CAP-XX’s cash burn is decreasing and product sales are running at higher rate than a year ago, according to an update issued as the annual general meeting today.
The company said it received the latest instalment of the Federal Government’s R&D Tax rebate in early October.
It also said that realisation of the operational cost savings were nearing completion, with the achieved quantum of savings in line with the company’s forward estimates. Accordingly, the cash burn rate is decreasing.
Large prismatic cell for both the automotive and battery replacement markets continues to generate interest from multiple vehicle manufacturers and their Tier-1 component suppliers. And the company says product sales are running at a higher rate than the same period last year.
The cash balance after the receipt of the R&D rebate was A$1.5m.
CAP-XX confirmed that all resolutions put to shareholders at the AGM were duly passed.
