Metal additive manufacturing company Titomic Limited has seen a 21 per cent increase in revenue in the first half of fiscal year 2023, ending 31 December.
The company’s revenue now stands at $2.8 million, which marks an increase of more than double in sales to customers to $1.5 million. The figure also includes government grants and other revenue totalling $1.3 million, the company said in an ASX announcement.
Herbert Koeck, managing director of Titomic, said the company continues to make strong progress in its business expansion efforts through new channels and partnerships while progressing towards commercial outcomes with large commercial entities.
“Titomic’s overall progress is strong, with a growing sales pipeline, strong prospects, and a cash position that has been bolstered by cost-saving measures such as the implementation of a share scheme in lieu of partial salaries,” Koeck said.
“With our strengthened financial position, we are well positioned to increase sales across all channels and regions, particularly through Titomic USA, while continuing to improve and progress our joint venture and machine operations,” he added.
Koeck also highlighted Titomic’s stronger cash reserves, after the ASX-listed company recently raised $5.1 million in capital, which has been supplemented by $2.2 million in placement funds from joint venture partner Repkon.
“This investment is a testament to Repkon’s support of Titomic’s innovative manufacturing technology and further solidifies their position as a stalwart partner of Titomic,” Koeck added.
During the period, Titomic completed the first sales of its D523 low-pressure cold spray systems into the Australian transport industry through purchase orders worth $314,900.
The engine remanufacturing and rail transport businesses add in-house capabilities for ongoing component services and repairs, maximising equipment uptime and reducing maintenance costs.
In May 2022, Titomic announced the sale of automated glass mould coating system to Austrian-based Vetropak, a member of the International Partners in Glass Research.
Furthermore, Titomic USA sold its first D523 System to Fire Island Wind, which will use the system to apply corrosion-resistant aluminium by hand onto the steel structures, reducing maintenance costs and turbine downtime.
