Highlights

• Titomic Limited which makes cold spray metal additive manufacturing systems, has released its quarterly report for the period.

• Post-quarter orders include US$400,000 from Compass Systems for two systems for a United States Navy repair facility, an.

• Titomic says the Missile Defense Agency's director toured its Huntsville facility, and that Jim Chilton, a former senior.

• Management expects cash flow and EBITDA break-even during 2027 and growth in receipts and orders in the December.

Titomic Limited (ASX:TTT) — which makes cold spray metal additive manufacturing systems, has released its quarterly report for the period ended 30 September 2026. The company reports new defence orders, an approved but undocumented loan from the United States Export-Import Bank, an equity raising and a restructuring.

Central development

The company reports EXIM approved an initial US$10.3 million (about A$14.7 million) direct loan to Titomic USA, Inc. on 21 October 2026. Loan documentation is still pending, and Titomic states that the facility is excluded from quarter-end cash and undrawn facilities. It expects the initial drawdown to be material but has not finalised the amount.

Titomic also reports about A$11.8 million of orders won since September, although the cash flow commentary cites A$11.6 million. The largest is a US$5.0 million (about A$6.9 million) contract with Tinker Air Force Base for a high-pressure cold spray system, with delivery scheduled for the third quarter of 2027. Orders are not revenue, and timing depends on delivery and customer acceptance.

Other orders and activity

Post-quarter orders include US$400,000 from Compass Systems for two systems for a United States Navy repair facility, an initial US$250,000 from Bechtel Plant Machinery for exploratory Navy work, and smaller European defence and research orders, including a first sale in Brazil. The company also expects semiconductor production at its European subsidiary to generate about €0.9 million in 2027, potentially rising to about €2.0 million in 2028.

Titomic says the Missile Defense Agency's director toured its Huntsville facility, and that Jim Chilton, a former senior Boeing executive, joined the board on 15 September 2026.

Cash flow

The Appendix 4C shows customer receipts of A$2.642 million for the quarter. Operating payments included A$4.812 million for manufacturing and operating costs, A$4.087 million for staff and A$3.251 million for administration, giving net operating cash outflow of A$10.441 million. Investing outflow was A$0.74 million, as major Huntsville and European facility builds neared completion.

Financing inflow was A$15.105 million, mainly from A$16.5 million of new equity raised from institutional investors in August 2026, less issue costs of about A$1.05 million. Cash rose from A$14.257 million to A$18.145 million. Titomic notes that its funding runway is 1.8 quarters, below the two-quarter level that triggers additional disclosure, and the follow-up answers in the document provided appear blank.

Debt and restricted cash

Loan facilities total A$5.7 million, with A$4.9 million drawn, from First National Bank of Pulaski. They are secured by a US$4.0 million term deposit, which the company says is restricted collateral and should not be treated as freely available liquidity.

Restructuring and redomiciliation

Titomic is carrying out a restructuring targeting A$3.0 million in annualised savings, with completion expected by the end of October 2026 and costs of about A$0.6 million in the December quarter. It is also pursuing a scheme of arrangement to move to a new Delaware corporation, with a revised timetable targeting implementation by the end of November 2026, subject to approvals.

Risks and conditions

Management expects cash flow and EBITDA break-even during 2027 and growth in receipts and orders in the December quarter, but these are forecasts and quarterly cash flows may vary materially. Dependencies include executing EXIM loan documentation and meeting drawdown conditions, redomiciliation approvals, and customer acceptance and collections. The company's reported runway is short without the loan.

Next milestones

The company's stated milestones are finalising the EXIM loan documents, completing the restructuring by the end of October 2026, targeting redomiciliation by the end of November 2026, delivering a Royal Netherlands Army prototype design in December 2026 and supplying the Tinker system in the third quarter of 2027.