CAP-XX Limited, a leader in the design and manufacturing of thin, flat supercapacitors, announces its audited results for the fiscal year ended June 30, 2024. The company reports a total revenue of A$4.6 million, a 26.5% increase from the previous year, driven by a A$1.3 million increase in product sales. The gross margin decreased to 30% due to the shift in focus to product sales, which have lower margins than license fee revenue. The company incurred a loss after tax of A$6.0 million, which was impacted by non-recurring costs totaling A$3.2 million.
In terms of current trading, customer orders, product shipments, and invoicing for the five months ending November 28, 2024, are <mark style="background-color:yellow">ahead</mark> of the same period last year. The company has cash reserves of A$1.6 million and expects to receive an R&D tax credit of $1.2 million by the end of January 2025. CAP-XX has raised a total of GBP 2.15 million in April 2024 and plans to raise an additional GBP 3.025 million, subject to shareholder approval.
The companys CEO, Lars Stegmann, highlights the resilience and growth of the business despite global economic uncertainties and supply chain disruptions. He attributes the success to the companys strategic investments in R&D and IP development, as well as their ability to adapt to market shifts. The Chairmans Report emphasizes the transformation under the leadership of Lars Stegman, focusing on customer-centricity and the appointment of new sales and customer support staff. The report also mentions the addition of three new Non-Executive Directors and the focus on research and development, with four new international patents filed during and after the financial year.
The business review highlights the operational and management adjustments made to improve efficiency and financial stability. These include streamlining production processes, focusing on core competencies, and digital transformation of workflows. The company aims to become profitable and cashflow positive by FY26 through increased efficiency, customer focus, and the launch of new product families.
Overall, despite challenges and losses, CAP-XX Limited remains optimistic about its future prospects and is focused on innovation, operational efficiency, and strengthening its global distribution network.