Next couple of slides through. Yes. Okay. In summary for the half year, we have, as it says, a cost base structure reset. We've essentially set the company up in a way that we are both streamlined and highly focused on everything that the shareholders are asking us to do, which is conversion of sales as well as strategic partnerships. I'll come to the sales pipeline a little bit further on in the presentation and cover the half yearlys. They're looking backwards first. In that time, I'll keep there have been a number of key developments for the company, and that's come about essentially as a result of a far greater market segmentation and real focus on the value proposition and the offerings that we have for customers.
As you can see Ultranode X, which many shareholders were very pleased to see the results that have been achieved there. I've got a little bit more about our joint product with BDS, which has, I've already said in this presentation later on that we plan to get first of those beta sample of samples of that product out by the end of this week. We've Anteo S has got quite a demand in the market in terms of ceramic-coated separators. Of course, we've got in the life sciences space. Quite a lot of work has been done, and I'm pretty excited about going through some of that as part of this presentation. All in all, looking back, we have established a very solid base for moving forward.
We did the AUD three and a half million cap raise. That has given us runway to deliver on the things that we have in the pipeline, which I'll go through more. Next slide, please. Here on this particular slide, if you take out the Serum Institute revenues, which is the pink box. Of course, those revenues are roughly every six months. What happened in the half year was we did not receive, we received the order, but we did not dispatch and we're not able to recognize the revenue for the Serum Institute.
If you take a reconciliation between where we were last year at this time in terms of the half-yearly results and where we are now, as you can see, there's quite a lot of work being done on really streamlining the business and making sure that the organization is very focused and essentially doing what's really critical and more with less. On the right-hand side, you can see some of the things that have been achieved. Next slide, please. This table is directly out of the half-yearly report and presents that data similarly. Again, another comparative around where our operating costs changes have been.
The next slide is around revenue, which I know there have been a number of questions come in, and I will cover a little more about our revenue and potential revenue coming forward. Obviously, I'm not able to provide sales projections. The next one, please. What I can say, this slide is actually a month by month on samples dispatched. You can see up the top, I've again reiterated, as we've discussed with many shareholders, the actual sales, structured sales process that we go through. What's really important obviously is the evaluation and feedback stage.
When I come to some of the where we are in the pipeline for our business units, that's really where much of this half year has really been spent in, as well as sales negotiations. I know there's a level of, can you go faster? We are doing everything to look at better communication, being extremely targeted on who we're engaging with, making sure we have sales and marketing expertise in terms of professionals supporting the technical business units. I'm very pleased and will be very pleased to go through where that has gotten us to so far. Next slide, please. Really going through this slide about what's been achieved for the battery business.
We, as I've already said, BDS, we have got six identified potential customers, and it's all being run through our U.S. partner, Black Diamond Structures, who obviously being based in the U.S., can manage the logistics of sending samples out. Really looking forward to. The team has committed to me that we are in the process this week of getting samples out. I look forward to providing update through social media on that. Wyon, I've got a little more later on in the presentation about Wyon. I'll come back to that. There is progress being made and actually cells are being assembled in the miniature Wyon cell design. That's quite a big step forward. They've actually moved on through from coin cells into their own battery design.
We're very conscious of keeping shareholders up to date as there are material results that are provided to us by Wyon. Would like to mention that we will be in South Korea next week and in front of potential customers that have received samples and have already started testing. We'll be there with Kangshin, as part of the InterBattery conference. That is a little bit, that is how we are moving forward in terms of making sure that we are very targeted on the conferences that we attend, on the leads that we pick up, and the structured process we bring those leads through. Kangshin, our distributor in South Korea, will be accompanying us during that conference, that period that we are in South Korea.
We have specifically requested support from Austrade to assist us to get into other customers that sit outside of Kangshin's distributorship. I look forward to keeping everyone up to date on that as well. Of course, Ultranode. Development of Ultranode is continuing at a pace very much around where it is going to end up in terms of a product. We are really, it's really exciting for us to be in front of two companies that are actually battery manufacturers and trying to negotiate to get Ultranode in as a next generation anode for drones. We very much targeted these particular manufacturers because they are already manufacturing or have manufacturing facilities coming online in the near future. We need to be in there and get a position in those new products. Next slide, please.
