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XTPL S.A. sums up 2020: next milestones reached and commercialization started

XTPL S.A., a world leader in groundbreaking nanoprinting solutions for the global electronics market, has released its 2020 Annual Report. The Company generated consolidated sales of over PLN 2.29 million, up 11.20% year-on-year. During this period, the Company completed the first commercial orders for its products, built sales structures, broke down further technological barriers and strengthened patent protection for its proprietary technology. In addition, liquidity was secured through the issue of shares and bonds.

  • First delivery of the Delta Printing System – the XTPL technology demonstrator – to the University of Stuttgart
  • First commercialization of nanoinks
  • Liquidity secured on the back of successful issue of shares and bonds totalling PLN 12.8 million
  • Consolidated revenue from sales of PLN 2.29 million (vs PLN 2.06 million in 2019), consolidated net result of PLN -8.57 million (vs -PLN 24.19 million in 2019)
  • Patent protection extended to cover 10 new applications
  • A new grant of over PLN 11.6 million (approx. 73% of the full project value) obtained from the National Center for Research and Development
  • Increased presence of institutional shareholders: Rockbridge TFI S.A.
  • Debut on the Open Market of Deutsche Börse

 

In 2020, despite the COVID-19 epidemic, a new situation to which we adapted our work quickly and efficiently, we achieved key milestones on our growth path, entering the next stage of development. Last year’s highlights include commencement of commercialization of our solutions: conductive inks and the Delta Printing System. The first orders and contracts are a source of pride for us and a testament to the effectiveness of our strategy. The nanoinks were delivered to clients from the printed electronics industry operating in Europe, the United States, Asia and the Middle East. So far, we have completed 11 orders to 7 countries. As regards our Delta Printing System, although this is not the target printer to be commercialized for industrial use – we are proud that the first device for testing our UPD technology made its way to the prestigious Institut für Großflächige Mikroelektronik “IGM” at the University of Stuttgart. The printer was leased for four years with a purchase option. The maximum value of the agreement is EUR 190 thousand. This type of cooperation is important as it brings our technology closer to our potential clients from both scientific and industrial communities. At the same time, to take the commercialization further, we have developed a product proposition tailored to clients’ needs and have revamped our sales and marketing functions. These measures helped us build a valuable sales funnel and, as a result, enter into the first contracts,” says Filip Granek, CEO of XTPL S.A.

Last year, the Company also successfully closed issues of shares and bonds, raising PLN 12.8 million. These proceeds secured and improved XTPL’s liquidity. Doubtless, the Company’s liquidity was also strengthened by the research grant of over PLN 11.6 million from the National Center for Research and Development (NCBR). Recently, the Company announced the prospect of obtaining another subsidy, this time of PLN 7.6 million. With this funding, the Company will be able to continue work related to expansion of its technological cloud and the IP (Intellectual Property) patent protection base, which are its key assets. In 2020, XTPL filed 10 patent applications for its printing technology and the formulation of high-viscosity inks, among other things. This has taken the number of submissions to 21.

“For deep-tech companies, like XTPL, intellectual property is a product and a competitive advantage, while the size of the patent cloud has a major impact on the company value, as the scope and proper protection of intellectual property is key to the market position. For this reason, XTPL’s global solutions are being consistently secured. Patent protection starts from the moment of submitting applications, and currently we have 21 of these in total. The constant expansion of our intellectual property portfolio is aimed at creating significant lasting value of our Company for the years to come. Essentially, this protection increases the Company’s credibility with its potential counterparties and is often one of the most important aspects noted during the first contact with us. In addition to having our own patent protection team, we also use a specialized law firm in the United States, which oversees the entire process from submitting the application to its processing by appropriate authorities,” the CEO of XTPL explains.

XTPL constantly carries out research and development focused on its proprietary UPD technology and its applications in the industry of displays, semiconductors and advanced PCBs. The printed electronics sector, the main part of this industry, is growing very strongly. In 2020, its value was USD 41.2 billion (+11.0% YoY), in 2025 it is forecast to grow to USD 63.3 billion, while 2030 it is expected to reach even USD 74.1 billion (source: IDTechEx). This means an increase in the market value at a CAGR of 9.0% in 2020–2025.

With confidence and consistency, last year we achieved further milestones, including in terms of repeatability of printing, a feature that can be used to repair defects in high-resolution displays, as well as in terms of improving the operating parameters of the printing head. While keeping track of market developments, we identify new applications for the XTPL technology, preparing it for industrial implementations for other partners. Our participation in industry events and conferences is an extremely vital part of this process. In this way, we build not only business relations and knowledge about market needs, but above all we allow the sector – including our potential counterparties – to learn about the capabilities of XTPL solutions,” Filip Granek says.

The Company’s first commercialization successes were also noted by institutional investors. Rockbridge TFI S.A. increased its stake in the Company, while the German MainFirst Bank AG from the Stifel Group issued a “BUY” recommendation for XTPL shares. Importantly, XTPL is the first company from Poland and Central and Eastern Europe for which the broker published an analysis.

Recently, the Company announced the start of cooperation with a strategic partner for the South Korean market and a distributor in China.

In South Korea, XTPL will be represented by Bandi Consortia, which will help it in the commercialization of its nanoprinting technology in the FPD (flat panel display) industry. The Company’s new distributor in China will be Yi Xin Technology, which specializes in additive technologies and the search for innovative solutions dedicated to the printed electronics segment.

Since 12 April this year, XTPL S.A. has been part of the INNOVATOR Łukasiewicz Index. Started by the Warsaw Stock Exchange and the Łukasiewicz Research Network, the new stock index is aimed at promoting the most innovative public companies that develop their potential in cooperation with the scientific sector.

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