CPX

Cap-Xx Limited

Industrial Goods and Services First-pass screen £12m

390/1000 Overall fit

AI beneficiary 35% 35

Operating leverage 25% 45

Valuation 25% 30

Downside protection 15% 55

First-pass take

Loss-making micro-cap (A$4.94m revenue) with improving trajectory: net losses down 36% YoY and strong net cash (A$3.96m). Recent design wins with major semiconductor firm and SCHURTER partnership plus distributor agreements (Farnell, RS) suggest turnaround inflection. However, no explicit AI exposure—supercapacitor applications are power management, not AI-specific. Cyclical electronics/automotive/energy markets lack defensibility. Massive share dilution (count doubled) and unproven path to profitability limit upside.

Flags

loss-makingmicro-caphigh-dilutionno-valuation-datacyclicalearly-stage