TIDMCPX
RNS Number : 2716S
CAP-XX Limited
03 November 2023
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.
3 November 2023
CAP-XX Limited
("CAP-XX" or "the Company")
AGM Trading Update
CAP-XX Limited, a world leader in the design and manufacture of
supercapacitors and energy management systems, announces that at
the Company's Annual General Meeting to be held later today, the
following statement will be made in relation to the Company's
activities.
Current Sales
Preliminary October 2023 product revenue was US$0.4m
(approximately AUD$0.6m) and for the four months to the end of
October 2023 was US$0.9m (AUD$1.5m). This compares with product
revenues of US$0.7m (AUD$1.1m) in the previous corresponding four
month period of last year, a year on year increase of approximately
35%.
October is typically one of the highest revenue months for the
financial year and this revenue result is an early indicator that
the overstocking and supply chain issues that were evident during
FY2023 are showing signs of recovery.
Order Intake
CAP-XX's sales priorities remain focused on prismatic Electric
Double Layer Capacitor (EDLC) and cylindrical 'can' business,
followed by customer module solutions.
The Company is seeing an increase in activity and interest in
CAP-XX's products from the USA, Europe, India as well as South
Africa and this is evidenced by a marked increase in the request
for samples across the product range, especially in Europe and the
USA. Activities in Asia remain subdued due to the economic
situation post COVID.
The current order backlog is US$1.15 million and order intake is
supportive of a further improvement in revenues.
Enquiries and orders from Europe and the USA are higher, but we
are experiencing some slower order intake from China and India,
primarily for the cylindrical 'can' products where the overstocking
position of many customers/distributors has not yet fully worked
through.
Distribution and Sales Strategy
We have made good progress in building our new sales and
distribution capabilities. We have appointed additional
distributors and sales representatives mainly in the USA, Europe
and India. There are further appointments currently in final
negotiations which are expected to be completed by calendar
year-end 2023. These new distributors and sales representatives are
commission based and have been trained in relation to the CAP-XX
product range and we expect to see revenue results progressively
build through calendar 2024.
The whole CAP-XX team is working hard to ensure that a strong
focus on the customer is maintained, in addition to building good
relationships with suppliers, distributors and sales
representatives.
CAP-XX will remain focused on Internet of Things (IoT),
automotive, medical, military, industrial and telecom applications
and associated markets with a particular concentration on handheld
devices, tracking, security and live aid systems.
New Product Development
We continue to advance our new products, specifically DMH, 3V
and SMD. The DMH product samples are on track for delivery by
calendar year-end 2023, with commercial production expected to
commence in early calendar year 2024. First orders are already in
hand with several other customers evaluating the product.
The 3V product continues to be evaluated by several potential
large volume customers and we continue to expect design wins, with
initial orders expected in the first half of calendar year
2024.
The cylindrical SMD device is continuing through development
trials and we anticipate design wins through the remainder of
2023/24, with full commercial production scheduled for 2024/25.
In addition to these new products that we have been working on
for some time, we have re-formatted some EDLC prismatic
supercapacitors as embedded versions, which allows our customers to
use our technology as a plug and play solution.
Intellectual Property
We are well advanced in the final evaluation of the Ionic
graphene product and are currently in joint venture negotiations.
We are also actively evaluating other technologies that are
complementary to our own.
The Maxwell legal case is currently set for hearing from 11 to
15 December 2023 in the US Supreme Court. We are unable to make any
further comment at this time, except that our team is very well
prepared.
We last received royalty payments from AVX in January 2023 for
the 2022 year. We have been disputing the contract interpretation
adopted by AVX and there are preliminary court hearings underway.
The Company's position has not altered, and we remain confident of
a favorable outcome in both cases.
Quality Certification
CAP-XX is very conscious of the need to have the highest level
of quality compliance in place. We already have ISO 9001
certification covering quality management systems and are actively
working to achieve ISO 14001 which covers environmental management
systems. The Company views these as essential standards aimed at
meeting customers' requirements and expectations.
Production
Operating performance at Seven Hills and our contract
manufacturer in Malaysia is improving. However, there are more
gains to be made through programs of continuous improvement.
Cash
Currently, cash reserves are approximately AUD$0.5m, excluding
the Australian Tax R&D Rebate for 2022/23. The rebate was
formally submitted in October 2023, and a payment of AUD$2.1m is
expected to be received in the coming weeks.
Outlook
As highlighted in the Annual Report, CAP-XX is reviewing the
current sales project pipeline, including feasibility studies and
timelines.
We expect to see the new distribution and sales strategy begin
to demonstrate positive results in the coming months. We are seeing
product revenues improving and, barring a general economic
downturn, we expect this to continue.
Finally, the Company is keenly looking forward to the initial
revenues from new products in which the Company has made
significant investments over recent years.
For further information contact:
CAP-XX Limited
Pat Elliott (Chairman)
Lars Stegmann (CEO) +61 (0) 2 9428 0139
Kreab (Financial PR)
Robert Speed +44 (0) 20 7074 1800
Allenby Capital (Nominated Adviser
and Joint Broker)
David Hart / Piers Shimwell (Corporate
Finance)
Tony Quirke/Stefano Aquilino (Sales
and Corporate Broking) +44 (0) 20 3328 5656
Cavendish Securities 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 ultra-thin prismatic and compact cylindrical supercapacitors.
Its prismatic supercapacitors are manufactured in Australia and
Malaysia and its cylindrical supercapacitors are manufactured in
China. The company's strong intellectual property (IP) portfolio
includes 11 patent families. CAP-XX's ultra-thin prismatic
supercapacitors are ideal for space-constrained electronics
applications where small energy storage device size and thickness
are important. The unique feature of CAP-XX supercapacitors is
their very high-power density and high-energy storage capacity in
space-efficient thin prismatic and compact cylindrical packages.
For more information, visit https://www.cap-xx.com/ or email
sales@cap-xx.com .
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END
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(END) Dow Jones Newswires
November 03, 2023 03:05 ET (07:05 GMT)
Cap-xx (LSE:CPX)
過去 株価チャート
から 11 2024 まで 12 2024
Cap-xx (LSE:CPX)
過去 株価チャート
から 12 2023 まで 12 2024
