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Highlights
- Revenue Growth: Total revenue rose 6.8% to A$2.4 million in H1FY25.
- Reduced Losses: Loss after tax improved significantly to A$1.7 million from A$3.4 million in H1FY24.
- Stronger Cash Position: Cash at bank increased to A$5.0 million as of 31 January 2025.
CAP-XX Limited (LSE:CPX), a global leader in thin, prismatic supercapacitors and energy management systems, has announced its unaudited interim results for the six months ended 31 December 2024 (H1FY25). The results reflect a period of financial improvement, driven by cost reductions and business restructuring, with the full benefits of its strategic partnerships with SCHURTER and DigiKey yet to materialize.
Financial Performance & Cost Reductions
For H1FY25, CAP-XX reported total revenue of A$2.4 million, a 6.8% increase compared to the A$2.2 million recorded in H1FY24. The gross margin stood at 35.0%, broadly in line with the 35.7% margin from the same period last year but notably higher than the 30.0% margin recorded for the 12 months ended 30 June 2024.
A major highlight was the 30% reduction in operating costs, which significantly contributed to a lower adjusted EBITDA loss of A$0.8 million, marking a A$0.3 million improvement from the previous year.
Additionally, loss after tax improved sharply to A$1.7 million, compared to A$3.4 million in H1FY24. This improvement was largely due to lower legal costs, as CAP-XX successfully resolved past licensing fee disputes.
Capital Raise & Stronger Cash Position
CAP-XX strengthened its financial position through a successful capital raise, bringing in net proceeds of A$5.7 million during the period. As of 31 December 2024, the company held A$4.2 million in cash, and in January 2025, it received an additional A$1.2 million R&D tax credit, bringing its total cash reserves to A$5.0 million as of 31 January 2025.
Encouraging Trading Momentum with SCHURTER
January 2025 marked the first month of trading activity under CAP-XX’s partnership with SCHURTER, a leading electronics manufacturer. The early impact has been positive, with:
- Billings rising 62% year-over-year to A$321,000 in January 2025.
- Bookings increasing 27% to A$281,000 for the same period.
- A backlog of A$1.2 million, indicating strong demand.
The book-to-bill ratio stood at 0.88 as of 31 January 2025, signaling continued momentum in order intake.
