Australian metal additive manufacturing company Titomic Limited has provided its financial statements for fiscal year 2023, ending with a total revenue of $4.45 million.
Herbert Koeck, managing director of the ASX-listed company, said Titomic has seen a threefold increase in sales of D523 systems, which reflects a growing demand for Titomic’s offerings.
The company’s revenue from customer sales is at $2.62 million for FY 2023, which ended on 30 June, down from the previous year’s $3.38 million.
The net underlying loss stood at $14.38, while the statutory net loss after tax is at $14.33 million.
According to Koeck, Titomic has seen escalating interest in its TKF systems, which further establishes the company’s position as a leader in the advanced manufacturing solutions domain. The company recently secured high-value systems sales to Perron038, Neue Materialien Bayreuth, and Rey Juan Carlos Universidad.
“Titomic is also pleased to highlight the ongoing progress within its commercial collaborations, preparing for future manufacturing. Notably, the company has been making robust strides in its collaborations with Triton Systems, Repkon, and Boeing, all esteemed names in the defence industry,” Koeck said.
Titomic also completed two capital raises through institutional placements and a retail entitlement offer, amounting to $11.6 million before costs.
“This enables Titomic to capitalise on existing opportunities, scale manufacturing capabilities, and explore new business avenues. This, in combination with completing a Company restructuring from April to June 2023, is anticipated to enhance market penetration and solidify Titomic’s standing as an innovative force in cutting-edge manufacturing solutions,” the managing director said.
Titomic has completed a capital raise and implemented a company restructuring. The company has also completed a fully underwritten pro rata accelerated renounceable entitlement offer to existing eligible shareholders and a placement offer to raise $6.5 million before costs.
In an ASX announcement, the company said it will use the funds to scale its manufacturing capacity, enhance capability for increased sales opportunities of current products and new business opportunities and provide additional general working capital.
