Cap-XX Ltd on Friday hailed its transformation into a customer-focused designer, as it reported an increased loss amid higher costs that outpaced revenue growth.
The Sydney-based manufacturer of supercapacitors for portable electronic devices said its pretax loss widened to A$6.0 million, around £3.1 million, in the financial year ended June 30, from A$5.6 million a year prior.
Revenue from contracts with customers rose 26% to A$4.6 million from A$3.6 million.
However, cost of sales ballooned 56% to A$3.2 million from A$2.1 million.
Chair Patrick Elliott said: ‘FY24 was the first full year of Cap-XX’s transformation under the leadership of our Chief Executive Officer, Lars Stegman. Lars has made great strides in turning Cap-XX into a customer-focussed designer, manufacturer and supplier of supercapacitor products based on our proprietary technology. Key features of these changes include the appointment of new sales and customer support staff and recruiting a team of distributors to provide Cap-XX with much wider market reach. It is early days in this transformation, but we are now seeing strong growth in sales of our current product range.’
Looking ahead, Cap-XX said customer orders received for the five months to Thursday continued to track ahead of the equivalent period a year ago.
Further, it said: ‘The supercapacitor market continues to present significant opportunities for growth, driven by the increasing demand for high-efficiency energy storage solutions across automotive, renewable energy, internet-of-things, healthcare and industrial electronic sectors.’
CEO Stegmann said: ‘Looking ahead to the current financial year, we remain optimistic about our future prospects. While geopolitical tensions and economic uncertainty continue to present challenges, we are confident that our strategic initiatives and talented workforce position us well to thrive in this environment. Our focus will remain on innovation, operational efficiency and strengthening our global distribution network, all while ensuring that we continue to be a trusted partner to our customers worldwide.’
Further on Friday, the company announced that Non-Executive Director Graham Cooley increased his stake in the company to 9.98% as he subscribed for 218.2 million shares.
Meanwhile, Non-Executive Director Peter Fraser increased his stake to 0.2% as he subscribed for 9.1 million shares.
In September, Cap-XX said it filed two further provisional patent applications.
Cap-XX shares were down 5.1% to 0.14 pence each on Friday morning in London.
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