CAP-XX Limited

CAP-XX Limited

LLSE:CPX
0.11
GBX
+0.00
(-3.66%)
1.27BMarket Cap
Feb 24Next Earn

Q2 FY2026 · Earnings Call TranscriptFebruary 2, 2026

Operator

Good morning, and welcome to the CAP-XX Limited interim results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode.

In today's meeting, the company will not be addressing questions. Before we begin, I would like to submit the following poll.

I would now like to hand you over to CEO Lars Stegmann. Good morning to you, sir.

Lars Stegmann

Thank you, Alex. Great to see the audience.

Good morning, dear shareholders. Good morning, dear ladies and gentlemen.

My name is Lars Stegmann. I'm the CEO of CAP-XX.

Welcome to our interim results first half fiscal year 2026. Welcome also, good evening, to Anthony Guarna, our interim CFO.

He will join us today out of Sydney in this meeting. To guide you quickly through the content, we will start with the revenue highlights, as promised, to give you a product update on the product lines, a snapshot on our distribution network, our new products, the applications and market we are into, as well as the real-time data snapshot about our figures before I hand over to Anthony, who guide you through all our financial highlights, and then I take it back and summarize our presentation for today.

Coming with the financial highlights, as you see, we're on the right path. We grow again.

We did it. Plus 9% in revenue.

We grow in bookings even stronger, plus 31%, and increase our backlog in this period of time, plus 132%. Remember, the booking and the backlog will be the future revenue.

The new CAP-XX since I started in 2023 has grown with more than 60% in revenue. We had been able in the same time period to reduce the loss, to improve this by 40%.

End of December 2025, we had 2.5 million Australian dollars cash on hand. In addition, debtors exceed creditors 300,000 Australian dollars.

As promised in October 2025, we update our product line. As you see now on the right-hand side, you see the new SMT family, and as well a new product line which called module.

As the snapshot on our distribution landscape, very often we got the question, what is a master distributor? To answer this first, a master distributor only serve distributions.

They don't have any contacts to our OEM or our direct customer for design-in. Their main business is to support our distribution network.

In this case, company Waldom is our master distributor. They place their order in bulks to make sure that the product's available to serve to the market.

They drive their own logistics and storage center out of the region. They able to support the distributor landscape like you see in our pyramid on the right-hand graphics.

They have their own sales and technical support to help our distributors to win new project, to serve their customers on demand. All this helps CAP-XX to enter in new market and find new distributors worldwide.

To give you another snapshot, I would like to highlight DigiKey. Now online you see they show 40 products from CAP-XX active, launched, available on their website.

These parts are physically available in the US, ready to ship, ready on the demand of the market. On the right-hand side, again, Waldom, just to show that they have and serve 42 products in their web shop.

More important, they have it on the green stock, which underlines that our products is environmental ready and ready to replace any kind of battery systems. As mentioned before, our strong partnership with the Switzerland company Schurter.

Remember, they operates in more than 14 different countries on a global base. This gives us access to their customer base, which are more than 100,000 active customers.

They serve it with more than 200 sales guys on the road. These 200 sales guys, it's an massive support for CAP-XX.

Also remember, Schurter sales is CAP-XX sales. It's not a license fee, we don't have any competition in the market.

We produce these part as CAP-XX, reprint label for Schurter, and ship them through Schurter to the customers. All on this it's a well-established system.

Together, we will build a strong sales pipeline in the market. On the right-hand side, you see the latest marketing activities from Schurter.

They shows the complete solution for medical and laboratory diagnostics devices. As you can see in the green cycle, the highlighted the supercapacitor there as well.

You very often hear the name SMT on our product line card. SMT stands for surface-mount technology.

Our current product, our current prismatic supercapacitor is already SMT as a soldering process. In this case, hand soldering or semi-automatic.

The new SMT product is ready for pick and place and run through the reflow oven soldering process in the fully automatic line. With this new product, we are able to meet the demand for high production, for high volume at our customers.

This production is scalable and expandable in any case of needed. Further, it allows us for further expansion to avoid any geopolitical tariffs in the future.

The first fully automatic production line will be start in Seven Hills in Australia. As I told you in October 2025, the first negotiations started, the further visits with our suppliers is done.

We are in our timeline at the moment. Of course, very often we get the question about further patents.

This is under the way until we get the final results, we will continue to apply for further patents here and keep you informed as well. As you saw, as a new product line is a module.

This module allows us and is ready for any industrial application. Now we are able to targeting grid stabilization as well as data centers.

Remember, the artificial intelligence is very energy hungry, this kind of technology has high requests. With this kind of modules, we are ready to replace any kind of battery system in the industrial production lines.

Our modules are more reliable, and more important for further costs, is service-free. A battery is not service-free.

This leads us to the market sector we are in. We continue with the handheld devices, of course, industrial IoT, as well as healthcare.

New, as I told you last year, is the aerospace and defense market. We are here in the approval process for several applications.

In addition, now with the modules, we are able to enter in the energy supply market as well as to serve data centers on their demand. All this kind of different market helps us to balance our risk and build a solid sales pipeline.

It's not a single product, not a single market. We are able to serve both, the high end and the commodity market, to reduce our risk in production.

Very often you hear our new system, which we had successfully implement in a very short time. Here this is a snapshot where you can see that month by month, we exceed better than in the former half-year 2025.

On the right-hand side, you see the graphs, the accumulated figures based on bookings and billings. On the green graph is the actual graph from first half fiscal year 2026.

