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.