Cap-XX cheers new contracts, says cash position 'strong' despite drop
Cap-XX Ltd on Monday reported it was in a ‘strong’ position, despite a slight decrease in cash balance, as it hailed new contracts gained in the past five months.
The Sydney-based maker of supercapacitors and energy management systems said net cash at May 31 was A$4.2 million - about £2.0 million - compared with A$5.0 million at January 31. Cap-XX noted it is planning its usual application for a research & development tax credit shortly after the June 30 year-end.
The manufacturer has shipped the first batch of co-branded supercapacitors ordered by Schurter Holding AG, a Lucerne, Switzerland-based maker of electronic circuit components, which funded onboarding processes for the deal with Cap-XX.
‘This shipment marks a significant milestone in Cap-XX’s strategic partnership and extends the company’s product reach into global industrial and electronics markets,’ the firm said.
The company highlighted distribution deals agreed during the five-month period, which are expected to boost its ‘global channel presence’. These included contracts with Premier Farnell UK Ltd, Waldom Electronics Corp, JM elektronik SP ZOO and an unnamed customer for Cap-XX’s technology design. Talks with other prospective customers are ongoing, Cap-XX said.
‘These developments demonstrate the growing confidence our partners and customers have in Cap-XX’s technology and market potential,’ commented Chief Executive Lars Stegmann.
‘We are building a robust global distribution network that positions us to scale efficiently, support more design wins, and deliver long-term value to our stakeholders.’
Cap-XX shares rose 0.4% to 0.16 pence each on Monday afternoon in London.
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