CAP-XX Limited, a world leader in supercapacitors and energy management systems, has provided a trading update at its Annual General Meeting. Preliminary October 2023 product revenue was US$0.4m, compared to US$0.7m in the same period last year, indicating a year-on-year increase of approximately 35%. This suggests that the overstocking and supply chain issues experienced in FY2023 are showing signs of recovery. CAP-XX's sales priorities are focused on prismatic Electric Double Layer Capacitor (EDLC) and cylindrical 'can' business, followed by customer module solutions. The company is seeing increased interest in its products from the USA, Europe, India, and South Africa, with a marked increase in sample requests, particularly in Europe and the USA. However, activities in Asia remain subdued due to the post-COVID economic situation. The current order backlog is US$1.15 million, supporting further improvement in revenues. Enquiries and orders from Europe and the USA are higher, but there is slower order intake from China and India, primarily for cylindrical 'can' products. CAP-XX has made progress in building its new sales and distribution capabilities, appointing additional distributors and sales representatives mainly in the USA, Europe, and India. The company expects to see revenue results progressively build through calendar 2024. CAP-XX will remain focused on IoT, automotive, medical, military, industrial, and telecom applications, with a particular concentration on handheld devices, tracking, security, and live aid systems. The company continues to advance its new products, including DMH, 3V, and SMD, with commercial production expected in early calendar year 2024. CAP-XX is also evaluating other technologies that are complementary to its own. The company is well-prepared for the Maxwell legal case, which is set for hearing in the US Supreme Court in December 2023. CAP-XX is confident of a favorable outcome in both the Maxwell case and its dispute with AVX over contract interpretation. The company is actively working to achieve ISO 14001 certification for environmental management systems. Operating performance at its production facilities is improving, and cash reserves are approximately AUD$0.5m, excluding an expected AUD$2.1m payment from the Australian Tax R&D Rebate for 2022/23. CAP-XX is reviewing its current sales project pipeline and expects positive results from its new distribution and sales strategy in the coming months.