When it comes to life sciences, that business unit has been incredibly busy and very successful in a number of areas. Of course, the relationship with the Serum Institute continues to be managed, and the head of the business has recently met with them in India, and they have taken some prototypes of new products. We continue to keep that relationship as strong as possible. Then there's some other things that are in the pipeline, and we'd like to think big things coming soon. I want to be very clear, we're very, any news we have will be released.
What we can say is that we have been engaging with a number of other companies that we've engaged with in the past and have a relationship with, and they understand our product, which makes things a great deal easier. Okay, the key thing for life sciences is that AnteoBind can be used in a number of different end uses for diagnostics. Whilst lateral flow and Luminex has been a focus for us, chemiluminescence and ELISA plates is where there's been work done. We have actually been working on a comparison, a paper that sets out the comparison of AnteoBind's performance when it comes to chemiluminescence, and have made very good progress on getting that out in the very near future. Looking forward to that. Moving onto the next slide.
That's really the key for the half yearly. It's about getting everything sorted. We will of course, continue to make continuous improvement, making sure everyone on the team is very focused on the bottom line and knows what they need to be doing to deliver, and getting ourselves in a position financially to be able to deliver. Next slide, please. That all centers around our strategy that we released, which was around making sure that we're in jurisdictions which are ready and really receptive to the technologies and the products that we've got. Whether it be South Korea in terms of its leadership in battery manufacturing, or the U.S. in terms of particularly around drones and the opportunities that are really emerging there with very significant growth profiles, or whether it be India, of course.
India brings with it some complexities and challenges which I'll come to in another slide. Moving on. Just a bit of a snapshot for those who are new. This is how we are now presenting our products for the battery business. Everyone's familiar with Anteo X, and on the left is Anteo S, which is our separator product, which is still in trial stage, but is with a number of customers for trialing. We're really looking forward to feedback when we're in South Korea in particular on that. Symrax, which is our beta test name for the joint product that we've worked up with Black Diamond Structures. Next slide, please.
What I would say across all of those products is that when what's been very important for us to grow the number of samples that we've been able to dispatch and the genuine interest in our products, has been making sure that we communicate at all times the benefits of our products to our customers, whether it be better performance of the batteries, whether it be cost reduction of their overall manufacturing, or whether it be ease of use. That is of high value. It doesn't matter which business unit we're talking about, whether it be batteries or life sciences. That's what our products deliver.
On the Ultranode side, the battery business has also been making very great, very good progress, significant progress, particularly around being able to show potential partners how far the technology has come and how it's able to perform in different applications. The next couple of slides are in here because I think they would be very, very much of interest to our shareholders. Of course, people understand well, our shareholders understand, but what's really critical for us out in the big market is for people to understand how Ultranode competes with other products that are available. That's what these partnerships that we're working on are all about. We need to convey just how beneficial it is, particularly at commercial scale from a supply chain perspective and a lowest cost production perspective.
micro-silicon is relative to some pretty expensive and very complex alternatives. Next slide, please. This is one that we really bring it together in terms of specifics around applications. I would say, as I've said earlier, this is what it's really about for us, is to make sure that the customers, the potential customers that we're talking to, we're very specific about where we can add value to their end products and sales, their sales and our sales. For Ultranode 95, Again, there's fair few assumptions in here, but what's really important is about the power, the potential power that Ultranode can bring in combination, of course, with the cathode and the overall design of the cell and then the potential, as you can see, 2 to 3x thinner that space and volume side of things.
These are critical, of course, for drones and how drones, the duties that drones have in terms of take-off with payload, distance they need to travel. This is really part of us getting into a joint development with manufacturers of batteries for drones. Okay. Thank you. Just coming back a bit to, what, to the progress, we've made over the last six months with in terms of Black Diamond Structures and Ultranode.
This, the bottom of this page on the left shows our beta testing flyer that we have to engage with the potential customers and we've gone through and as a, as a team working in their collaborative joint development agreement, we've worked as a team on making sure that everything is done so that the customer experience with the trial samples is as positive as possible. On the Ultranode side, there's been steps in the right direction, and I have been communicated the frustration people have around Wyon, which is essentially going well. It's very slow, but it is going well. The steps are around commercial scale-up, ability to scale up. The quality of Ultranode going into batteries for testing, and now the quality of our anode going into Wyon's specific cell design as the anode.
