CAP-XX Limited, a world leader in the design and manufacture of supercapacitors and energy management systems, has announced its audited results for the year ended 30 June 2023. The key highlights include a 35% decrease in product sales and total revenue compared to the previous year, a gross margin of 43% in line with last year, and an adjusted EBITDA loss of A$1.3 million, up from A$0.5 million in the previous year primarily due to costs associated with the change in CEO. The outstanding committed order backlog has increased by 75% compared to the same time last year. CAP-XX continues to pursue patent infringement action against Maxwell Technologies and other parties, with operating expenses negatively impacted by A$1.5 million of associated legal expenditure. The company's cash reserves as of 30 June 2023 were A$2.6 million, excluding a A$1.1 million revolving line of credit drawdown funded by a A$2.0 million R&D tax rebate due in H1 of FY2024.
The company's CEO, Lars Stegmann, acknowledged the challenging times faced by the organization but emphasized the resilience and adaptability demonstrated by the team. CAP-XX has a strategic plan in place to navigate the current economic challenges and emerge stronger. The company remains committed to innovation and has a pipeline of new products and services set to launch in the coming months. Cost-saving initiatives are being implemented to streamline operations and optimize efficiency. CAP-XX is also actively diversifying its revenue streams and exploring new markets to mitigate risks and open up growth opportunities. The company values its dedicated and talented team and will continue to invest in their development and well-being. Strong relationships with partners, suppliers, and customers are a priority, and CAP-XX is working closely with them to navigate the current market conditions.