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Key Highlights:
- CAP-XX reported 26.5% revenue growth for FY24, driven by a strong increase in product sales.
- The company is experiencing healthy demand with an order backlog of A$2.1 million and a book-to-bill ratio of 1.2.
- CAP-XX has raised A$5.4 million through equity fundraising to support its growth plans.
CAP-XX Limited (LSE:CPX), a leading provider of thin, prismatic supercapacitors and energy management systems, has published its audited financial results for the year ended 30 June 2024 (FY24) and offered insights into the current state of its operations and future outlook. The results reflect the company’s evolving business model, operational progress, and strategic direction as it continues to position itself for growth in the global energy storage market.
FY24 Financial Performance Overview
In FY24, CAP-XX achieved total revenue of A$4.6 million, representing a 26.5% increase compared to the previous year. This growth was primarily driven by a A$1.3 million increase in product sales, which saw a notable contribution from the Asia Pacific and European markets. However, the rise in product sales was partially offset by a A$0.3 million decline in licence revenue. This drop in licence revenue reflects a shift in the company’s business strategy, as CAP-XX moved away from licensing agreements toward an increased focus on product sales.
While product sales surged by 39.7%, reflecting robust market demand, CAP-XX did not record any licence revenue in FY24. This was due to the resolution of a longstanding patent infringement dispute, which had previously generated A$0.3 million in licence fees during FY23. The company’s gross margin for FY24 was 30%, a decrease from the prior year, as a larger proportion of sales were generated from products, which traditionally carry lower margins than licence revenue.
In terms of profitability, CAP-XX reported an adjusted EBITDA loss of A$1.6 million, slightly improving from the A$1.7 million loss in FY23. This adjusted figure excludes non-recurring expenses, including legal fees, credit loss provisions, restructuring costs, and share-based payment expenses. The company also posted a net loss of A$6.0 million, which was notably impacted by A$3.2 million in one-time costs associated with the legal and restructuring processes.
Current Trading Performance
As of 28 November 2024, CAP-XX reported an encouraging update on its current trading performance. The company has seen an increase in customer orders, with products shipped and invoiced ahead of the previous year’s figures. The order backlog stood at A$2.1 million, reflecting continued demand for CAP-XX’s products. The company’s book-to-bill ratio was 1.2, indicating a healthy and growing customer base.
Regarding its R&D tax credit, CAP-XX expects to receive A$1.2 million by the end of January 2025. The delay in receiving this credit stems from the Australian Tax Office’s extended processing time for R&D claims. On the financial side, CAP-XX’s cash reserves were reported at A$1.6 million as of 28 November 2024, bolstered by the receipt of funds from the first tranche of a recent equity fundraising initiative.
Fundraising and Future Outlook
CAP-XX also provided an update on its ongoing fundraising efforts. Following the approval of resolutions at a general meeting on 5 December 2024, the company is set to receive approximately A$5.4 million (net of costs) from its equity fundraising. This capital injection is expected to support the company’s working capital needs and contribute to the continued expansion of its operations.
