Ensurge Micropower (ENSU) Q2 2024 earnings summary

Executive summary

• Shipped first 10μm multi-layer solid-state lithium batteries to a strategic partner for testing in April 2024.

• Delivered samples to a Global Fortune 500 medical device customer in June 2024.

• Achieved key production milestones, including first functional SSLB on 10μm substrate and high pulse current capability.

• Private placement in May 2024 raised NOK 84.9 million, three times oversubscribed.

Financial highlights

• Revenue and other income for H1 2024 totaled USD 40 thousand, up from USD 10 thousand in H1 2023.

• Net loss for H1 2024 was USD 7,310 thousand (USD 0.013 per share), improved from USD 8,747 thousand (USD 0.09 per share) in H1 2023.

• Operating costs decreased to USD 6,291 thousand in H1 2024 from USD 6,902 thousand in H1 2023, mainly due to lower share-based compensation.

• Cash balance at 30 June 2024 was USD 7,638 thousand, up from USD 2,079 thousand a year earlier.

• Net cash inflow of USD 3,847 thousand in H1 2024, driven by USD 10,306 thousand from financing activities.

Outlook and guidance

• Nearing internal targets for energy density, charge cycles, and production yield; expect to announce a breakthrough soon.

• Commercialization strategy to accelerate after next milestone, with shipments for customer testing and approval to follow.

• Advances in production process expected to increase volumetric energy density and reduce costs, expanding addressable markets.