Update on Comet Litigation

XP Power Limited

15 July 2026

 

15 July 2026

XP Power Limited

(`XP Power' or `the Group')

Update on Comet Litigation

US Court of Appeals reverses judgment and remands for a new trial

XP Power, one of the world's leading developers and manufacturers of critical power control solutions to the Semiconductor Manufacturing Equipment, Healthcare and Industrial Technology sectors, notes and welcomes the judgment issued on 14 July 2026 by the United States Court of Appeals for the Ninth Circuit in the trade secret proceedings brought by Comet Technologies USA, Inc. and affiliates against the Group.

The Court of Appeals has reversed the earlier 2022 judgment of the District Court and remanded the case for a new trial. As a result, the previous award of approximately US$40m in compensatory and punitive damages, together with over US$17m in attorney fees, and the permanent injunction, have been vacated. The cash for these awards is currently held outside the Group in a bond lodged with the District Court.

The Group will continue to defend its position and will provide further updates as appropriate.

The Group will report its interim results on the 4 August 2026 with trading as expected in the first half and ongoing strong order intake.

Enquiries:

 

XP Power

Gavin Griggs, Chief Executive Officer                                                                               [phone]

Matt Webb, Chief Financial Officer                                                                                   [phone]

CDR

Claire de Groot                                                                                                                      [phone]

XP Power designs and manufactures power controllers, essential hardware components in all electrical equipment that converts power from the electricity grid into the correct form for equipment to function. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.

XP Power designs power control solutions into the end products of major blue-chip OEMs, with a focus on the Semiconductor Manufacturing Equipment (circa 37% of sales), Industrial Technology (circa 38% of sales) and Healthcare (circa 25% sales) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer's product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in Vietnam, North America and Germany, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.

Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of the FTSE SmallCap Index. XP Power serves a global blue-chip customer base from over 20 locations in Europe, North America, and Asia.

For further information, please visit www.xppowerplc.com

Forward-looking statements

This announcement contains forward-looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries, sectors and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. No assurances can be given that the forward-looking statements in this announcement will be realised.

The forward-looking statements reflect the knowledge and information available to management at the date of preparation of this announcement. XP Power and its Directors accept no responsibility to third parties and undertake no obligation to update these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

 

END