 8,437,602
b) Accumulated losses
2025 2024
(Restated *)
Movements in accumulated losses were as follows: $ $
Balance 1 July (126,885,284) (120,741,742)
Net (loss) for the year (3,925,922) (6,143,542)
Balance 30 June (130,811,206) (126,885,284)
*See note 1(x) in the Annual Report for details regarding the restatement as a
result of a prior period adjustment
Note 33. Earnings per share
Earnings per share for (loss) attributable to the ordinary equity holders of
the Group.
2025 2024
Cents (Restated *)
Cents
(a) Basic earnings per share
(Loss) attributable to the ordinary equity holders of the Company (0.08) (0.55)
(b) Diluted earnings per share
(Loss) attributable to the ordinary equity holders of the Company (0.08) (0.55)
(c) Weighted average number of shares used as the denominator
Weighted average number of ordinary shares used as the denominator in 4,774,041,692 1,118,079,089
calculating basic earnings per share
4,774,041,692 1,118,079,089
Weighted average number of ordinary shares and potential ordinary shares used
as the denominator in calculating diluted earnings per share
Options are considered to be potential ordinary shares. The options are not
included in the calculation of diluted earnings per share because they are
anti-dilutive. These options could potentially dilute basic earnings per share
in the future.
*See note 1(x) in the Annual Report for details regarding the restatement as a
result of a prior period adjustment
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