CAP-XX Limited, a leading manufacturer of supercapacitors and energy management systems, has released a trading update following a successful fundraise. The company reports strong trading on existing products, with trial shipments of new products underway. Bookings and billings are ahead of the comparative period in 2023, and the order backlog remains robust at close to US$1 million.
The fundraise proceeds are being utilized to enhance the company's financial position and provide working capital for investment. This includes expanding the sales representative and distribution network, as well as market introduction of new DMH and SMD products. The company has also implemented a cost reduction program, delivering annualized operating cost savings exceeding US$0.5 million.
CAP-XX aims to achieve breakeven in the 2026 calendar year, supported by recent investments in international direct sales and marketing, distributor network expansion, and the contribution of new product families, DMH and SMD, in 2025 and 2026 respectively. The company plans to provide a comprehensive update to investors after the conclusion of the financial year ending 30 June 2024 at a Capital Markets seminar.
Lars Stegmann, Chief Executive of CAP-XX, expressed gratitude to shareholders and highlighted the potential for the upcoming new product launches to transform the commercial success of the company. The company also expects to announce further patents in the next three months.
For further information, investors can contact CAP-XX Limited or its appointed advisors and brokers.