CAP-XX (CPX) H1 2025 earnings summary

Executive summary

• Revenue for H1FY25 rose 6.8% year-over-year to A$2.4m, with gross margin stable at 35.0%.

• Adjusted EBITDA loss improved by 32% year-over-year to A$0.8m, driven by a 30% reduction in operating costs.

• Net loss after tax narrowed to A$1.7m from A$3.4m in H1FY24, mainly due to lower legal costs.

• New executive team and board members have been appointed, focusing on transformation and growth.

• Strategic partnerships with SCHURTER and DigiKey initiated, with first shipments and stock orders completed.

Financial highlights

• Revenue: A$2,416,946 in H1FY25 vs A$2,263,636 in H1FY24, up 6.8% year-over-year.

• Gross profit: A$846,086 in H1FY25 vs A$808,184 in H1FY24; gross margin exceeds 35%.

• Adjusted EBITDA loss: A$0.8m, improved by A$0.3m year-over-year.

• Net loss after tax: A$1,691,504 in H1FY25 vs A$3,431,562 in H1FY24, a 34% reduction.

• Cash at bank: A$4.2m at 31 Dec 2024; A$5.0m at 31 Jan 2025, supported by capital raise and R&D tax credit.

Outlook and guidance

• January 2025 billings up 62% and bookings up 27% year-over-year, reflecting early impact of new partnerships.

• Backlog at 31 January 2025 was A$1.2m; book-to-bill ratio at 0.88.

• No capital raise anticipated in the next calendar year unless a compelling strategic opportunity arises.

• Further growth anticipated in Africa and North America through new contracts and distribution agreements.

• Investors can expect updates on partnerships, production scaling, customer wins, and product development in the first half of the year.