Issuer: XTPL S.A.
/ Key word(s): Interim Report/Half Year Results
Press release, 25th September, 2025 XTPL sums up the first half of 2025, explores opportunities in the defence sector and adopts 2026-2028 Strategy In the first half of 2025, XTPL (WSE: XTP) generated total revenue of PLN 6.0 million, including PLN 5.1 million from the sale of products and services. This result was driven, among other factors, by the delivery of four Delta Printing System (DPS) devices to international clients during the period. The Company's products will be used, among others, by the prestigious University of Cambridge in the United Kingdom, an American industrial customer from the defence sector and the University of Massachusetts in Lowell, USA, which operates a laboratory funded by Raytheon, one of the world's largest defence groups. Commercial sales also included three UPD modules delivered to global buyers, including two units as part of the first-ever industrial implementation of XTPL technology, where the end client is a leading Chinese display manufacturer with annual revenue exceeding USD 20 billion. Based on the experience gained during the three years of implementing the 2023-2026 Strategy, XTPL has updated it and adopted a Strategy for 2026-2028, reflecting a new timeline for achieving the target of PLN 100 million in commercial sales as well as the Company's current capabilities and financial needs. "In the first half of the year, we began implementing XTPL technology on the production lines of a leading Chinese display manufacturer with annual revenues exceeding USD 20 billion. By the date of publication of this report, we had delivered four UPD modules to our direct partner - a manufacturer of machines for mass production of FPD displays - and we are preparing to ship another two. Once all six units from the initial batch have been delivered, we expect additional orders, with total demand over the multi-year implementation cycle projected to reach several tens of modules. Deliveries are aligned with the schedule for the installation of industrial machines by the end customer, who uses the integrated modules to repair defects in ultra-high-resolution FPDs. I'm very pleased to confirm that the first machines equipped with the XTPL module are already operating on the production line, significantly reducing the number of rejected components and minimizing material losses. This validates both the credibility and potential of our technology and signals to the market that XTPL has successfully completed the 'from lab to fab' process" said Filip Granek, CEO of XTPL S.A. "In our industry, we've become the first company in the world to implement this technology on an industrial scale. This achievement has already helped us on many fronts - including initiating talks with a potential customer with whom we had been trying for years to establish a business relationship. It also supports other evaluated projects in our pipeline, where we expect a growing number of initiatives to move into the phase of building prototype machines with an integrated UPD module for final testing prior to subsequent decisions on industrial implementations. The second achievement worth highlighting is the sale of the first DPS device to an American industrial customer from the defense sector. Just a few weeks ago, we showcased our product in the United States at a conference dedicated to the use of additive technologies in the defense industry. Based on ongoing business discussions, we see significant potential for the application of XTPL technology in this area. Possible use cases include electromagnetic shielding in drones to protect against signal interference or high-frequency communication that enables radars to detect smaller objects. At the same time, defense sector customers are signaling the need to develop technological capabilities that would allow advanced microelectronic components to be repaired in close proximity to the battlefield. We're actively exploring these new business opportunities and will keep the market informed of our progress" Filip Granek added. XTPL is commercialising three business lines: UPD modules (printheads) for industrial implementation on the production lines of global manufacturers of electronics, the Delta Printing System (DPS, technology demonstrator) prototyping devices and High Performance Materials (HPM, nanoinks used by UPD and DPS). During the first half of 2025, XTPL generated PLN 6.0 million in total revenue, including PLN 5.1 million in revenue from the sale of products and services, compared to PLN 6.1 million and PLN 5.6 million, respectively, in the same period last year. Grants account for the remaining portion of the revenue figure. In H1 2025, EBITDA was PLN -9.7 million and the cash position at the end of June 2025 decreased to PLN 15.8 million. Based on the experience gained during the three years of implementing the 2023-2026 Strategy, XTPL has updated it and adopted a Strategy for 2026-2028. Over the past three years, the Company has achieved most of the objectives set out in its investment program of approximately PLN 60 million, strengthening the organization in three key areas: sales, production and R&D. As a result, XTPL is prepared to scale up its business further and to handle increased order volumes across all three business lines. The Company has achieved the first industrial implementation of its technology, opened an international Demo Center in the United States - which reached break-even within its first 12 months - and is carrying out advanced development to launch a new business line under the working name DPS+. "The pace of converting projects in our pipeline into further implementations and orders for XTPL products has prompted us to re-evaluate the financial targets defined in our Strategy, which has resulted in an update and the adoption of the 2026-2028 Strategy. The key change concerns extending the timeline for achieving the target of PLN 100 million in commercial sales from the end of 2026 to the end of 2028. This adjustment reflects more conservative assumptions regarding the pace of module deliveries in the next anticipated industrial implementations, based on our current experience with the Chinese partner. An additional factor is the market adoption of XTPL technology by global next-generation electronics manufacturers, which is taking longer than originally expected. At the same time, we continue to identify strong market potential for the number of UPD modules that can be delivered within the projects under evaluation, as well as for DPS devices - and soon also DPS+ under the new business line" says Jacek Olszanski, CFO at XTPL S.A. "The 2026-2028 Strategy identifies a capital gap in the first half of 2026 of approximately PLN 15-20 million. We are therefore currently pursuing four parallel processes aimed at securing financing for 2026, when we expect the commercialization of the new DPS+ business line and further industrial implementations, which will enable XTPL to continue financing its growth independently. The first option under consideration is debt financing from institutions or banks. The second is grant funding: in recent months we've submitted new applications for total support exceeding PLN 7 million. And just a few weeks ago, one of the Company's projects advanced to the next evaluation stage in the FENG program. The third potential source is the entry of a strategic investor who would take a minority stake in the Company. The final option under consideration is a capital increase through a share issue directed to the market. In the fourth quarter, we expect to make a decision on the best available option for securing continued growth of XTPL, whose business prospects are significantly better today than a year ago" Jacek Olszanski added. On January 3, 2025, XTPL began the first-ever industrial implementation of its proprietary UPD technology. By the reporting date, four UPD modules from the initial batch of six had been delivered to the direct partner, a leading Chinese manufacturer of machines for the mass production of advanced FPDs. Industrial machines integrating the XTPL module are already operating on the production line of the end customer, one of the world's largest display manufacturers based in China. The project may extend over several years and is expected to involve a total order volume of several tens of the Company's UPD modules, which will be used to repair defects in ultra-high-resolution FPDs, significantly reducing the number of rejects on the production line.
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| Language: | English |
| Company: | XTPL S.A. |
| Legnicka 48E | |
| 54-202 Wroclaw | |
| Poland | |
| Internet: | www.xtpl.com |
| EQS News ID: | 2204050 |
| End of News | EQS News Service |
