CAP-XX Limited (LON:CPX) saw its shares jump higher on Wednesday on news the energy storage company has received a sharp increase in enquiry levels across all its product ranges, including its recently announced 3 Volt technology.
In a trading update, the AIM-listed group said total enquiries, if converted to orders, would amount to annualised sales in excess of US$20mln per annum, including over US$2mln which has already been classed as design wins.
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The firm said these cover over 70 projects for cylindrical and automotive supercapacitors; small IoT (Internet of Things) and Thinline supercapacitors; and the new 3 Volt prismatic supercapacitors that are in development.
CAP-XX added that, as previously stated, its board believes that the development of a 3 Volt prismatic supercapacitor will be a breakthrough for IoT applications using coin cell batteries.
The group said it is currently commencing production trials and holding discussions with potential customers and licencees.
The Australia-based company anticipates that revenues for the second half of the financial year ending 30 June 2018 are expected to be A$3.35mln, including licence payments from AVX, which are significantly ahead of the first half total revenues of A$1.54mln.
The firm said these revenues are expected to result in a reduced underlying earnings (EBITDA) loss for the second half of the year of approximately A$120,000, compared to the first half EDITDA loss of A$1.5mlm.
But margins reduced by lower selling prices
However, the group added, the second half figure includes revenues from the previously announced high volume order for prismatic cells, which has reduced the company's average selling price by approximately 20%, reducing margins.
For the financial year ending 30 June 2018, therefore, CAP-XX anticipates generating total revenues of not less than A$4.9mln and an EBITDA loss of A$1.6m.
It added that the group’s closing cash position is anticipated to be in excess of A$1.8mln.
In early morning trading, CAP-XX shares were 7% higher at 9.2p.