Following the investments completed in Q1 2024, XTPL is poised for increased
orders in subsequent periods

Issuer: XTPL S.A. / Key word(s): Quarter Results/Quarterly / Interim
Statement
Following the investments completed in Q1 2024, XTPL is poised for increased
orders in subsequent periods

22.05.2024 / 18:03 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Press Release

Wrocaw, May 22, 2024

Following the investments completed in Q1 2024, XTPL is poised for increased
orders in subsequent periods

XTPL (WSE:XTP) in the first quarter of 2024 achieved PLN 2.9 million in
total revenues, including PLN 2.7 million in revenues from the sale of
products and services. The key revenue driver was the delivery of four Delta
Printing System devices, twice as many as in the year-ago period. Q1 2024
saw intensified investment activity related to the implementation of the
2023-2026 Strategy and the process of scaling up the XTPL business with the
goal of achieving PLN 100 million in commercial sales by the end of 2026.
The Company significantly increased employment to 91 people as at the end of
March, a target level that is deemed optimal to aid the Strategy execution.
XTPL has also increased its production capacity in each of the three
business lines, and halved the duration of the process of building DPS
devices. As a result, the Company is poised for a major increase in sales
over the Strategy horizon, looking forward to the second half of the year,
traditionally the best season for its business. XTPL is also strengthening
its activity on the US market, aiming to open a Demo Center in the coming
months.

"It's been 6 months since XTPL adopted its ambitious development vision
outlined in the 2023-2026 Strategy. Our key direction is to strongly scale
up our organization to achieve PLN 100 million in commercial sales by the
end of 2026 and to carry out the first implementations of the XTPL
technology on the industrial lines of global manufacturers of advanced
electronics. The Company's activities in the first quarter of 2024 centred
on intensified investments designed to realize this ambitious development
vision and appropriately prepare the Company for the significant increase in
revenues from all our three business lines anticipated over the Strategy
horizon. We're now very well prepared for this" says Filip Granek, CEO of
XTPL.

"In the first quarter, we made an important decision to strengthen our
presence on the US market. We hired Managing Director for North America, who
has international experience in additive manufacturing and printed
electronics. We also started preparations for the opening of the first Demo
Center in Boston in the second half of 2024. These activities were
accompanied by another success: an order for a DPS device from a US-based
industrial client. And in the coming weeks we're going to attend several key
industry conferences in the United States, including: The Electronics
Components and Technology Conference (ECTC) in Colorado and TechBlick The
Future of Electronics Reshaped in Massachusetts" Filip Granek adds.

In Q1 2024, XTPL achieved PLN 2.9 million in total revenues, including PLN
2.7 million in revenues from the sale of products and services compared to
PLN 3.6 million and PLN 3.0 million, respectively, in the same period last
year. The difference between the two figures is due to grants, as the
Company is currently implementing an international project as part of a
consortium under the Horizon Europe program and looking towards the launch
of another project around September this year. In Q1 2024, EBITDA was PLN
-5.1 million, reflecting the Company's stepped up investment activities
related to the delivery of its Strategy and implementation of the plan aimed
at scaling up XTPL's business. As at March 31, 2024, the cash position was
PLN 19.4 million, a result of investments in key areas: sales, production
capacity and R&D.

"The increase in costs and expenses in the first quarter of 2024 is
primarily attributable to investments in scaling up our business, but is
also related to a change in our sales mix: we delivered twice as many DPS
devices to our clients as a year ago. The remaining items include the
historically highest recruitment rate with an increase in employment from 53
to 91 staff members at the end of March 2024, including an increase in B2B
contracts. Marketing and sales activities increased significantly, including
the unveiling and positioning of a new website, as well as activity at
international shows and industry conferences. In the first months of the
year, we also incurred the costs of building a DPS for marketing purposes (a
demonstration device) and rolled out an ERP system for process management
throughout the organization. In addition, we provided new equipment for our
laboratory. The pronounced increase in inventories is due to the decision to
secure key components for the construction of DPS devices and industrial
modules. As a result, we're well prepared for the second half of the year,
the best business season. We've increased production capacity and halved the
duration of the DPS construction process, which will allow us to deliver
more devices in the coming quarters compared with what we were able to do
just a few months before" says Jacek Olszaski, CFO of XTPL.

"Processes related to industrial implementation remain on top of our agenda.
We have 20 projects started here, 9 of which are at least at the second
stage of progress, and 4 at a very advanced fourth stage: development of a
large prototype industrial device with our module in it. The device is
already at one of our end customers, a leading manufacturer of FPDs from
South Korea, with subsequent devices being built or modules delivered as we
speak. It should be noted that the first full implementation will be the
final confirmation of the readiness of our technology to become part of the
global value chain related to the production of advanced electronics by the
world's largest manufacturers" Jacek Olszaski adds.

XTPL's business model is based on three complementary business lines. These
are printing modules for industrial implementation on the production lines
of global manufacturers of electronics, the Delta Printing System (DPS)
prototyping devices, and High Performance Materials (HPM, nanoinks). The
Company has nine projects aimed at industrial implementation of its
technology, which are at least in the second stage of that process. Most
advanced are four projects covering areas the Company considers strategic:
semiconductors and displays. The total potential of those nine industrial
projects, assuming they are positively validated, is estimated by the
Company at around PLN 400 million in average yearly revenues. The Company's
end customers are global entities responsible for the production of next
generation electronics, including a Chinese manufacturer of machines for the
sector of modern displays, a leading semiconductor manufacturer from Taiwan,
one of the world's largest producers of FPDs (Flat Panel Displays) from
South Korea and a top manufacturer of industrial machines from the United
States, listed on the Nasdaq 100 index.

XTPL S.A. is a deep-tech company providing ground-breaking precision
printing solutions for the global microelectronics market. The company
develops and commercializes products and solutions relying on its globally
innovative Ultra-Precise Dispensing (UPD) platform technology protected by
international patent applications. The technology enables ultra-precise
deposition of conductive features with a resolution from 1 m to over 50 m.
In the XTPL solution, the ultra-high resolution features are coupled with
conductive materials characterized by a very high concentration of metallic
nanoparticles and high viscosity. This combination makes the solution unique
on a global scale. The innovative additive method designed by the company
can be used in the fast-growing industry of printed electronics,
particularly in such areas as semiconductors, displays, biosensors, advanced
integrated circuits and security printing. Application areas of the XTPL
printing technology can include electronic connections in advanced
integrated circuits, 3D printed electronics, hybrid flexible electronics and
the IoT.

XTPL's goal is to license its technological solutions created for industrial
implementation in dedicated application fields. The company may also achieve
this goal by sales through distributors or strategic partnerships - in this
way the cooperation can be geared to the needs of the future counterparty.
Since 2019, XTPL S.A. has been listed on the main market of the Warsaw Stock
Exchange, and since 2020 on the Open Market in Frankfurt. More information:
www.xtpl.com

Additional information is available from:

                      Mardoniusz Makowiak | cc group
     +48 605959 539 | mardoniusz.mackowiak@ccgroup.pl
                       Magorzata Mynarska | cc group
     +48 697 613 709 | malgorzata.mlynarska@ccgroup.pl

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