Ensurge Micropower - Edison Group

Overview
Price performance
Financials
Research
Thematics

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

07.03.23

Ensurge Micropower — Accelerating commercialisation

TMT |
Flash note

21.12.22

Ensurge Micropower — First production order

TMT |
Update

21.11.22

Ensurge Micropower — Achieving commercialisation milestones

Flash note

28.10.22

Ensurge Micropower — First packaged battery samples shipped

Sector

TMT

Equity Analyst

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	(2.1)	121.4	30.8
Relative	(7.3)	114.1	23.1
52 week high/low	NOK0.4/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 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

Research

Update

TMT

31.08.21

Ensurge Micropower — Still on track to deliver first microbatteries in Q421

Update

TMT

01.06.21

Thin Film Electronics — Happy first anniversary of microbattery strategy

TMT

Update

Ensurge Micropower — Preparing for delivery of first microbatteries

Flash note

TMT

22.04.21

Thin Film Electronics — Continued progress on commercialisation

Update

TMT

01.03.21

Thin Film Electronics — Preparing for initial product sales

Flash note

TMT

28.01.21

Thin Film Electronics — First product design taped out

Initiation

TMT

10.12.20

Thin Film Electronics — Energising innovation

Flash note

TMT

31.05.19

Thin Film Electronics — Beginning to implement its revised strategy

Flash note

TMT

25.04.19

Thin Film Electronics — Route to break-even in FY21

Flash note

TMT

20.03.19

Thin Film Electronics — Focus on NFC projects with silicon tags

Update

TMT

07.03.19

Thin Film Electronics — Annus horribilis

Flash note

TMT

10.12.18

Thin Film Electronics — Thinfilm joins NFC Forum board of directors

Update

TMT

20.11.18

Thin Film Electronics — Destocking holds back revenue development

Flash note

TMT

25.09.18

Thin Film Electronics — First fully processed die from R2R line

Update

TMT

19.09.18

Thin Film Electronics — New Apple phones show enhanced NFC support

Update

TMT

28.08.18

Thin Film Electronics — NFC ramp-up slower than expected

Outlook

TMT

03.07.18

Thin Film Electronics — Enabling next phase of mobile marketing

Flash note

TMT

19.10.17

Thin Film Electronics — Suspension of forecasts

Flash note

TMT

12.06.17

Thin Film Electronics — Tapping the booming medical marijuana market

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

TMT

24.06.20

The small satellite market – Small is beautiful

thematic

TMT

08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back