XTPL achieves PLN 5.5 million of commercial sales in H1 2024
Back to all articles According to preliminary estimates, in Q2 2024 XTPL (WSE:XTP) generated PLN 2.8 million in revenues from the sale of products and services, up 9.0% year on year. In the first half of 2024, revenues from the sale of products and services were PLN 5.5 million, the same as in the year-ago period. The main components of the sales growth in the second quarter of this year were related to the delivery of the Company’s two DPS devices and two industrial modules. XTPL’s key buyers were new clients, including a leading Chinese manufacturer of machines for the FPD industry and an industrial client from California. The estimated cash balance at the end of June 30, 2024 was PLN 14.4 million, in line with the Company’s assumptions and the implemented 2023-2026 Strategy. At the end of Q2, XTPL employed 95 people, an optimum headcount to deliver the Company’s goal to achieve revenues from the sale of products and services of PLN 100 million by the end of 2026.
“In the second quarter of 2024, the key event from the perspective of our Strategy and its horizon was the receipt of orders for our industrial implementation modules, including from a new client – a leading Chinese manufacturer of machines for the FPD industry. The investments carried out in recent quarters allowed us to deliver the industrial module to the partner already in June, so this is the fourth global player in the advanced electronics market who is building an industrial device with our technology at its core. This is also another project taken to the fourth implementation stage in a matter of few months from the start of the relationship with the partner. Such a rapid progress was largely facilitated by the experience gained to date and the constantly growing global position and credibility of the XTPL brand in the area of ultra-precise printing technology – we note this and this helps us and our distributors attract new promising clients for our modules, DPS devices and high-performance materials. We’re optimistic about our sales opportunities in the second half of the year, and with reduced delivery times and optimal organizational structure, we’re poised to handle an increased number of orders in what is the best season of the year” says Filip Granek, CEO of XTPL S.A.
In addition to the sales of products and services, XTPL generates additional revenues from grants, which contribute to the financing of part of its R&D projects. In H1 2024, the Company obtained grants of PLN 0.4 million compared to PLN 1.4 million in H1 2023. In Q2 2024 alone, the value of grants obtained was PLN 0.3 million compared to PLN 0.8 million in the same period last year. In accordance with the policy on accounting for grants, only a part of the proceeds will be recognized in the income statement for Q2 2024, while the remainder will be kept on the balance sheet as deferred income. The Company’s cash position as at June 30, 2024 was PLN 14.4 million compared to PLN 19.4 million at the end of March 2024.
“We’ve already completed a number of key investments to scale up our business, which prepare us well for the second half of 2024 and subsequent years as we maintain focus on our main goal: to generate PLN 100 million in revenues from the sale of products and services by the end of 2026. We intend to achieve this by commercializing all three business lines, including modules for industrial implementations, which are expected to be the key contributor to sales. The most recent, July order for our printing module from a client in mainland China marks a new and potentially interesting direction for us, as the module will not be used for industrial implementation or the construction of a large machine for testing on a pilot line, but for prototyping and specialized research. We might see more such business moving forward – although isolated, these are high-value orders with attractive margins that expand the channel of our key business line” says Jacek Olszański, CFO of XTPL.
XTPL’s business model is based on three complementary business lines. These are printing modules for industrial implementation on the production lines of global manufacturers of electronics, the Delta Printing System (DPS) prototyping devices, and High Performance Materials (HPM, nanoinks). The Company has nine projects aimed at industrial implementation of its technology, which are at least in the second stage of that process. Most advanced are four projects covering areas the Company considers strategic: semiconductors and displays. The total potential of those nine industrial projects, assuming they are positively validated, is estimated by the Company at around PLN 400 million in average yearly revenues. The Company’s end customers are global entities responsible for the production of next generation electronics, including a Chinese manufacturer of machines for the sector of modern displays, a leading semiconductor manufacturer from Taiwan, one of the world’s largest producers of FPDs (Flat Panel Displays) from South Korea and a top manufacturer of industrial machines from the United States, listed on the Nasdaq 100 index.
Additional information is available from:
Mardoniusz Maćkowiak | cc group
+48 605 959 539 | mardoniusz.mackowiak@ccgroup.pl
Małgorzata Młynarska | cc group
+48 697 613 709 | malgorzata.mlynarska@ccgroup.pl
