Titomic Limited, an Australia-based provider of technology solutions for industrial-scale metal additive manufacturing, has provided its financial statements for the period ending 30 September 2022 (Q1 FY2023).
In addition, Titomic had received re-certification of quality standards AS9100D, ISO9001, and ISO2700.
Herbert Koeck, managing director of Titomic, commented, “Titomic has started off the new financial year by continuing to deliver on its diversified revenue strategy. The Company has entered new regions like the Middle East through its joint venture with Repkon, particularly for defense and aerospace applications, and has moved further into new industries such as mining, reselling, renewable energy, and transport through machine sales. Our technology is helping these industries secure their supply chains and bolster their manufacturing capabilities.”
“Titomic also continues to grow its expertise and intellectual property through partnerships and research and development. Our investments in R&D through the Boeing JP9102 Satellite Program to create parts with ‘green’ titanium builds upon the capabilities of our technologies. We also continue to progress strongly in the establishment of the Neos-Titomic and Repkon-Titomic joint ventures,” said the managing director of Titomic. “We will continue to execute our diversified revenue strategy through joint ventures, machine sales, application development programs, and resellers.”
Titomic’s operational update
The company announced the first sale of d523 systems into the Australian transport industry. With purchase orders totaling $314,900, Titomic started selling D523 low-pressure cold spray systems to the Australian transportation sector. By adding the internal capability for ongoing component services and repairs, the engine remanufacturing and rail transportation businesses increase equipment uptime while lowering maintenance costs. Due to these new capabilities, Titomic is seeing an increase in demand for D523 Systems across several industries.
Furthermore, Titomic USA has entered the renewable energy sector with first D523 sale. A company that is a part of the Cook Inlet Region Inc. family, Fire Island Wind, purchased the first D523 System that Titomic USA had to offer. Using the D523, corrosion-resistant aluminum will be manually applied to the steel framework, providing long-lasting corrosion protection and lowering maintenance costs and turbine downtime.
An update regarding Titomic Europe and a Horizon Europe grant was provided. The grant is to support the study and creation of AI and machine learning applications for cold spray applications, Titomic will receive €260,000 (roughly A$400,000) in CoBRAIN funding. The study’s findings will help Titomic improve its cold spray manufacturing procedures for producing both new and used metals and materials. Novel hard metals for corrosion and wear resistance will be created as part of the CoBRAIN program, and a coordinated material engineering workflow will be verified.
Titomic reported it is entering the Middle Eastern market through Repkon as a reseller. To establish Repkon Foreign Trade and Marketing Inc. as an authorized distributor of Titomic systems in Saudi Arabia, the United Arab Emirates, and Turkey, the two parties, signed a contract in August. The agreement opens up access to and establishes a significant presence in the crucial Middle Eastern market. The region’s aerospace and defense industries can now purchase consumables, service agreements, and manufacturing systems from Titomic.
With a stock order for D523 cold-spray Systems (Systems) from a mining engineering firm, Brauntell – a Titomic Authorised Service Provider and Reseller – for AUD395,000 in August, Titomic established a presence in the mining and reseller industries. The Systems will further improve Brauntell’s product line for maintenance and repair servicing by enabling operators to re-shore and bring maintenance and repair work in-house to increase self-sufficiency, resulting in shorter lead times and higher productivity and profitability.
Alliance Pte Ltd (“Alliance”) and Titomic have entered into a reseller agreement, furthering Titomic’s presence in the Asian marine sector. As an authorized reseller, the alliance will promote Titomic Kinetic Fusion cold spray systems in Malaysia and Singapore. Alliance is focusing on the marine markets in Singapore and Malaysia’s corrosion and coatings sector.
The first tests of “green” titanium for space applications were successfully finished by Titomic and Boeing this past quarter, with encouraging results. Work is still being done to create and validate demonstrator parts for the JP9102 satellite. The JP9102 Satellite Program will enhance Australia’s self-sufficient aerospace and defense manufacturing capacity.
Titomic’s Corporate Update
As a result of a review of its business quality systems conducted during the quarter, Titomic was able to maintain its AS9100D and ISO9001 quality certifications as well as its ISO27001 IT & Cybersecurity certifications. For the mutual benefit of all stakeholders, Titomic continues to collaborate with all employees to develop the safest and best work practices while consistently meeting customer requirements, all applicable statutory and regulatory requirements, and expectations.
Titomic’s previous milestones
With firm commitments from both new and existing investors, Titomic (ASX: TTT) has raised $9 million through a share placement priced at $0.26 per share. Additionally, the business is providing shareholders with the opportunity to apply for up to $30,000 worth of shares at the exact price through a share purchase plan. The company will use the approximate $11 million it expects to raise from the share purchase and placement plan to speed up its commercialization efforts and set up facilities for operations and sales in other countries.
Previously, Titomic acquired Dycomet Europe, a rival provider of cold spray technology based in the Netherlands. Titomic is also the maker of Titomic Kinetic Fusion (TKF) 3D printing technology. In the end, the deal strengthens Titomic’s position on the world stage by giving the company a new base in Europe in addition to its original Australian headquarters and Titomic USA subsidiary. As Dycomet Europe brings with it a strong pipeline of customer orders across the continent, the deal will also give Titomic an immediate source of income.
Elsewhere, to advance additive manufacturing in the space industry, aerospace manufacturer Boeing had teamed up with Titomic. Together, the businesses will look into 3D printing components for space systems using sustainable titanium powders. The Australian government granted Titomic a $2.325 million Modern Manufacturing Initiative grant, which it will use to research and commercialize parts for satellites and spacecraft using a nearby titanium mineral resource.
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