XTPL achieves over PLN 2 million of commercial sales in Q1 2025, keeping industrial implementation on track
Back to all articles According to preliminary estimates, in Q1 2025 XTPL generated PLN 2.1 million in revenues from the sale of products and services. The result was mainly driven by the delivery of two Delta Printing System (DPS) devices: to a U.K. client – the University of Cambridge and to a U.S. client – the Washington University. Additionally, in Q1 2025, the Company initiated the first-ever industrial implementation of its proprietary technology. As a first step, XTPL will supply six Ultra-Precise Dispensing (UPD) modules to its direct partner – a top-tier Chinese manufacturer of equipment for mass production of FPDs. The first XTPL module has already been delivered and installed in the partner’s large industrial machine with subsequent five modules scheduled to be delivered by the end of June this year, which will positively affect the Q2 performance. The end client of the XTPL-enabled solution is one of China’s largest display manufacturers, generating annual revenues of several tens of billions of USD.
“In the first quarter of 2025, we worked on preparing six UPD modules for shipment as part of the first-ever industrial implementation of the XTPL technology. The end client for our printheads is one of the world’s largest display manufacturers, based in China. The first module has already been delivered to the client and the remaining five modules – designed for integration with the partner’s large-scale industrial production machines – will be shipped by the end of June this year. The industrial implementation is advancing as planned. Considering its significant potential – estimated at several dozen modules in the next few years – we expect further orders to follow later this year. In parallel, we are continuing work on three additional advanced projects aimed at industrial implementation, which are currently being evaluated in collaboration with partners from South Korea, Taiwan and the United States. A few months after the announcement of the implementation in China, we are already observing increased market attention. We believe this development will significantly support the decision-making process in subsequent projects” says Filip Granek, the CEO of XTPL S.A.
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 Company generates additional revenues from grants that co-finance part of its ongoing R&D projects. In Q1 2025, the Company did not obtain any new grant proceeds, but in accordance with the principle of accounting for grants in proportion to the value of assets, it can recognize revenue from this source in the financial statements. The Company’s cash position as at March 31, 2025 was PLN 20.5 million.
“The primary driver of the Q1 2025 results was the delivery of Delta Printing System (DPS) devices to new clients, including the University of Cambridge from the U.K., consistently ranked among the world’s top universities. The fact that a leading global research center is working with our device underscores the high level of maturity and recognition XTPL technology has already attained. This is further demonstrated by the first DPS order from a U.S. industrial client – a defense contractor – which we received at the end of March. The strong interest in our Demo Center in Boston, which we opened at the end of last year, has led to several representatives from this strategic sector entering our potential sales pipeline. Together, we are currently exploring the possibility of applying XTPL technology in this new and promising market for us” says Jacek Olszański, CFO of XTPL S.A.
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 six 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.
Now the Company has nine 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 four 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.
Additional information is available from:
Mardoniusz Maćkowiak | cc group
+48 605 959 539
mardoniusz.mackowiak@ccgroup.pl
