In the first half of 2025, XTPL generated total revenues of PLN 6.0 million, including PLN 5.1 million from product and service sales. This result was driven in part by the delivery of four Delta Printing System (DPS) devices to international customers. Among them are the prestigious University of Cambridge in the UK, an American defense sector client, and the University of Massachusetts Lowell in the USA, whose laboratory is funded by Raytheon, one of the world’s largest defense groups. Commercial sales also included three UPD modules supplied to global clients, two of which were part of XTPL’s first-ever industrial implementation. The end customer is a leading Chinese display manufacturer with annual revenues exceeding USD 20 billion.
Based on its three-year experience implementing the 2023–2026 Strategy, XTPL has updated its plan and adopted a new Strategy for 2026–2028. This includes extending the time horizon for achieving its target of PLN 100 million in commercial sales, while aligning with current opportunities and financial needs.
Breakthrough Industrial Implementation
“In the first half of the year, we began implementing XTPL technology on production lines for a leading Chinese display manufacturer with annual revenues exceeding USD 20 billion. As of the reporting date, we delivered four UPD modules to the direct partner — a producer of mass-production FPD display machines — and we are preparing to ship two more. After completing the initial batch of six modules, we expect additional orders. Over a multi-year implementation cycle, this could generate demand for several dozen modules. They are being delivered according to the customer’s production schedule and are used for repairing defects in ultra-high-resolution FPD displays. I am pleased to confirm that the first machines with XTPL modules are already running on production lines, significantly reducing rejected components and minimizing material losses. This proves the credibility and potential of our technology and confirms XTPL has successfully transitioned ‘from lab to fab,’” said Filip Granek, CEO of XTPL S.A.
“We are the first company in our industry worldwide to implement this technology at industrial scale. This achievement has already opened doors — for example, enabling business talks with a potential client we had pursued for years. It also strengthens other projects in our pipeline, where we expect more initiatives to reach the prototyping stage with UPD modules inside machines for final testing before industrial rollouts. Another milestone is the sale of our first DPS device to an American defense-sector client. A few weeks ago, we showcased our product in the U.S. at a conference on additive technologies in defense. Current business discussions highlight significant potential for XTPL technology in areas such as electromagnetic shielding for drones to reduce signal interference, or high-frequency communications enabling radars to detect smaller objects. Defense clients also emphasize the need for technology that supports repairs of advanced microelectronics near the battlefield. We are actively exploring these opportunities,” Granek added.
Three Business Lines
XTPL commercializes three business lines:
- UPD modules (printing heads) for industrial-scale implementation on electronics production lines,
- Delta Printing System (DPS) prototyping devices (technology demonstrators),
- High Performance Materials (HPM) — nano-inks used by UPD and DPS.
In H1 2025, XTPL reported PLN 6.0 million in total revenues, including PLN 5.1 million from product and service sales, compared to PLN 6.1 million and PLN 5.6 million respectively in the same period last year. The remainder came from grants. EBITDA was negative at PLN -9.7 million, while cash at June 30, 2025, declined to PLN 15.8 million.
Strategy Update for 2026–2028
Over the past three years, XTPL has executed most of its 2023–2026 investment program worth about PLN 60 million, strengthening its sales, production, and R&D functions. The company is now prepared to scale and handle higher order volumes across all business lines. It also launched its first industrial implementation, opened a U.S. demonstration and sales center (profitable within 12 months), and advanced work on a new business line provisionally called DPS+.
“The pace of project conversion in our pipeline prompted a reevaluation of financial targets. As a result, we extended the horizon for reaching PLN 100 million in commercial sales from the end of 2026 to the end of 2028. This reflects more conservative assumptions about the delivery timeline of modules in upcoming industrial rollouts, based on our current partnership experience in China. Another factor is the slower-than-expected adoption of XTPL technology by global next-generation electronics manufacturers. Nevertheless, we continue to see strong market potential for UPD modules, DPS devices, and soon DPS+,” said Jacek Olszański, CFO of XTPL S.A.
“The 2026–2028 Strategy identifies a capital gap of about PLN 15–20 million in the first half of 2026. We are pursuing four parallel processes to secure financing: debt funding from institutions or banks, grant funding (with new applications exceeding PLN 7 million, including a project advancing in the FENG program), a potential minority stake by a strategic investor, and a possible capital increase through a share issue. We expect to decide in Q4 on the optimal option to secure XTPL’s growth. Today, our prospects look significantly better than a year ago,” Olszański added.
Outlook
On January 3, 2025, XTPL began its first-ever industrial rollout of its proprietary UPD technology. As of the reporting date, four of six UPD modules had been delivered to its direct partner — a leading Chinese manufacturer of mass-production FPD display machines. These industrial devices, equipped with XTPL modules, are already in use at a major Chinese display maker’s production line. The project could span several years and involve dozens of UPD modules, applied to repair defects in ultra-high-resolution FPD displays, significantly reducing rejection rates on production lines.
Source: CEO.com.pl
