Titomic releases FY22 results, puts revenue diversification up front

Cold spray additive manufacturing business Titomic has released its full-year results, emphasising its progress in diversifying revenues over the year and reporting a net loss after tax of $17.1 million.

The company told investors that revenues from customer sales were up seven times on the previous financial year to $3.4 million, as it added offerings such as its D523 low-pressure coating machine. 

It made its first D523 sales in Q4, and booked a $395,000 order with Brauntell for several units this month.

Total revenue was up 168 per cent compared to FY21 at $5.321 million, and cash at bank was $7.1 million (compared to $7.9 million a year prior.)

The focus of the release was Titomic’s progress in diversification. The company listed in 2017 with its main offering its high-pressure TKF systems – which it continues to sell – for large-scale additive manufacturing and R&D purposes. 

Managing DIrector Herbert Koeck said that the last 12 months had seen the company diversify into strategic investor partnerships, joint ventures, and the acquisitions of Dycomet Europe and Tri-D Dynamics USA.

“Through this, we can now offer low, medium and high-pressure systems for use in full-scale component manufacture, sales of a broader array of equipment, provision of repairs, maintenance and consumables, and machine solutions, in key sectors such as defence, aerospace, transport, mining and oil & gas,” said Koeck.

“The delivery of our commercial strategy has helped build and diversify our revenue streams, which, in turn, has created a platform for growth into FY23 and beyond.”

Picture: Titomic

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