EQS-News: In Q1 2025, XTPL delivers first UPD modules for industrial implementation and additional DPS devices

Press release, May 29, 2025

In Q1 2025, XTPL delivers first UPD modules for industrial implementation and additional DPS devices

XTPL (WSE:XTP), a leading company in Poland’s deep tech sector, generated total revenue of PLN 2.4 million in Q1 2025, including PLN 2.0 million from the sale of products and services. This result was driven primarily by the delivery of two Delta Printing System (DPS) devices and the commencement of a delivery of an initial batch of six Ultra-Precise Dispensing (UPD) modules. These are part of XTPL’s first-ever industrial deployment of its technology, with the end client being one of the world’s largest display manufacturers. The Company's solution will significantly reduce production rejects in advanced flat panel displays (FPDs), minimizing material waste and maximizing the efficiency of the client’s production line.

“The first quarter of 2025 has proven to be one of the most significant periods in our Company’s history. Most importantly, we began the first-ever industrial implementation of XTPL’s technology – a major milestone in our journey toward becoming one of the global standards in the production of next-generation advanced electronics. We have already delivered two UPD modules to our partner and are preparing to ship additional units. The entire process is progressing according to schedule. Large-scale machines, built by our partner and equipped with our printing heads at their core, are being installed on the industrial line of one of China’s largest display producers, a company with annual revenues exceeding USD 20 billion. We anticipate further orders later this year, as we believe the current project has the potential to scale to several dozen UPD modules over the coming years. This is by no means our final word in terms of industrial implementations involving XTPL. We are actively continuing other evaluation processes, which we believe will yield positive outcomes within the timeframe of our current Strategy” says Filip Granek, CEO of XTPL.

“We’ve also achieved tangible success in the commercialization of our Delta Printing System (DPS) business line. An order placed by the Department of Engineering at the University of Cambridge – one of the world’s highest-ranked academic institutions – reflects our growing recognition and the strong potential of our continuously evolving and improving technology. In the first quarter of 2025, our technology also attracted attention from the U.S. defense sector, where we received an order from a defense contractor. We see this area as another high-potential segment for XTPL, particularly in light of current geopolitical tensions and conflicts around the globe. We are engaged in active dialogue with the contractor, exploring mutual capabilities and expectations and we’re seeing similar clients entering our sales pipeline” Filip Granek adds.

During the first quarter of 2025, XTPL generated PLN 2.4 million in total revenue, including PLN 2.0 million in revenue from the sale of products and services, compared to PLN 2.9 million and PLN 2.7 million, respectively, in the same period last year. Grants account for the remaining portion of the revenue figure. In Q1 2025, EBITDA was PLN -5.1 million, reflecting the Company’s ongoing investment activities related to the implementation of its 2023–2026 Strategy and the execution of its plan to scale up XTPL’s business. At the end of March 2025, the cash position was PLN 20.2 million.

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) 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.

“The broader international market environment – marked by high uncertainty around tariffs – is not conducive to conducting the type of global device sales carried out by XTPL, which is reflected in lower-than-expected sales revenues. However, it is important to note that we have not lost any sales opportunities in our pipeline and the markets are gradually adapting to the evolving landscape. As a result, we maintain our full-year outlook for year-over-year growth in DPS sales in 2025. Our current inventory level is PLN 4.9 million, securing key components for device manufacturing and creating the potential to generate over PLN 10 million in revenue in upcoming periods. What we’ve observed in recent years is a significantly stronger second half of the year in terms of orders and deliveries and we expect a similar sales pattern in 2025” says Jacek Olszański, CFO of XTPL.

“XTPL stands at a pivotal point in its development – we’ve started our first industrial implementation. We are confident that within the time frame of our 2023–2026 Strategy, additional industrial deployments will follow.  Our entire team is working intensively toward this aspiration, and we believe it's just a matter of time until we achieve it. Global megatrends such as miniaturization, the evolution of consumer electronics in terms of form factor and functionality, and a printed electronics market growing at a CAGR of over 22%, together with the feedback we receive from existing and potential clients, reinforce our conviction and strengthen our determination to build a globally successful technology company, proudly rooted in Wrocław, Poland” Jacek Olszański adds.

XTPL is 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).

Currently 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.