We really look forward when we can, as soon as we can, when we've information from Wyon, who of course are running the tests, has been provided to us to providing information to shareholders. Thank you. Again, just to finish off on batteries, this is where we stand in terms of the very specific, very targeted pipeline that we have been building over the last six months. Of course, those lead indicators of the samples being out testing, being tested, the test results coming back and the sales negotiations is the nitty-gritty that people are expecting us to do. Here we've got sales qualified leads and a number of samples for dispatch under negotiation.
Across our, obviously, across all of our products, so Anteo X, Anteo S, and I've included some Symrax here yet, but also Ultranode, what we've got with potential customers, and then what we're actually negotiating. As I've said earlier, we really use very targeted and a very targeted fashion conferences, particularly where we get support. Again, in South Korea, we have support from Austrade. They have a booth. We don't pay for that booth, but we're able to have people come and meet with us and set up pre-meetings, which is what the team is focused on. We're really looking forward to that.
In the U.S., there's a very, the second biggest conference is coming up at the end of March. We've already started communications on our products leading up to that and expect to have some good meetings there. Thank you. Right. Flipping to our life sciences business. Many of you will have seen this slide before. The key here is that on the left-hand side, in terms of multiplex activation kits, what we sell to the Serum Institute and how they use it is not, you know, something that every company, in fact, a small percentage of the market can use our product in that way, and that's acknowledged across the team. That has meant that there's been developments around what other immunoassays, IVD applications could AnteoBind successfully work in.
That's where the work in chemiluminescence and activating particles and in ELISA plates in ensuring that ELISA plates are cost-effectively activated and a low-cost product that performs well can be provided to customers. The middle one is an area which is really next generation and where we see huge potential as well. That's really in the biosensor side of things. Really the graphic at the bottom shows that someone wearing a sensor on their skin with AnteoBind in it that can communicate with their phone, which has, which would pick up traces around a heart attack. That's how sensitive things are becoming and how interactive things are becoming.
Obviously being part of the MOBIUS research group, research institute is part of us being involved in that sort of, that part, that sector. I have previously provided information on the overall market around lateral flow and Luminex as well as chemiluminescence and ELISA plates. Please go and refer to my previous presentations around how the market is structured. That's really opening us up to plus $30 billion in market value, of which we're talking about activated beads, which is only a part of that. It is a very significant expansion of our market's potential for life sciences. Right, the next one please.
Again, on terms of opportunity pipeline and where everything is going for the business, there's very serious focus on a structured process with the sales and marketing staff supporting the technical team in bringing samples through. More samples are out than have been for some time and we're very pleased and excited about where we could go. Next one. Really, in summary, the key messages that I have for you today are around the fact that we have runway, we have the funds to deliver. Now, make no mistake, we are clear on sales conversion being absolutely critical to our shareholders, and we think we have gotten ourselves in a position to be able to deliver on that. I can certainly assure you that every effort is being spent on doing that.
Every single day the team is focused on how we can move forward with sales conversion and growing our sales. You know, people, processes, plans and opportunities. Those are the things that we've worked on, and those are the things that are now starting to be in place and coming through. Overall, I think we're very well positioned for moving forward and I would like to thank you all for your interest and your ongoing support of the company, and I really look forward to working with the team and moving everything forward in the way that is expected of us. I look forward to questions, Simon.
Thanks, Merrill. We'll get to the questions that have been pre-submitted as per the ASX announcement. Maybe first up, just around the slower pace of Anteo towards sales contracts in the clean energy sector. One example being Wyon, that been mentioned in the past in quarterlies, and it's always been around more testing is needed. Can we give an update in terms of when will we see progress with regards to Wyon?
Yeah.
How much testing is enough testing?
I can understand that, and I respect that. We do have a dedicated team working with the Wyon team. There are fortnightly update meetings, and there is a structured program for Wyon to move through and release the results of their testing. We're all looking forward to that so that we can make that public. Of course, we expect that, and we are trying to manage that, so it's as positive as possible. I certainly understand the frustration, but what we have spent time on is trying to bring that to fruition, if you like. It does highlight that we need more. Wyon is one, and we need more people testing Ultranode, whether it be Ultranode 70, 95 or Ultranode X.
We need more in the pipeline to be able to positively test with an end application. That is the critical piece. We're really focused on that in the US with what we're doing with Ultranode 95. I guess the bottom line for me is we are making progress. It is frustratingly slow, but we're clear on needing to bring that to fruition. Because it's run by Wyon, we're at the receiving end of the data. The team is managing that.
Merrill, just a question with regards to sales team and executives.
Mm-hmm.
