Successful first quarter of 2021 for XTPL S.A.

XTPL S.A., a global supplier of breakthrough nanoprinting solutions for the world’s electronics market, has summarized the first quarter of this year, in which it achieved further milestones in the commercialization of its solutions and in the evaluation processes of its technology intended for industrial implementations indicated by manufacturers of new generation devices. The Company has maintained strict cost discipline and a safe cash position.


  • In January, the Company deployed and successfully launched the first Delta Printing System demonstrator in a clean-room laboratory of the University of Stuttgart, Germany.
  • The product portfolio has been expanded to include the IJ36 ink for the ink-jet printing technology.
  • In the first quarter of 2021, XTPL generated consolidated revenue of PLN 65 thousand from the sale of products and services, compared to PLN 39 thousand reported in the same period last year.
  • Consolidated revenue from grants was PLN 624 thousand, compared to PLN 893 thousand reported in Q1 2020.
  • Advances received towards grant project costs were PLN 352 thousand.
  • The Company managed operating costs in a disciplined way. In Q1 2021, their level was PLN 2,962 thousand compared to PLN 4,586 thousand last year.
  • Consolidated net loss decreased by 35% year-on-year to PLN -2,250 thousand.
  • At the end of Q1 2021, the cash position was PLN 8,601 thousand vs PLN 10,478 thousand at the end of 2020.
  • At the end of March this year, the consolidated value of the Company’s inventories was PLN 383 thousand. XTPL is getting ready to start sales related to the commercialization of its technology and products.


Last quarter’s key highlights in the development of XTPL included deployment and launch of the first Delta Printing System demonstrator in a clean-room laboratory at the University of Stuttgart, and achievement of milestones related to the ongoing evaluation of our technology. In close cooperation with our partners, who were acting on behalf of potential end customers, we have developed technology of printing ultra-thin, high-density conductive lines with micrometric gaps between them, in accordance with the Client’s specifications. A test was performed which confirmed conductivity of those structures with no undesired short circuit effect. Further to this, we achieved the expected high repeatability of printed conductive lines on an electrical layer of high-resolution OLED displays. This solution takes us significantly closer to commercialization success in the segment of repairing manufacturing defects in new generation OLED displays. I’d like to add at this point that our open-defect repair technology, both in the segment of displays and advanced integrated circuits, will ultimately help end customers increase production efficiency, which will lead to the popularization of new products,” says Filip Granek, CEO of XTPL S.A.

In Q1 2021, the Company carried out three nanoink orders for clients from the United States and Europe. In total, ever since the commercialization of nanoinks began in 2020, XTPL has completed 12 orders for these products. In addition, the Company finalized the first commercial order for the XTPL Delta Printing System demonstrator. The Company’s activity in these areas was reflected in consolidated net sales at PLN 689 thousand (PLN 932 thousand in Q1 2020). It should be emphasized that even though the sale of XTPL nanoinks and printers is not the Company’s main proposition, the commercialization of these products has a significant market potential and will generate growing revenues going forward, in parallel with the efforts focused on the first industrial implementations.

The total value of proceeds from grants (reimbursements and advances) in the first quarter of 2021 was PLN 976 thousand compared to PLN 893 thousand last year. This year, we are using not only the cost reimbursement tool (PLN 624 thousand) – which is reflected under the revenue heading – but we are also using advances towards future project costs. In the first quarter, the Company received advances of PLN 352 thousand, posted under deferred income. These are monies physically credited to our account, and we are using them competently. Another and the most important change is the fact that last quarter we sold PLN 65 thousand worth of products. The value of these sales will be increasing gradually. At the same time, we still adhere to the cost discipline adopted last year: in Q1, costs were reduced by 27% year-on-year, excluding the impact of the incentive program. Inventories should also be noted here. They increased to PLN 383 thousand as a result of growing product sales,” explains Jacek Olszański, Management Board Member and CFO of XTPL S.A.

In the reporting period, having analyzed the market potential and information received from clients, XTPL decided to expand its product portfolio to include the IJ36 ink designed for ink-jet printing technology. It is one of the most common printing methods in the R&D area as it enables simple and fast prototyping at a relatively low cost and reduced waste.

The first months of 2021 also saw another breakthrough: acquisition of new business partners to promote the XTPL technology in Asia. The new distributors, Bandi Consortia in South Korea and YI XIN Technology in China, will help in speeding up subsequent stages of the industrial commercialization process.

“We are consistently pursuing the goal of industrial commercialization of our technological solutions. We are observing and listening to the market, which leads us to expand the range of nanoinks on offer and constantly enhance their parameters, acquire business partners and grow our patent cloud. This year, we have already filed two new patent applications, with more in the pipeline. Our efforts and commitment to technology development have been recognized by the market and the industry. As a result, in late 2020/ early 2021, at the International Display Workshop we received an award for the best paper presented at this industry conference. In addition, XTPL was put on the LUX Research list of the world’s best innovative companies. LUX Research experts assessed companies in terms of their technology, business strategy, leadership and market position. The received awards and distinctions are testament not only to the innovative nature of our solutions and products, but also to their effectiveness and the existing market demand. At the same time, they are another building block of the Company’s value in the eyes of our current and prospective clients,” Filip Granek says.

In the first quarter of 2021, XTPL also took part in industry events, including Innovations in Large-Area Electronics – INNOLAE2021 and the International Exhibition and Conference for Printed Electronics – LOPEC, whose aim is to build awareness of innovative nanoprinting technologies and solutions among potential customers. Moreover, early in April 2021, the Company participated in VIRTUAL ZÜRS, a prestigious investor conference organized by Raiffeisen Bank International. During the event, the Management Board presented the Company’s development strategy and achievements to eight international institutions, including investment funds.

Recently, XTPL has announced that it was awarded as “The most valuable brand of an optoelectronic product” and “The most valuable brand of materials for the production of optoelectronic components” during the Display & Touch Industry Conference 2021 (DTIC 2021), one of the major industry conferences for display manufacturers in China. The Company’s technology was presented by the local distributor – Yi Xin Technology. The event took place in Ningbo (China) at the end of April this year. It was attended by nearly 600 key representatives of Chinese market suppliers of materials and equipment for the production of optoelectronics, including Visionox, BOE, Changyang Technology.

XTPL S.A. develops its proprietary innovative nanoprinting solutions, which are offered to global players in the rapidly growing printed electronics industry. In 2020, its value was USD 41.2 billion (+11.0% YoY), in 2025 it is forecast to grow to USD 63.3 billion, while 2030 it is expected to reach even USD 74.1 billion (source: IDTechEx). This means an increase in the market value at a CAGR of 9.0% in 2020–2025.

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