Source - SMW
CAP-XX, a leader in the design and manufacture of thin, flat supercapacitors and energy management systems, reports sales revenue of A$5.0 million in the year to the end of June - 12% up on last time.

It said gross margin increased to 52% (2015: 31%) on a like-for-like basis, reflecting significant progress in the transformation of the company.

The group also saw good progress in monetisation of intellectual property and the sale of small and large supercapacitors and it completed the sale of a non-exclusive licence with AVX with upfront licence fees and guaranteed royalty payments spread over the first three years.

The group posts a pre-tax loss of A$1.3m - down from A$1.9m last time.

Other highlights:

- AVX product launched in September 2016 and first quarterly royalty payment received

- The company benefitted from a sharp increase in royalties from Murata, up 117% following a 106% rise in the previous year

- Achieved first design win for the new Thinline product range for a smart credit card for customer delivery in 2017. A thinner 400 micron product is under development

- Significant operational cash savings realised and the Company has identified further cost savings, which should incrementally improve gross margin and enhance future product competiveness

- During FY16, the company expanded its development efforts for automotive applications both in terms of new customers and product

- Cash reserves at the end of June were A$0.3 million. A$1.7m was received from AVX following the year end. R&D tax rebate from the Australian Tax Office of A$1.5 million (2014: A$1.1 million) is also expected to be received in October 2016