EQS-News: XTPL reports 2024 results and confirms growth outlook driven by industrial implementation

Press release, 29th April, 2025

XTPL reports 2024 results and confirms growth outlook driven by industrial implementation

In 2024, XTPL (WSE:XTP) generated total revenue of PLN 13.7 million, including PLN 12.3 million from the sale of products and services. The fourth quarter was the strongest and record-breaking period that contributed PLN 6.4 million to XTPL’s top line, including PLN 5.6 million in revenue from commercial sales. In 2024, the Company delivered a total of 12 Delta Printing System (DPS) devices to clients, including 5 to the North American market, where it has been expanding its presence since early last year, opening a Demo Center in Boston in November. Industrial implementations of XTPL technology on the production lines of leading next-generation electronics manufacturers remains crucial for the Company’s continued business scaling. The Company reached a significant milestone on January 3, 2025, with the launch of its first-ever industrial implementation for a Chinese manufacturer of modern displays. XTPL is in the process of delivering 6 Ultra Precise-Dispensing (UPD) modules to the client as part of the first tranche of the order and retains the possibility of securing additional orders in 2025. Progress in other advanced industrial implementations with partners and clients from South Korea, Taiwan and the USA ensures that XTPL maintains strong prospects for continued growth in performance in the coming periods.

“In 2024, from a business perspective it was critical for us to expand our presence in the leading North American market for additive technologies and intensify efforts on projects focused on the industrial implementation of XTPL technology. We have achieved significant success in both of these areas. Last year, we delivered a total of 5 DPS devices to the US market, 4 of which were to corporate clients. This demonstrates the growing interest in the industrial application of our technology. The rapid achievement of break-even for the Demo Center in Boston means that we expect it to make a significant contribution to results in 2025 and beyond. The center not only shortens the distance between XTPL and our existing and potential client base, but also allows us to reach entirely new ones, as evidenced by the first DPS device order in March of this year from a defense contractor” says Filip Granek, CEO of XTPL S.A.

“2024 was also a period of intensive evaluation of XTPL technology with our Chinese partner and client, which culminated in the start of the first-ever industrial implementation of our technology on January 3, 2025. Large industrial machines equipped with our proprietary UPD modules will be integrated into the client's production line to significantly reduce the rejection rate of ultra-high-resolution displays, where the percentage of defective units requiring repairs can reach several dozen percent. The precision of XTPL technology will enable the repair and restoration of functionality in line with the specified technical requirements, directly impacting the future sales of the client, a leading global display manufacturer from China with annual revenues in the tens of billions of dollars. We prove that UPD technology works not only in the laboratory but also under industrial conditions. Based on this, we expect the remaining industrial implementations to also yield positive results for us and we do not rule out that the implementation started in January will not be the last one we will be able to report to the market this year” Filip Granek adds.

In 2024, XTPL generated PLN 13.7 million in total revenue, including PLN 12.3 million from the sale of products and services, with the remainder coming from grants. EBITDA in 2024 was PLN -17.2 million, influenced by increased investments in accordance with the assumptions of the Strategy 2023-2026 and the implemented investment plan aimed at scaling the XTPL business. The cash level, which stood at PLN 27.7 million at the end of December 2024, includes proceeds of PLN 27.6 million gross from the share issue carried out Q4 2024 and fully secures the funds needed for the second and final stage of the investment plan implemented under the adopted Strategy.

On January 3, 2025, XTPL announced the first-ever industrial implementation of its proprietary UPD (Ultra-Precise Dispensing) technology. The direct partner to receive the first batch of 6 of the Company's UPD modules (printheads) in the first half of 2025 is a leading Chinese manufacturer of machines for the mass production of modern FPD displays. As a next step, the partner will build industrial devices using XTPL modules, which will be put on the production line of one of the world’s largest display manufacturers from China. The project may take up to several years to complete and 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.

