Ensurge Micropower

NO: ENSU

Market CapNOK1223m

Last Close NOK0.7

Ensurge Micropower’s (previously Thin Film Electronics’) solid-state lithium battery technology combines advanced energy cell design with proprietary materials and manufacturing innovation to produce thin, flexible batteries that can power safer and more capable hearables and wearable devices.

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Investment summary

Ensurge did not generate revenues during H121 and payroll costs were $1.6m higher y-o-y as management invested in engineering, manufacturing and business development personnel, resulting in a widening of EBITDA losses, excluding share-based payments, by $1.5m to $6.9m. Following a fund-raising programme generating $11.2m (net) from a private placing and exercise of warrants, cash (excluding restricted cash) totalled $5.5m. Management estimates that this cash, together with $13.6m (gross) generated from the remaining warrants during Q3, is sufficient to fund the company into Q122. Management has stated that it intends to seek additional financing, including institutional investment in Europe and the United States, to fund the company’s activities further into 2022.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2019A 1.2 (30.6) (35.9) (61.23) N/A N/A
2020A 0.5 (11.4) (15.3) (3.90) N/A N/A
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

Ensurge has signed two commercial agreements so far this year, giving it a route to market in both of its initial target markets. The company has validated the performance of battery cells deposited using its existing roll-to-roll production line and is installing cell stacking equipment, keeping it on track to deliver initial product revenues in late 2021.

Last updated on 20/10/2021
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Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 0.6 9.0 75.1
Relative* (8.3) 0.0 26.4
52-week high/low NOK1.2/NOK0.3
*% relative to local index
Key management
Kevin Barber CEO
Arvind Kamath EVP technology development and manufacturing
David Williamson Interim CFO
Morten Opstad Non-executive chairman