CAP-XX, the Australia-based maker of thin, prismatic supercapacitors, announced on Wednesday that it anticipates a decrease in revenue and a larger loss for fiscal 2023. This comes as the company experienced lower-than-expected sales improvement throughout the year.
As of 0754 GMT, CAP-XX shares have fallen by 14%, or 0.25 pence, bringing them down to 1.50 pence.
For the fiscal year ending June 30, CAP-XX expects to report revenue of 4 million Australian dollars ($2.6 million). However, the shipping of some orders has been delayed until the first quarter of fiscal 2024, resulting in this lower revenue forecast. In comparison, the company reported revenue of AUD5.6 million for fiscal 2022.
Additionally, CAP-XX foresees an adjusted loss before earnings, interest, taxes, depreciation, and amortization of AUD1.2 million for the year. This figure excludes AUD2.2 million in exceptional items related to legal expenses and provisions for patent protection litigation, as well as executive severance charges. In fiscal 2022, the company incurred an adjusted Ebitda loss of AUD500,000.
Despite market volatility and various economic challenges such as inflation and the energy crisis, CAP-XX expresses confidence for the upcoming 2023-24 financial year. The company points to a rise in orders across its product portfolio and recent strengthening of its book-to-bill ratio as supportive factors.
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