Polish provider of nano-printing technology for the electronics sector, XTPL, closed 2025 with a result that is bittersweet for investors. The company reported revenues of PLN 13.7 million, up 11 per cent year-on-year. Although sales growth is positive and the number of devices delivered has reached historic highs, market attention is now focused on liquidity. The management openly communicates the need to bridge a capital gap estimated at PLN 15-20 million in the current year.
The key operational achievement of the past year was the delivery of a total of 21 printing systems to customers. The sales structure is still dominated by the mature Delta Printing System (DPS) line, mainly going to R&D departments, with 13 units sold. However, from a long-term business scaling perspective, the commercialisation of 8 industrial UPD (Ultra-Precise Dispensing) modules seems more important. It is the industrial deployments that are expected to be the leverage that will allow the company to leapfrog future revenue growth. Confirmation of this direction is the January finalisation of UPD module deliveries to a Chinese customer as part of the first industrial deployment, paving the way for the negotiation of further tranches.
Despite the implementation successes, the cash situation requires immediate action. At the end of December 2025, XTPL’s accounts held PLN 7.3 million, down from the PLN 9.9 million still visible at the end of the third quarter. Jacek Olszanski, board member for finance, indicates that the company is approaching break-even levels, but that external funding is required until then.
A key decision on the form of capital raising is to be taken in the coming weeks. Three scenarios are on the table: debt financing, a market-directed share issue or the entry of a strategic investor for a minority stake. Given the declared lack of significant growth in the cost base in 2026, the funds raised are to serve only as a bridge until the growing sales of industrial modules start generating positive cash flow. For shareholders, the coming month will be a test of confidence in the management’s financial engineering capabilities, as important as the company’s technological edge.
