Ensurge Micropower (ENSU) Q2 2025 earnings summary

Executive summary

• Appointed Shauna McIntyre as new CEO, effective September 2025, bringing extensive leadership experience in energy and technology sectors.

• Elected a new Board of Directors in August 2025, ensuring continuity and strategic oversight.

• Completed two comprehensive battery evaluations, confirming product performance for customer applications.

• Progressed manufacturing from sheet-based to roll-to-roll (R2R) processes, enhancing quality and yield.

• Entered new evaluation and joint development agreements (JDAs) with medical and Fortune 500 companies.

Financial highlights

• No revenue recognized in H1 2025 (USD 40k in H1 2024); focus remains on R&D and product development.

• Operating costs decreased to USD 3,213k in H1 2025 (USD 6,291k in H1 2024), mainly due to capitalization of R&D costs.

• Net loss reduced to USD 4,076k in H1 2025 from USD 7,310k in H1 2024; basic loss per share improved to USD 0.005 from USD 0.013.

• Cash balance at 30 June 2025 was USD 3,269k, down from USD 7,638k a year earlier.

• Equity ratio improved to 8% at 30 June 2025 from negative 57% at 30 June 2024.

Outlook and guidance

• Manufacturing focus is on improving repeatability, yield, and throughput before scaling volume shipments.

• Commercialization in the near term will depend on JDAs, with partners funding engineering for customer-specific variants.

• No shipment timing guidance until manufacturing milestones are achieved.