Ensurge Micropower ASA - Financial Report - 4Q 2022
Ensurge Micropower ASA (OTCIQ: ENMPY) released its 4Q 2022 interim report, announcing key updates. Mark Newman has replaced Kevin Barber as interim CEO, presenting a management plan aimed at commercialization. The company secured its first production order for 150,000 microbatteries from a digital health innovator. An evaluation from a consumer electronics partner confirmed Ensurge’s energy density metrics. The production line is now adjusted to meet customer specifications. There is heightened interest with 10 new qualified customers added, and a new management focus on converting this pipeline into revenue, alongside a 30% reduction target for cash burn.
- Secured first production order for 150,000 microbatteries.
- Confirmed capacity and energy density metrics from a strategic partner.
- Added 10 new qualified customers to the pipeline.
- Management focused on converting pipeline into paying customers.
- Targeting a 30% reduction in cash burn rate.
- None.
Ensurge Micropower ASA(OSE:ENSU,and OTCIQ: ENMPY), today released its interim report for the 4Q 2022 and the condensed consolidated financial statements as of 31 December 2022 for the Ensurge Micropower ASA group.
Report highlights include:
- Mark Newman, currently an Ensurge board director, replaced Kevin Barber as the interim CEO and has presented the new management action plan to take the company into the commercialization phase
- Received first production order for 150,000 Ensurge microbatteries from the lead customer, an innovator in the digital health market
- Evaluation report of Ensurge microbattery core cells from a strategic partner, a leader in consumer electronics, matched Ensurge’s capacity and energy density calculations
- Presented technical data at the TechBlick conference “Solid-State Batteries: Innovations, Promising Startups, and Future Roadmap,” demonstrating Ensurge microbattery performance including energy density, cycling and charging speed
- Production line converted to the lead production customer’s target form factor and performance requirements
- Continued strong customer interest with 10 new qualified customers added to the pipeline
- New management focused on converting the existing pipeline into paying customers including pushing customers and partners to pay for development work
- A renewed cost cutting exercise will be implemented, targeting
30% reduction in cash burn rate
Interim CEO Mark Newman will discuss the Company's progress via web conference on Thursday, 9 March 2023 at 12:00pm (noon) Central European Time. Ensurge Micropower ASA has delayed the web conference in light of the recent organization change.
About Ensurge Micropower:
Ensurge is Energizing Innovation(TM) with the first ultrathin, flexible, reliable, and fundamentally safe solid-state lithium microbattery for the 1-100 milliampere-hour (mAh) class of wearable devices, connected sensors, and beyond. The innovative Ensurge Microbattery enables energy-dense rechargeable products that are ideal for form-factor-constrained applications including hearables (hearing aids and wireless headphones), digital and health wearables, sports and fitness devices, and IoT sensor solutions that use energy harvesting to power everyday things. The company's state-of-the-art manufacturing facility, located in the heart of Silicon Valley, combines patented process technology and materials innovation with the scale of roll-to-roll production methods to bring the advantages of Ensurge technology to established and expanding markets. Ensurge Micropower ASA ("Ensurge") is a publicly listed company in Norway with corporate headquarters in Oslo and global headquarters in San Jose, California.
Contact Ståle Bjørnstad - Investor Relations
E-mail: stale.bjornstad@ensurge.com
Phone: +47 99 16 76 72 Kevin Barber -
Chief Executive Officer E-mail: Mark.Newman@Ensurge.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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