CAP-XX Ltd (CPX) AI Stock Analysis

• Market Cap: £13.04M
• Dividend Yield: N/A
• Average Volume (3M): 40.76M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.93
• Revenue Growth: 3.38%
• EPS Growth: 82.76%
• Country: UK
• Employees: 22
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.00
• Shares Outstanding: 5,797,326,700
• 10 Day Avg. Volume: 29,911,022
• 30 Day Avg. Volume: 40,762,136
• PEG Ratio: 0.07
• Price to Book (P/B): 3.27
• Price to Sales (P/S): 4.43
• P/FCF Ratio: -8.61
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: 0.22 p ▼(-7.92% Downside)
• Action: Upgraded Date: 02/10/26
• Date: Action: Upgraded 02/10/26

The score is held down primarily by weak financial performance—large losses, negative operating cash flow, and declining free cash flow despite modest revenue growth. Technicals provide only partial support (RSI near 61 and above short-term averages, but slightly negative MACD and below the 100-day average). Valuation is neutral-to-unclear due to a negative P/E and no dividend yield data.

Positive Factors

Focused supercapacitor product portfolio

CAP-XX’s narrow focus on ultracapacitor cells and modules gives it a clear product-market fit in applications needing rapid charge/discharge and power buffering. That specialization supports durable design wins with OEMs in industrial and compact electronics, sustaining mid-term revenue visibility.

Low leverage and solid equity base

A debt-to-equity of 0.26 and a ~60% equity ratio provide balance sheet flexibility to fund operating losses and R&D without excessive interest burden. This structural financial stability helps the company weather near-term cash deficits and pursue product development or customer support over the next several quarters.

Modest but positive revenue growth

Consistent, if modest, revenue growth demonstrates ongoing customer adoption and traction for CAP-XX’s components. For a component supplier, steady top-line expansion indicates durable design-ins and order flow that can be expanded through distributor channels and new end-market penetration over 2–6 months.

Negative Factors

Large negative profitability

Deep negative net margins and persistent negative EBIT/EBITDA signal the business is not yet operating profitably. Over the medium term this erodes shareholder equity, limits reinvestment capacity, and requires a credible path to margin improvement to become financially sustainable beyond a few quarters.

Weak operating cash flow and falling FCF

Negative operating cash flow combined with a >50% decline in free cash flow growth reduces runway and increases reliance on external funding. Structurally weak cash conversion constrains the company’s ability to invest in scale, meet customer demand variability, or absorb supply-chain issues without raising capital.

Negative return on equity

A deeply negative ROE (-58.61%) indicates capital destruction rather than value creation. Over a multi-quarter horizon this raises the prospect of dilution, restructuring, or tougher financing terms unless operational performance and margins materially improve to restore investor capital returns.

CAP-XX Ltd Business Overview & Revenue Model

Company Description

CAP-XX Limited, together with its subsidiaries, develops, manufactures, and sells supercapacitors primarily in the Asia Pacific, Europe, and North America. It offers DMF, DMH, DMT, ultra-thin prismatic, and cylindrical cell supercapacitors. The company provides its products for the use in various applications, such as asset tracking, auto, locks, PDAs, scanners, smart meters, wearable devices, wireless sensors, battery support, energy harvesting, power backup, and peak power support applications. The company was formerly known as Energy Storage Systems Pty Limited and changed its name to CAP-XX Limited. CAP-XX Limited was incorporated in 1990 and is headquartered in Seven Hills, Australia.

How the Company Makes Money

CAP-XX makes money primarily by selling supercapacitor (ultracapacitor) products—such as individual cells and packaged modules—to customers and through distribution channels for integration into end-products. Revenue is generated from product shipments tied to customer designs and production demand in target applications that need high peak power or power smoothing. null

CAP-XX Ltd Financial Statement Overview

Summary

Financials are weak overall: revenue grew 4.06% but profitability is a major issue (net margin -79.48% with consistently negative EBIT/EBITDA). Balance sheet leverage is manageable (debt-to-equity 0.26; equity ratio 60.59%) but ROE is deeply negative (-58.61%). Cash generation is pressured with negative operating cash flow and free cash flow down -51.09%.

Income Statement

CAP-XX Ltd shows modest revenue growth of 4.06% in the latest year, but profitability remains a significant concern with a negative net profit margin of -79.48%. The company has consistently reported negative EBIT and EBITDA margins, indicating ongoing operational challenges. Despite a slight improvement in revenue, the gross profit margin has decreased over time, highlighting potential cost management issues.

Balance Sheet

The balance sheet reflects a relatively low debt-to-equity ratio of 0.26, suggesting manageable leverage. However, the return on equity is negative at -58.61%, indicating that the company is not generating sufficient returns on shareholders' equity. The equity ratio stands at 60.59%, which is a positive indicator of financial stability, but overall profitability remains a concern.

Cash Flow

Cash flow analysis reveals a challenging scenario with negative operating cash flow and a significant decline in free cash flow growth by -51.09%. The free cash flow to net income ratio is slightly positive at 1.08, suggesting some efficiency in converting net income to cash, but overall cash flow management remains weak.