Can we just provide an update around how we're measuring success with regards to sales?
That's a very good question. Yeah. We obviously are tracking sales at a granular level, and we're now using the CRM more and more, and that is particularly because we've taken on two professional salespeople, and who really demand and understand the way the CRM is used, who will work with each of the businesses. In terms of measures and first of all, we do have, of course, we have targets, we have budgets, we have forecasts, which we're trying to meet and everybody is aware of them, so they're all aware of them. Everyone has personal KPIs as well, which a significant proportion are around sales. Furthermore, we are actually initiating a program which is around celebrating sales.
In the office it's around making sure that we are celebrating and documenting when sales come through so that the overall structured process that people are now getting on top of and understanding, they see the end product. I guess there's a little bit of culture, if you like, as well as measures in there. We the structuring of contracts, obviously it's pretty standard in any industry for that to be, there to be sales targets for the sales professionals, and that is the case.
Just a question around the website. When can we expect to see a new website?
Very good. Thanks for the question. We, one of our new salespeople has been given the responsibility of going out and getting quote for a new website. We wanna make sure that what we come up with is fit for purpose for where the company's going. It won't be a matter of just changing and tweaking, and so we need to actually get essentially a briefing paper so that we can go out for quotes. Really that's going to be by the end of this financial year. I would really prefer to do it properly and so would he, and we will get input as we go along.
I'm sure there'll be people who will want to make some, have some input, but we are in the process of designing and going out for quotes for that.
Thank you. Just a question around the capital raising. Obviously the stock, which you cannot control, is trading at a discount to the most recent capital raising. Just a question around what are we doing or how can we rectify the share price going forward?
Understood. I understand that question. We've always said that it's always about the progress we make in the business and the news that we have, the news flow that we have coming through. I've covered progress which in this presentation, which we've been working hard towards. New product out in the US and understanding of what we can do in the chemiluminescence space. We've also foreshadowed that we've got some work that we're wanting to do with a very large life sciences business and we're waiting for there to be some commercial arrangements or negotiations finalized. My answer to that is we have to show that all the things we've talked about are coming to fruition.
That is my answer to that, is we actually have to do all the things we've said we're going to do in a structured, focused and cost-effective fashion. We are very, very, very much trying to do that. We, you know, we have to be sensitive to some of our customers. Some of them are very large, and some of them have also got their own challenges because they're raising funds as well. So we are working down the road of making sure that we have very good customer engagement and we are able to convert as soon as possible. It's really, that's on the sales side. Ronnie understands that journey. News flow is the key for me to be able to actually have real progress that I can put out into the market.
In terms of strategic partnerships, we do see some opportunities there. Really the structured program for that is really just getting underway with some conversations in the US and how that understanding what, where we would sit is a pretty important part of that. We've done some work. We know what we've got, and we think we know how we might be able to get people attracted into what the business offers. That will require us to work very hard and to engage, get feedback and then go again. Those are my answers, is it's about doing what we said we were gonna do, making things happen and being clear in the marketplace that we are making progress.
Merrill, a few more questions to go. Just a question around any discussions about the sale of AnteoTech's IP to any interested parties in the absence of any decent revenue-making deals?
Well, we do actually have a contract. I think it's just 15 years it's been with Thermo Fisher, which was a licensing agreement. That's probably a little-known fact. The answer is all, everything is on the table. Some of the negotiations we're talking about may we expect, but has to be led by evidence-based, by us having a great product that people want to buy, that they could lead to licensing arrangements. The answer to that question is, that is all embedded in the types of conversations we're having. We're looking at all opportunities for revenue for the business and returns to shareholders.
Can you rank the products or identify the top three in terms of how prospective they are, i.e., how close they are to generating revenue?
Oh.
How does work with drone battery manufacturers rank in that?
This is just for batteries. This is what the specifically for batteries?
Yeah, I think so.
Yeah.
Let's talk to that.
Yeah. That's a very good question, too. Obviously, Ultranode is a full formulation, right? How we might deliver into that, whether we toll, we had a contractor who manufactured our product, whether we license that in. We are far more present in the value chain as an anode than we are as a drop-in product. Okay? Why I asked that question at the beginning is it's the same for life sciences. A, if you're an additive in or a performance enhancer, essentially, in lateral flow, where are you if you're an activator of particles in chemiluminescence? You're moving in the value chain to become a core ingredient. Back to batteries, that really needs to be, you know, it's really important to understand Ultranode is a full anode formulation.
