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Ensurge Micropower (OSE: ENSU)

Currency in NOK

Last close As at 30/11/2023

NOK0.11

— 0.00 (0.00%)

Market capitalisation

NOK213m

Ensurge Micropower’s 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 wearable devices and connected sensors.

Ensurge did not generate any revenues during FY22. Payroll costs were $1.6m higher year-on-year, at $8.9m, as management increased spending on operations to support sampling and production readiness. This resulted in a widening of EBITDA losses, excluding share-based payments, by $2.1m to $16.7m. Investment in capital expenditure was only $0.5m (net), as most of the work adapting the roll-to-roll facility for manufacturing microbatteries was completed in FY21. Free cash outflow totalled $20.8m, leaving $3.4m cash (gross excluding restricted cash) at end-FY22.

Latest Insights

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TMT | Update

Ensurge Micropower — Accelerating commercialisation

TMT | Flash note

Ensurge Micropower — First production order

TMT | Update

Ensurge Micropower — Achieving commercialisation milestones

Flash note

Ensurge Micropower — First packaged battery samples shipped
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Sector

TMT

Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Key Management

  • Arvind Kamath

    EVP technology development and manufacturing

  • Lars Eikeland

    Interim CEO, acting CFO

  • Morten Opstad

    Non-executive chairman

  • Terje Rogne

    Chairman

Balance Sheet

Forecast net debt (US$m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.9 (4.3) (94.4)
Relative (0.8) (8.9) (94.5)
52 week high/low NOK2.1/NOK0.1

Financials

Ensurge develops solid-state microbatteries that can potentially double the power density of equivalent lithium-ion designs, provide form-factor flexibility and can be mass produced in significant volumes. In 2023, the group has achieved breakthrough technological milestones and is working with a lead customer to deliver pre-production orders in Q124 with a view to entering commercial production later in the year. On 18 September, the company announced that it had secured another new contract. Although the announcement did not include any material updates, it further validates the progress the group has made in the year.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2021A 0.0 (14.6) (17.8) (9.19) N/A N/A
2022A 0.0 (16.7) (20.8) (9.67) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A

Flash note

TMT

Thin Film Electronics — Continued progress on commercialisation

Update

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Thin Film Electronics — Preparing for initial product sales

Flash note

TMT

Thin Film Electronics — First product design taped out

Initiation

TMT

Thin Film Electronics — Energising innovation

Flash note

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Thin Film Electronics — Beginning to implement its revised strategy

Flash note

TMT

Thin Film Electronics — Route to break-even in FY21

Flash note

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Thin Film Electronics — Focus on NFC projects with silicon tags

Update

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Thin Film Electronics — Annus horribilis

Flash note

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Thin Film Electronics — Thinfilm joins NFC Forum board of directors

Update

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Thin Film Electronics — Destocking holds back revenue development

Flash note

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Thin Film Electronics — First fully processed die from R2R line

Update

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Thin Film Electronics — New Apple phones show enhanced NFC support

Update

TMT

Thin Film Electronics — NFC ramp-up slower than expected

Outlook

TMT

Thin Film Electronics — Enabling next phase of mobile marketing

Flash note

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Thin Film Electronics — Suspension of forecasts

Flash note

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Thin Film Electronics — Tapping the booming medical marijuana market