Surface Transforms – having “overcome” previously-reported technical problems…now further such problems! And how’s the balance sheet liquidity now?

Previously writing on ceramic brake disc materials company Surface Transforms (SCE), in January with the shares at 36p I noted it “again… reporting a production problem impacting our previous guidance” and that I looked for some consistent delivery before re-considering prior caution. What then of today a “trading update” and the shares currently down to 16p in response?

Surface Transforms (#SCE) – “continue to face some challenges in our production line” trading warning, notes further financing requirement

Surface Transforms (#SCE) – appointment of Isabelle Maddock as CFO, to join from James Cropper (#CRPR)

Surface Transforms – “again… reporting a production problem impacting our previous guidance”, what’s the outlook from here?

Previously writing on manufacturer of carbon fibre reinforced ceramic automotive brake discs Surface Transforms (SCE), in September with the shares at 40p I concluded that, with the financials uplift the valuation looked to demand, I still just continued to monitor from the sidelines. So what of today a “Trading and operations update” from the company… and the shares currently further down to 36p?

Surface Transforms (#SCE) – 66.2% open offer take-up, raising £2m

Surface Transforms – announces another discounted equity raise. For further capacity needs?

Manufacturer of carbon fibre reinforced ceramic automotive brake discs Surface Transforms (SCE) “is pleased to announce that… the company has conditionally raised gross proceeds of £16.0 million… at the issue price of 40 pence per ordinary share”. How pleasing is this?

Surface Transforms (#SCE) – 2021 update, argues to move into profitability this year

Surface Transforms (#SCE) – production capacity delay, FY result “significantly short of market expectations”

Surface Transforms – trading and operations update. Good news for Russ & co?

There is a “Trading and operations update” announcement today from carbon ceramic brake discs company Surface Transforms (SCE). Hopefully it’s good news as reader Russ (hi) will likely get dreadfully upset if reporting otherwise (as well as that this is not a 100+ page review of the carbon ceramic brake disc industry).

Surface Transforms (#SCE) – £1m 'Flexible Growth Fund' loan from Liverpool City Region Combined Authority

Surface Transforms (#SCE) – raised £2m in oversubscribed open offer at 50p per share

Surface Transforms – discounted fundraising, how delighted are Chairman David Bundred and CEO Kevin Johnson?...

Previously writing on manufacturer of carbon fibre reinforced ceramic automotive brake discs Surface Transforms (SCE), earlier this month I concluded with the shares at 53p that there looks interesting future potential here, but ahead of further balance sheet and revenue detail (results expected in May) and with the already more than £80 million market cap, I currently continue to avoid. Now a placing and proposed open offer...

Surface Transforms – shares up on “Trading, OEM Pipeline & Operations Update”. Good news then?...

A “Trading, OEM Pipeline & Operations Update” announcement from manufacturer of carbon fibre reinforced ceramic automotive brake discs Surface Transforms (SCE) – and the shares currently 4% higher at 53p, capitalising the company at over £82 million. Good news then?...

Surface Transforms – argues “pleased to announce” results… but what about the underlying cash burn?

Writing earlier this month with the shares then having soared to 47p, I reviewed Surface Transforms (SCE) “truly game changing” contract award. Is it?, & how’s the current financial position?. Now “pleased to announce” results for the first half of 2020...

Surface Transforms – argues “truly game changing” contract award. Is it?, & how’s the current financial position?

A “Contract Award from OEM 8 and Trading Update” from Surface Transforms (SCE) – and the shares currently 47p, more than 90% higher!...

Surface Transforms – argues “remains on track”… but what about, for example, January 2012?...

Surface Transforms (SCE) has updated including “despite the impact of COVID-19… revenue for the six-month period grew 55%… Cash at 30 June was £2,018k (December 2019: £770k) to which can be added the R&D tax credit, in excess of £300k, expected in September” – and the shares have currently responded to 27p, approaching 4% higher...

Surface Transforms (#SCE) – excess open offer fully subscribed, total £2.4m raised via placing & the extended open offer

Surface Transforms (#SCE) – proposed increased open offer following prior excess demand

Surface Transforms (#SCE) – £0.3m open offer over-subscribed, exploring options to satisfy the additional demand

Surface Transforms – argues sales growth “very encouraging”… what about the bottom-line & cash position?

Surface Transforms (SCE) has updated including emphasising “this significant acceleration in sales growth in the period is very encouraging… discussions with potential OEM customers are progressing well and the company still expects to be able to make significant contract announcements during the new 2020 financial year” and that it “has now received full regulatory approval from the UK Environmental Agency for all the new furnaces in OEM Cell One”. Sounds encouraging…