Our products, so Anteo X and Anteo S. Well, Anteo X is where we have spent money, invested heavily in communicating what it can do. We obviously have done work with Black Diamond Structures to show that it can really add value by improving performance, reducing very expensive carbon nanotubes. Very good information on what it can do for our customers. There's been a lot of effort in there. Of course the team has identified that essentially it's a variation of Anteo X, can be used in separators, which are used in all batteries. They're being very judicious around understanding the markets that we're in and how to make things go faster in various markets.
Yeah, I'd like to say that actually a significant proportion of our samples that are out are for AnteoX, which would not be a surprise for the battery team. We're spending quite a bit of effort in terms of sourcing, seeking new channels of communication on a technical basis to make sure we're connecting with the decision makers who would be able to either adopt AnteoX or Symrax, which may be their preference.
Thanks, Merrill. Just a question regarding battery tech. It's hard to get across the line in Australia. What's required to happen if someone accepts a contract for supply, and is the company ready now to supply?
Yeah, the specs of products. On the product side, yes, we are. You know, we do have. Obviously we have a facility, the pilot plant, and we're able to, depends on the volume, for Anteo X. It's a good question because, whilst our focus is in the jurisdictions I've identified through the strategy framework around the U.S., South Korea, India and, you know, Europe of course we keep an eye on. That's where we see things moving around leading technologies. I guess the key thing is making sure. Sorry. Making sure that we are ready.
I have been doing quite a lot of work with the team on export readiness, because each of those jurisdictions requires a number of regulations to be met, not only for import, but also for distribution of product. We are ready for the jurisdictions which are very much outside of Australia, or we are getting ourselves ready. There's some more work to be done, but we have plans for that. When it comes to Australia, of course that is not our focus. What we have done in the last six months is we have gotten ourselves more familiar with the ecosystem, and there are a number of great Australian companies doing really good things and we have been talking to them about perhaps working together.
Whether they're a drone manufacturer maybe supplying into the Australian Defence Force, looking to get into the US. Whether they're doing unique and bespoke batteries or battery management systems, we're very positive about being able to work with great, hugely innovative Australian companies and we're just working our way through how to do that, where it makes sense and is cost effective for everybody. The answer is we're really focused outside of Australia. We have to get our volumes in, our samples and our volumes into where we wanna sell, so we are doing that. Also Australia's ecosystem and the innovation base is very strong and we're pleased to be part of that and have relationships that we're building.
I'll just. Last question. How can you explain to existing shareholders or potential new shareholders what's changed over the years and why now might be time to invest or look at AnteoTech?
Right. No, that's a good question. Essentially what I've been trying to convey through this presentation is, I'm here because of the commercialization piece. That's what I'm here for. That's what I took this job on for. That's what the shareholders want. That's where the 100% focus is. You could say that's what everybody says, and probably is, right? That's my view is we are razor focused on, laser focused might be a better word, on making sure we're having the conversations in the way that are meaningful for customers. That we're talking to the right people. The structured processes that have been put in place are very particular and, they use networks.
We're very happy to use networks and introductions. It's always easier when you've got an introduction, as particularly in the likes of the US and South Korea too in particular, and India as well. The answer is what's different. Well, we've heard what has been said that you really must deliver and everything is very focused on that. There is. We've basically streamlined and shed anything that would not, would potentially disrupt that and here we sit at a very interesting and important time for the company. We need to show that we can deliver. I get that.
Done everything with the team in our power to get samples in the hands of the right people who are interested in buying our products.
Thanks for that, Merrill. That concludes the Q&A. I might just hand it back to you for brief closing remarks.
Yes. Again, thank you very much for joining me today and very happy to take any questions that might arise subsequent to this webinar. Of course we're always answering questions that come in through our investor email. I wanna thank you again for the support that you've shown to me and the team to move forward and we very much take that, we don't take that for granted. We take that as very important, very real and, you know, it's hard sometimes when it takes a long time for things to come through to get excited. There've been times in the office where it's been really positive in the last six months, where really great technical work has been done.
There's real clarity around who we need to speak to and we definitely are focused on that. I have to be very measured in the way that I say that, but it's really time for us to get some of the great things that we've been working on out into the open and for people to be able to see that we are making progress. Again, I thank you for your support. Really pleased to be here.
Thanks all for attending. Thank you, Merrill.
Thank you.