The Australian supercapacitor manufacturer CAP-XX, listed on the London Stock Exchange, reported a significant increase in its product revenue during the first four months of fiscal 2024, signaling a recovery from previous supply chain issues and overstocking that marred FY2023. The announcement was made at the company's annual general meeting on Friday.
In October alone, the company generated $400,000, contributing to a total of $900,000 for the initial quarter of the fiscal year. This robust performance comes despite lingering post-pandemic economic effects that have slowed orders from China and India.
However, the firm's order backlog stands strong at $1.15 million, buoyed by an uptick in orders from the U.S and Europe. This backlog, along with an increase in order intake, suggests prospective revenue growth for CAP-XX.
Looking ahead, CAP-XX is upbeat about its new distribution and sales strategy. The company anticipates initial revenues from its newly launched products to further boost its financial performance. The details of these new products and their potential impact on the company's future earnings were not disclosed during the meeting.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.