Global cold-spray additive manufacturing company Titomic has reported a sales revenue of $3.8 million for fiscal year 2022, a seven-time increase compared to that of FY 2021, which amounted to $0.515 million.
In its financial report issued Tuesday, Titomic reported total revenue of $5.3 million, up 168 on the prior corresponding period, which is worth $1.9 million.
The company highlighted its progress in diversifying revenues over the year and reported a net loss after tax of $17.1 million.
The financial report also detailed the company’s established coatings and repairs revenues through sales of D523 Systems, which also enabled it to enter the Asia Pacific region.
The company recently finalised the installation of TKF1000 at TWI UK for aerospace applications and entered key Middle Eastern markets as a reseller through Repkon.
Herbert Koeck, managing director of Titomic, said the company has diversified into strategic investor partnerships, joint ventures, and acquisitions within the last 12 months.
Titomic recently acquired leading European cold spray technology company Dycomet Europe, making Titomic the only global supplier of low, medium, and high-pressure cold spray systems opening up new markets.
It also bought Tri-D Dynamics, which accelerates the expansion of Titomic’s US presence and broadens the service offering and product portfolio in the region.
“Through this, we can now offer low, medium and high-pressure systems for use in full-scale component manufacture, sales of a broader array of equipment, provision of repairs, maintenance and consumables, and machine solutions, in key sectors such as defence, aerospace, transport, mining and oil & gas,” Koeck said.
“The delivery of our commercial strategy has helped build and diversify our revenue streams, which, in turn, has created a platform for growth into FY23 and beyond,” he added.
