Ensurge Micropower (ENSU) Q3 2024 earnings summary

Executive summary

• Achieved significant improvements in stacking yield and doubled manufacturing volume in Q3 2024, with plans to double again in Q4 2024.

• Shipped batteries for phase 2 of the US DOE microbattery design competition and advanced toward commercializing solid-state microbatteries.

• Attracted key talent and expanded operational capacity, preparing for 24/7 production in Q1 2025.

• Secured a strong pipeline of nearly 100 potential customers, with 13 prioritized for early access.

Financial highlights

• Revenue and other income for the first nine months of 2024 totaled USD 61 thousand, up from USD 44 thousand in the same period of 2023.

• Operating costs decreased to USD 8,755 thousand (9M 2024) from USD 10,603 thousand (9M 2023), mainly due to R&D capitalization.

• Net loss for the first nine months of 2024 was USD 10,243 thousand (USD 0.02 per share), improved from USD 13,684 thousand (USD 0.09 per share) in 2023.

• Cash balance increased to USD 7,947 thousand as of 30 September 2024, compared to USD 2,476 thousand a year earlier.

• Equity ratio improved to negative 16% at 30 September 2024 from negative 228% at 30 September 2023.

Outlook and guidance

• Manufacturing volume expected to double again in Q4 2024, with 24/7 production planned for Q1 2025.

• Focus on finalizing encapsulation material and achieving consistent battery performance as the next major milestone.

• Sufficient cash to fund operations into Q1 2025; additional funding required beyond that period.