AIM:CPX · Industrials · Electronic components manufacturer — supercapacitor / energy storage devices

CAP-XX Limited

CAP-XX Limited develops, manufactures and sells thin, prismatic supercapacitors (energy-storage devices) for IoT, industrial, mobility, wearable and medical-sensor applications. It is domiciled and headquartered in Australia (Seven Hills, Sydney) with contract manufacturing in Malaysia and China, and is listed on AIM (ticker CPX). FY25 revenue was A$4.94 million and the Group remains loss-making, financed primarily by equity raises and R&D tax incentives.

Export the CAP-XX Limited factsheetfree account Open the FY2025 report

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2 annual reports read, FY2024 to FY2025

Open a year to see what its report said. Every line in it carries the page it was read from.

Sources: Company website (2)

FY2026Next report expected 25 Nov 2026
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Sixty seconds on the FY2025 report
CAP-XX Limited makes thin energy-storage devices called supercapacitors for gadgets, sensors and industrial equipment. In the year to 30 June 2025 its revenue rose to AUD 4.9m from AUD 4.6m (+7.5%), and its loss after tax narrowed to AUD 3.9m from AUD 6.1m. The report credits the sales growth to new distribution deals, the first co-branded shipments with partner SCHURTER AG, and design wins such as a next-generation headphone platform for a major Asian manufacturer. The smaller loss came mainly because legal bills from settling old licence fee disputes, a heavy cost the year before, almost disappeared. The company raised AUD 6.3m from shareholders, repaid a short-term loan and ended the year with cash of AUD 4.0m, up from AUD 1.8m, and no borrowings. No dividend was paid. Management said bookings in the first quarter of the new year were more than 20% ahead of a year earlier, and the board aims to reach profitability. But the report warns of a material uncertainty over whether the company can keep going, because it still loses money and relies on selling new shares and on research tax credits. The auditor drew attention to this but did not qualify its opinion.
From the reportevery line sits on the page it names
What drove revenue
New distribution agreements with Farnell (Avnet), RS Group plc and Waldom Electronics expanding EMEA/North America reach
A new distribution agreement with RS Group plc (signed June 2025) joined existing relationships with Farnell (Avnet) and other global distributors, extending CAP-XX's reach throughout EMEA and North America
page 7
And
SCHURTER AG technology cooperation converting into co-branded shipments and orders
The technology cooperation with SCHURTER AG, announced earlier in the year, progressed to first co-branded shipments in January 2025 and is generating a growing pipeline of industrial and medical electronics opportunities
page 7
What moved the margintailwind
Reduction in legacy legal costs (licence fee dispute resolution)
The EBITDA loss decreased by $2.07m from the restated FY24 mainly due to the decrease in costs associated with resolving the legacy licence fee disputes; legal expenses fell from $2,255,213 (FY24) to $28,848 (FY25)
page 7
Andtailwind
Automation and process improvements at Seven Hills
Automation and process improvements at Seven Hills facility have lifted production yields and reduced lead times
page 5
One-offs in the year
A$2.3m charge: Costs associated with resolving legacy licence fee disputes (legal expenses)
page 44
What management said
The early impact of these initiatives is now visible in current trading, with bookings in Q1 FY26 tracking more than 20% ahead of the same period last year.
page 5
After the year end
1 July 2025: 1,000,000 options over unissued ordinary shares granted to certain employees as part of remuneration
page 55
The dividend
No dividends paid, recommended or declared during the current or previous financial year.
page 9
Going concern and the audit
Financial statements prepared on a going concern basis despite a net loss of $3,925,922 and net operating cash outflow of $2,353,893; auditor (SW Audit) issued an unmodified opinion that the financial report gives a true and fair view and complies with the Corporations Act 2001/AASs, but included a 'Material Uncertainty Related to Going Concern' paragraph referencing Note 1(b) (the opinion is not modified in respect of this matter). The sole Key Audit Matter identified was revenue recognition (cut-off and point-of-control transfer). SW Audit replaced BDO as auditor during the year (BDO resigned end of April 2024).
page 63
The risks it names first
Material uncertainty related to going concern given recurring operating losses, operating cash outflows and reliance on future equity raises and R&D tax incentive receiptsp.29
Customer concentration: three customers each contributed more than 10% of FY25 revenue; Group highly dependent on a small number of customersp.55
Dependence on Malaysian contract manufacturers to fulfil a large proportion of sales ordersp.55
Foreign exchange risk from USD, GBP, EUR and JPY denominated balances and transactionsp.38
Read from C000246-AR-2025-website.