XTPL, a leading company in the Polish deep tech sector, generated total revenues of PLN 2.4 million in the first quarter of 2025, including PLN 2.0 million from product and service sales. The main contribution to this result came from delivering two Delta Printing System (DPS) devices and commencing the fulfillment of an order for an initial quantity of six Ultra-Precise Dispensing (UPD) modules as part of XTPL’s first-ever industrial technology deployment. The end client is one of the world’s largest display manufacturers. The company’s solution will significantly reduce production rejects in modern flat panel displays (FPD), minimizing material losses and maximizing the client’s production line efficiency.
“The first quarter of 2025 turned out to be one of the most important periods in our history. Above all, we began the first-ever industrial deployment of XTPL technology—a milestone in our company’s goal to become a global standard in manufacturing next-generation modern electronics. We have already delivered two UPD modules to our partner and are preparing to ship more. The entire process is proceeding according to plan—the large machines built by our partner, with our printing heads embedded inside, are being installed on the production line of one of the largest display manufacturers in China, with annual revenues exceeding USD 20 billion. We expect further orders later this year because this project has the potential to supply several dozen UPD modules over the coming years. This is not our last word on industrial deployments involving XTPL, as we continue other evaluations, which I believe will conclude positively within our current Strategy timeline,” comments Filip Granek, CEO of XTPL S.A.
“We have also achieved tangible successes in commercializing our business line of Delta Printing System devices. An order placed by the Engineering Department of the University of Cambridge—one of the world’s top-ranked universities—reflects our growing recognition and the potential of the continuously developed and improved technology. In the first quarter of 2025, our technology was also noticed by the US defense segment, where we received an order from a so-called defense contractor. We identify this sector as another area with significant potential for XTPL technology, especially given current geopolitical challenges and conflicts worldwide. We are actively engaging with the client, exploring mutual possibilities and expectations, and similar clients are appearing in our sales pipeline,” adds Filip Granek.
In Q1 2025, XTPL generated PLN 2.4 million in total revenues, including PLN 2.0 million from product and service sales, compared to PLN 2.9 million and PLN 2.7 million respectively in the same period last year. The remaining value consisted of grants. EBITDA in Q1 2025 amounted to PLN -5.1 million, reflecting the company’s investment activities related to implementing its 2023–2026 Strategy and the ongoing plan focused on scaling XTPL’s business. The cash balance at the end of March 31, 2025, stood at PLN 20.2 million.
On January 3, 2025, XTPL announced its first-ever industrial deployment of the proprietary UPD (Ultra-Precise Dispensing) technology. The direct partner receiving the initial batch of six UPD modules (print heads) is a leading Chinese manufacturer of mass-production machines for modern FPD displays. Next, the partner will build industrial devices using XTPL’s modules that will be integrated on the production line of one of the world’s largest display manufacturers in China. The project may last several years and involve a total order volume of several dozen UPD modules, which will be used to repair defects in ultra-high-resolution FPD displays, significantly reducing production rejects.
“The situation in international markets, including high uncertainty around tariffs, does not favor global sales of devices like those produced by XTPL, which is reflected in revenues below our targets. At the same time, we have not lost any sales opportunities in our pipeline, and markets are gradually adjusting to the new reality. Therefore, we maintain expectations for year-on-year growth in DPS device sales throughout 2025. Our current inventory level stands at PLN 4.9 million, securing key components for device assembly and creating the potential to generate over PLN 10 million in future periods. What we have observed in recent years is significantly stronger second-half order volumes and deliveries, and we expect our sales in 2025 to follow a similar pattern,” says Jacek Olszański, XTPL Board Member responsible for finance.
“XTPL is at a crucial development stage—we have begun our first industrial deployment. We believe that within the 2023–2026 Strategy horizon, several additional industrial deployments will follow. Our entire team is working intensively toward this goal, and achieving this aspiration is, in our view, only a matter of time. Global trends such as miniaturization, changes in consumer electronics forms and properties, a printed electronics market growing over 22% annually, and feedback from existing and potential customers all reinforce this belief and drive us forward toward the global success of a Polish company originating from Wrocław,” adds Jacek Olszański.
XTPL currently commercializes three business lines: UPD modules (print heads) for industrial deployments on production lines of global electronics manufacturers, Delta Printing System (DPS) prototyping devices (technology demonstrators), and High Performance Materials (HPM, nanoinks).
The company currently has nine projects at least at the second stage of processes aimed at industrial technology deployments (completed initial contact and client needs identification, started technology evaluation and development work on XTPL’s side), with a combined potential—subject to positive validation and full deployment—estimated at around PLN 400 million in average annual revenues over the project timelines. The four most advanced projects (including the ongoing deployment for a client from China) cover strategic areas for the company: semiconductors and displays. End clients or partners include global entities responsible for next-generation electronics production, such as a leading Chinese manufacturer of machines for modern display production (current industrial deployment), a top semiconductor manufacturer from Taiwan, one of the world’s largest FPD display manufacturers from South Korea, and a Nasdaq 100-listed leading US industrial machine manufacturer.
