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Carbonxt Group - December 2023 Quarterly Activities Report


-- Construction of the flagship Activated Carbon production facility in Kentucky, USA continues to progress well, with the focus now turning to commissioning activities and near-term sales.
-- Customer receipts for the quarter were A$3.3m – a decrease of 28% on the prior quarter predominantly due to a timing difference in orders from our largest Pellet Customer which resulted in a material cash inflow from deferred sales during the September quarter; taking into account timing differences, operating cash receipts during the December quarter are consistent on an annualised basis.
-- Sales revenue for Powdered Activated Carbon (PAC) increased 28% from a year ago which reflected the increase in prices for our products, as well as a slightly different mix of customers from a year ago. Compared to the prior quarter, PAC unit sales decreased by 19% as we entered a lower seasonal demand period.
-- Several existing relationships extended their PAC contracts with higher pricing across the power generation, water filtration and industrial applications. One PAC contract has been increased by over $1.5m per annum.
-- Sales of Activated Carbon Pellets (ACP) were down by 58% on the prior quarter, as the sales to our largest pellet customer were impacted by outages at that customer’s facility. We reduced our manufacturing shifts accordingly at Arden Hills to reduce operating costs. Production performance for our other major ACP customer was at a record low manufacturing cost.
-- Successful completion of a $0.6m placement to sophisticated and professional investors; accompanying 1:9 rights issue at $0.06 was oversubscribed and settled in January, raising the full allotment of $1.84m.
-- Commissioning of the flagship Kentucky plant is underway to test plant performance, with significant production ramp up to occur next quarter.

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