“XTPL underwent a transformation across its business, operational and organizational levels in 2023–2024. As a result, we are now a company with a completely different potential compared to just two years ago, fully prepared for further scaling and the industrial implementation of our unique UPD technology. We have consistently communicated the need for increased investments since the adoption of the 2023–2026 Strategy. A substantial portion of those investments was scheduled for 2024, which impacted our financial results. Our cash position of PLN 27.6 million at the end of 2024 fully secures the completion of the investment process planned for 2023–2026, creating the foundation for achieving the goal of PLN 100 million in commercial sales in 2026” says Jacek Olszański, CFO of XTPL.

“In 2024, we increased our inventories by PLN 2.6 million to PLN 4.4 million, securing key components for device construction, which positions us to generate approximately PLN 10 million in revenue in the coming periods. The increase in receivables to PLN 2.9 million is primarily related to the delivery of as many as 5 DPS devices in the fourth quarter of 2024 and is expected to have a positive impact on cash flow in the following periods. In 2025, we will also initiate the outsourcing of production for selected devices to a European partner, which will allow us to reduce the need to maintain high inventory levels on our balance sheet to support anticipated orders. Our sales pipeline is now more mature and diversified compared to 2024 and we anticipate significant year-on-year sales growth, driven by contributions from all three of XTPL’s business lines” Jacek Olszański adds.

XTPL is currently 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).

The 2023-2026 Strategy is aimed at scaling up the XTPL business to achieve PLN 100 million in commercial sales in 2026 on the back of an investment plan totalling PLN 60 million in three key business areas: sales, production and R&D. The first, intensive stage of the investment process was finalized in 2024. As a result of the completed investments, the Company has expanded the number and advancement of its key industrial projects, established an international business development team, opened a Demo Center in Boston, USA and significantly boosted its presence at international industry events. Production capacity has been increased to handle the expected volume orders, along with a significant reduction in the delivery time of DPS devices to clients from several months to several weeks. XTPL is also engaged in advanced R&D aimed at maintaining the competitiveness of its solutions and developing new products, including the new DPS+ business line and the multihead. Employment has approximately doubled and the current structure has been aligned in terms of competencies, operations and processes to achieve XTPL's targeted sales goals.

Now the Company has 9 projects at least at the second stage of processes aimed at industrial implementation of its technology (completed initial contact, identified customer needs, started technology evaluation and development by XTPL). Once positively validated and fully deployed, their total potential is estimated at PLN 400 million in average annual revenues over their respective lives. The most advanced are 4 projects (including the implementation for the client from China) covering areas the Company considers strategic: semiconductors and displays. The Company’s end clients or partners are global entities responsible for the production of next generation electronics, including a top Chinese manufacturer of machines for the sector of modern displays (the current industrial implementation), a leading semiconductor manufacturer from Taiwan, one of the world’s largest producers of FPDs from South Korea and a top manufacturer of industrial machines from the United States, listed on the Nasdaq 100 index.

 

XTPL S.A. is a deep-tech company providing ground-breaking precision printing solutions for the global electronics market. The company develops and commercializes products and solutions relying on its globally innovative, Ultra-Precise Dispensing (UPD) platform technology protected by international patent applications. The technology enables ultra-precise deposition of conductive features with a resolution of 1 to 50 μm. The XTPL solution combines ultra-high resolution of printed structures and conductive materials with a very high concentration of metallic nanoparticles and high viscosity. This combination makes the solution unique on a global scale. The company-designed innovative additive method can be used in the rapidly growing printed electrics sector, notably in areas such as semiconductors, displays, biosensors, advanced integrated circuits or security printing. The XTPL technology can be used for electronic interconnections in advanced integrated circuits, 3D printed electronics, hybrid flexible electronics or IoT, among other areas. XTPL’s goal is to license its technological solutions created for industrial implementation in dedicated application fields. The company may also achieve this goal by sales through distributors or strategic partnerships – in this way the cooperation can be geared to the needs of the future counterparty. Since 2019, XTPL S.A. has been listed on the main market of the Warsaw Stock Exchange, and since 2020 on the Open Market in Frankfurt. To find out more, go to www.xtpl.com
Additional information is available from:
Mardoniusz Mackowiak cc group +48 605 959 539 mardoniusz.mackowiak@ccgroup.pl