AnteoTech (ADO) H2 2024 earnings summary

Executive summary

• Achieved first commercial revenues from Clean Energy Technology division, with Anteo XTM supplied to a major EV manufacturer for next-gen battery prototyping and validation.

• Life Sciences division secured a five-year purchase agreement with Serum Institute of India for AnteoBind, worth at least US$1.8m, and launched AnteoBind NXT, a cost-effective diagnostic product.

• Completed construction and commissioning of Brisbane production facility for Anteo XTM, with scalable capacity from 20,000 to 80,000 litres per annum.

• Restructured operations, reduced costs, and strengthened balance sheet through capital raisings and non-dilutive grant funding.

Financial highlights

• Revenue from ordinary activities increased 26% year-over-year to $0.46m, driven by product sales and contract services in both divisions.

• Total revenue and other income rose to $4.35m (2023: $3.62m), including a $3.77m R&D rebate.

• Net loss after tax reduced by 29.8% to $8.88m (2023: $12.65m), reflecting cost savings from restructuring and lower non-recurring expenses.

• Cash on hand at period end was $5.03m (2023: $2.72m), with an additional $2.7m R&D rebate expected before end of 2024.

Outlook and guidance

• Focus on commercialising Anteo XTM and Ultranode in the EV and consumer electronics battery markets, with ongoing validation by major manufacturers.

• Life Sciences division targets growth in India and further annuity-style revenue streams, leveraging the Serum Institute agreement.

• Anticipates full validation of Anteo XTM manufacturing in FY2025 and aims to secure additional commercial deals across both divisions.