Breakdown	TTM	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	5.12M	4.94M	4.59M	3.63M	5.56M	4.10M
Gross Profit	738.99K	1.47M	1.38M	1.57M	2.52M	-1.01M
EBITDA	-4.93M	-3.69M	-4.95M	-7.05M	-6.55M	-6.36M
Net Income	-3.81M	-3.93M	-5.99M	-5.56M	-4.94M	-3.53M
Balance Sheet
Total Assets	9.04M	11.05M	10.37M	13.06M	12.16M	11.40M
Cash, Cash Equivalents and Short-Term Investments	2.92M	3.96M	1.92M	2.64M	1.61M	182.60K
Total Debt	1.60M	1.74M	2.78M	3.26M	2.41M	3.98M
Total Liabilities	3.74M	4.36M	5.76M	6.53M	5.32M	6.44M
Stockholders Equity	5.30M	6.70M	4.61M	6.53M	6.84M	4.96M
Cash Flow
Free Cash Flow	-802.53K	-2.54M	-4.06M	-4.45M	-2.76M	-4.56M
Operating Cash Flow	-742.87K	-2.35M	-4.04M	-4.33M	-2.57M	-2.85M
Investing Cash Flow	-218.45K	-190.60K	-20.38K	-118.17K	-26.90K	-1.71M
Financing Cash Flow	-217.78K	4.80M	3.37M	5.51M	4.08M	1.81M

CAP-XX Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.24
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CPX, the sentiment is Negative. The current price of 0.24 is above the 20-day moving average (MA) of 0.24, above the 50-day MA of 0.23, and below the 200-day MA of 0.28, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.49 is Neutral, neither overbought nor oversold. The STOCH value of 16.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CPX.

CAP-XX Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DSCV	77 Outperform	£551.74M	10.73	8.49%	2.09%	0.49%	61.73%
KMK	73 Outperform	£65.51M	3.57	22.93%	―	36.61%	―
SDI	70 Neutral	£77.38M	12.03	9.07%	―	7.36%	31.93%
SOLI	68 Neutral	£91.34M	8.13	3.91%	1.56%	8.75%	-54.73%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TTG	54 Neutral	£204.77M	-4.83	-31.42%	―	-16.33%	-448.12%
CPX	46 Neutral	£13.04M	-4.53	-69.49%	―	3.38%	82.76%

CAP-XX Ltd Corporate Events

CAP-XX Narrows Losses as Order Backlog Surges and Systems Overhaul Takes Hold

CAP-XX Limited reported unaudited interim results for the half year to 31 December 2025 showing modest top-line growth and improving losses, underpinned by strong demand indicators. Revenue rose 9% year-on-year to A$2.6m, bookings climbed 31% to A$3.4m, billings increased 14%, and order backlog more than doubled to A$2.8m, while the net loss after tax narrowed to A$1.5m and EBITDA loss improved to A$1.1m. The company remains debt-free with A$2.9m in cash and a small net trade debtor position, and has now fully integrated its warehouse management, CRM and accounting systems, yielding better production visibility, cost allocation and financial control. Management frames these operational and systems upgrades, alongside tighter cost discipline, as laying the groundwork for scalable growth, improved margins and a pathway toward cash-flow breakeven, with a strong order book and strengthened distribution and customer relationships expected to support future revenue conversion.

The most recent analyst rating on (GB:CPX) stock is a Sell with a £0.24 price target. To see the full list of analyst forecasts on CAP-XX Ltd stock, see the GB:CPX Stock Forecast page.

CAP-XX Sets Date for Interim Results and Investor Presentation

CAP-XX Limited has scheduled the release of its interim results for the six months to 31 December 2025 for 2 February 2026, underscoring its commitment to regular financial disclosure as it develops its position in the global supercapacitor market. On the same day, the company’s CEO Lars Stegmann and Interim CFO Anthony Guarna will host a live online presentation for existing and prospective shareholders via the Investor Meet Company platform, signalling an emphasis on investor engagement and transparency around the company’s current trading and strategic progress.

The most recent analyst rating on (GB:CPX) stock is a Sell with a £0.23 price target. To see the full list of analyst forecasts on CAP-XX Ltd stock, see the GB:CPX Stock Forecast page.

CAP-XX Boosts Cash Position with A$1.75m Australian R&D Tax Credit

CAP-XX Limited has received approval from the Australian Tax Office for an R&D tax credit of A$1.75m, and the funds have been paid to the company, bringing its current cash position to A$2.97m. The tax credit injection strengthens CAP-XX’s near-term liquidity as it continues to develop and commercialise its supercapacitor technology, providing additional financial headroom that may support ongoing R&D activities and underpin operations in a competitive energy storage and power management market.

The most recent analyst rating on (GB:CPX) stock is a Sell with a £0.23 price target. To see the full list of analyst forecasts on CAP-XX Ltd stock, see the GB:CPX Stock Forecast page.