You see the nice pike in December, which was really rocket high. Now I would like to hand over to my colleague Anthony, and Anthony will guide you through the financial highlights.

Anthony, over to you.

Anthony Guarna

Thank you, Lars. Likewise, everyone, I'd like to welcome you to this CAP-XX investor presentation.

My name is Tony Guarna, and as some of you may recall, back in June 2025, I was appointed the interim CFO of CAP-XX. I've learned a lot about CAP-XX, its people, its technology, and I feel honored to be part of this innovative company.

Today, I will present to you some of the financial highlights from the half-yearly results for ending 31 December 2025, which have been released today. Let's move that slide.

On the screen, you will see some of the key metrics extracted from those half-yearly financials. Let's begin with revenue.

CAP-XX, like the entire global industry, has gone through a difficult time over the last few years. Pleasingly, you will see from the top chart that CAP-XX revenue continues to be on the increase.

That chart shows that over the past 3 and 1/2 years, revenue has progressively increased. At the 30th of June 2025 annual report presentation, I reported that CAP-XX revenues had increased by 7.6% over FY '24.

In the last 6 months, revenues have increased by a further 9%. We are delighted to see that positive increase in the top line when many other companies across the industry have had a flat or reduced top line.

The bottom chart illustrates what's been happening to the CAP-XX loss. It's on a downward trajectory.

This reduced loss stems from our implemented cost controls activities and company-wide transformation, which have now both begun to bear fruit. Our reported loss and EBITDA are significantly reduced compared to the previous periods.

This is a significant result. Whilst FY '25 was our operational transformational year where we strove towards manufacturing excellence, implemented key critical software to oversee manufacturing, drive profitability, and provide real-time data is now that those transformation activities are starting to show results.

With continued refinement of those activities, our EBITDA loss and net loss continue to improve. Revenues positively heading upwards whilst our costs are reducing, resulting in a downward trend for our losses.

Both of these key financials are trending in the right direction. There is more to come.

At the end of December, we had $2.9 million in cash, no debt, and our systems are ready. Now let's have a look at revenue.

This slide shows that our global revenue profile from 2023 to this current year, and our gradual shift from heavy European reliance to now in FY '25 where you note a more even balance between APAC and European revenue. Revenue from the Americas has also increased this year.

In FY '25, we made a number of RNS announcements regarding our strengthening distributor relationships, the upside of which will flow into this current financial year and beyond. With 7 months now completed in this financial year 2026, I'm pleased to share that our bookings have increased by 22.3% over the same period in FY '25.

Billings are already up 4.2%, and additionally, we have a further backlog of $2.8 million. The pie chart on the bottom right-hand side of the screen illustrates the sales into Europe have picked up this year.

I like this slide as it shows that CAP-XX is doing the right thing. If you have a look at the orange bars, you will see that they have increased period-on-period over the last 3 and 1/2 years.

That's revenue, and it's going up. Perfect.

The blue bars indicate that CAP-XX loss, and it's generally been reducing. Just this last 6 months, revenue has increased by 9% and our net loss decreased by 9%.

These two critical financial metrics are trending in the right direction, and we are heading towards a positive cash flow. The board and management of CAP-XX are feeling very confident about our financial direction.

This brings me to the first half of FY '26 cash bridge slide, which shows improved cash stewardship. Our net operating outflows have reduced compared to first half of FY '25, largely due to the receipt of the R&D tax refund.

Even if you factor this out, comparatively, our net cash outlay, given the large payments that were made in July 2025, has improved. At the end of December 2025, we had $2.9 million in cash.

Thank you, everyone. With that, I'd like to pass you back to Lars to summarize and close.

Lars Stegmann

Thank you, Tony. Great summary.

Let me summarize these results a little bit, this presentation. As Tony mentioned, the total revenue with $2.5 million Aussie dollars is an increase of plus 9%.

The booking with $3.4 million Aussie dollars is an increase year-over-year by 31%. The billings has an increase year-over-years by plus 14%.

The backlog has an increase year-over-year with a plus of 132%. This is a great achievement and gives us a future revenue very soon.

Loss of tax has improved by 9%. The EBITDA loss has also improved by 7%.

Cash on hand end of the month calendar year 2025 was $2.9 million Australian dollars. Debtors exceed creditors is an additional $300,000 Aussie dollars.

Just to remind you, the company is debt-free. In the morning, I got a couple of emails which asked me about our legal cases, and just also here a reminder, we closed all legal cases in fiscal year 2024.

No debt, no legal cases open. Transformation is not done overnight.

It's clear. We are on a good progress.

In new CAP-XX, we show you the improved warehouse management system. Just to remind and answer also here some questions, the warehouse management system is not a demand.

It is that growth changed the game also for CAP-XX. Without any financial visibilities, you're making big decision blind.

We are on the right way. This new warehouse management system, this new software increase the transparency in CAP-XX.

It's an ongoing improvement in our operation, which helps us to increase our efficiency on the floor. Our strong partnership, I mentioned before, gives CAP-XX a stronger visibility and a stronger voice in the market of the electronic components.

All of these growths, despite of a challenging market which we are at the moment all in, CAP-XX shows that we are on the right path. All in all, in summary, it's a strong start in fiscal year 2026, and we are really looking for the second half will be very successful.

Please let me take this opportunity to thank you very much to joining this call. We appreciate your time.

Thank you.

Operator

That's great. Lars, Anthony, thank you very much indeed for updating investors today.

Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the board can better understand your views and their expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company.

On behalf of the management team of CAP-XX Limited, we would like to thank you for attending today's meeting, and good morning to you all.