High speed precision welding developer K-TIG has experienced record cash receipts in the December quarter of $1.5 million as uptake of its equipment accelerates.
Revenue was 44 per cent higher than the first quarter, and 157 per cent up on the previous corresponding period.
Growth was achieved with only one distributor selling its products, with the company recently adding three new distributors – Semicom Lexis in Israel, MetaWelding in Spain and Jacom Vietnam.
It is in talks with 15 prospecting distributor partners and expects to add additional new distributor each quarter ‘for the foreseeable future’.
K-TIG is a highly refined, keyhole variation of TIG/GTAW welding developed by CSIRO that creates a single-pass, full-penetration keyhole weld in just a few minutes that would take a manual welder hours and multiple passes to perform.
The company’s December quarterly activities report said:
- It successfully welded the armoured steel provided by Hanwha Defense Australia which is to supply howitzer systems to the army
- Stepped up engagement with the UK nuclear decommissioning waste container sector
- And engaged with defence prime contractors in the maritime sector.
K-TIG has $3 million cash in the bank.
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