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.
7
May 2024
CAP-XX
Limited
("CAP-XX" or the
"Company")
Trading
update
CAP-XX Limited, a world leader in
the design and manufacture of supercapacitors and energy management
systems, provides the following update.
Following the successful completion
of the recent fundraise, the Board is pleased to announce that
current trading on existing products remains strong, in line with
management forecasts, and trial shipments of pre-samples of new
product have recently commenced. Bookings and billings are
14% and 56% ahead respectively for the year to date compared to the
comparative period in 2023, along with a current book to bill ratio
of 1.12. The order backlog remains strong at close to US$1
million.
As previously stated, the proceeds
from the fundraise are being used to improve the Company's
financial position and provide working capital for
investment. Key areas for investment include the continued
expansion of the sales representative and distribution network, and
working capital for the market introduction of the new DMH and SMD
products. The vast bulk of the development costs of the
latter has already been incurred, although some final commissioning
of the DMH production line remains. An initial pre-series
batch of fully functional DMH product is currently under lab
evaluation and SMD testing remains on
track. In addition, the Company expects to announce further
patents during the next three months.
The Board considers that, apart from
the final settlement of legal costs associated with the
Maxwell/Tesla litigation, which it does not consider material, the
only remaining payments for legal costs will be normal ongoing
corporate legal expenses, including, for example, those associated
with applications for patents.
In addition, the Company has
implemented a comprehensive cost reduction program, which has
delivered annualised operating cost savings in excess of US$0.5
million, and is expected to ensure that CAP-XX successfully
overcomes its recent challenging phase.
The target for breakeven remains in
the 2026 calendar year, assuming billings maintain their current
growth trend. This is being supported by the recent
investment in CAP-XX's international direct sales and marketing,
the expansion of the distributor network, together with design wins
and billings from our new product families, DMH and SMD, which will
contribute in 2025 and 2026 respectively.
Following the conclusion of the
financial year ending 30 June 2024, CAP-XX intends to provide a
comprehensive update to investors on products and markets and
corporate strategy at a Capital Markets seminar, which will be
hosted on-line, details of which will be issued in due
course.
Lars Stegmann, Chief Executive of CAP-XX, said
"I'd like to thank our shareholders for their
continued support. We look forward to the next exciting phase
for the Company, as we prepare for our new product launches,
supported by a strengthening sales and distribution team. We
believe this has the potential to transform the commercial success
of CAP-XX."
For
further information contact:
CAP-XX Limited
Pat Elliott
(Chairman)
+61 (2) 9157 0000
Lars Stegmann (Chief Executive
Officer)
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 Securities plc (Joint Broker)
Neil McDonald / Pearl Kellie
+44 (0)
13 1220 6939
Kreab (Financial PR)
Robert Speed
+44 (0) 20 7074 1800
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