Ensurge Micropower ASA – Q1 2023
Key highlights Q1 2023
- Turn management’s key focus towards accelerating commercialization, predominantly by working more closely with customers, preparing our technology and product offering for mass manufacturing, and planning for production.
- Implement a cost reduction program, including staffing cost. As a result, Q1 2023 total operating costs were down
42% year-on-year - A six-month game plan has been established together with key management, and progress is measured against it. Top three priorities in this plan are: 1) Deliver production ready samples to our key customers and ramp production, 2) Reduce cost, including office sub-lease and financial restructuring considerations aimed at reducing monthly cash burn-rate and create a one-off cash consideration the company, and 3) Apply for grants and other government incentives that are aligned with our vision.
- Continue to work closely with our customers and partners that need our battery to execute on their roadmap.
- The company is in the process of expanding the technology roadmap with even higher energy density products down the line allowing us to expand to bigger market segments. Based on
the demand we see in the market the current manufacturing capacity must be increased over time.
About Ensurge Micropower
Ensurge is Energizing Innovation(TM) with the first ultrathin, flexible, reliable, and fundamentally safe solid-state lithium microbattery for the 1 to 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.
Contact
Mark Newman - Chief Executive Officer
E-mail: mark.newman@ensurge.com (mailto:mark.newman@ensurge.com)
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachment
