Titomic Raises $4.5M to Fuel Growth and Fulfill Recently Awarded Customer Orders

Titomic Ltd (ASX: TTT) will bolster its cash position through a placement of 90 million shares at $0.05, to raise $4.5 million before costs.

Firm commitments have been received from sophisticated and professional investors who are existing shareholders.

Titomic is experiencing significant growth and the funds will be used to develop increased manufacturing capacity and working capital to build out recently awarded customer orders.

Unique technology

Titomic was founded in 2014 to commercialise cold gas spraying metal particles to produce 3D structures, and is the only globally active, publicly listed cold spray solutions company.

The cutting-edge technology and systems are providing valuable, novel capabilities for manufacturing, coatings, and repairs worldwide.

This has been demonstrated through experience and success in the aerospace, defence, and other high-value industries.

Titomic delivers competitive advantages in metal additive manufacturing at every stage in the product value chain.

Growing revenue

  • Total revenue up 51% to $4.2 million achieved already in H1 FY24
  • 59% rise in customer sales receipts to $2.3 million
  • 75 orders received from customers
  • Boeing manufacturing revenue totaling $0.32 million, up from $40,000
  • Airbus system orders for $0.65 million
  • ISB sold to EPCOR for $0.52 million
  • System installed at Perron038, and system sold to Sabanci University, for a total of $3.11 million
  • Improvement in statutory net loss after tax to $5.9 million, 1HY23 $7.2 million loss
  • Underlying operating loss of $3.6 million, 1HY23 $6.0 million loss, a 39% improvement

 

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