Key Highlights

  • Its third-quarter 2026 report shows Revenue growing quickly, but the Business is still burning cash.
  • It listed on 4 December 2025 and, according to the ASX, is included in the S&P/ASX Emerging Companies Index.
  • Operationally, it reported 100 per cent on-time delivery in September and powder productivity 119 per cent higher than a year earlier.
  • The company also cites a US$23.4 million Defense Production Act Title III grant, with US$13.5 million still to be received.

EDITOR NOTE --- PENDING VERIFICATION: The Q3 2026 Appendix 4C document itself could not be fetched (fetch denied); figures taken from the Q3 investor presentation. CDI ratio and CDI structure not confirmed from a primary document. Grant figure (US$23.4M, US$13.5M remaining) is as cited by the company in the presentation.

6K Additive (ASX:6KA) is drawing on a US$27.4 million US government Loan and a grant to treble the capacity of its Pennsylvania plant, which makes metal powders for additive manufacturing. Its third-quarter 2026 report shows revenue growing quickly, but the business is still burning cash.

What the company does

6K Additive, Inc. is a US advanced materials business. It makes metal powders, alloy compacts and mill products for 3D printing and other demanding uses, and it recycles scrap metal, machine turnings and off-specification powders into engineered feedstock. Its process uses a microwave plasma system called UniMelt, at a site in Burgettstown, Pennsylvania.

Australian investors hold the stock through ASX-quoted CHESS Depositary Interests, which represent shares in the US-incorporated company. It listed on 4 December 2025 and, according to the ASX, is included in the S&P/ASX Emerging Companies Index.

Third-quarter growth

For the quarter ended 30 September 2026, the company reported revenue of US$7.2 million, up 61 per cent on a year earlier.

Powder revenue was US$5.5 million, up 72 per cent, and alloy revenue US$1.7 million, up 34 per cent. The company puts its annualised revenue run rate at US$28.8 million. Powder order intake was US$12.3 million and Backlog reached a record US$18.1 million. Order intake rose 43 per cent from the second quarter and backlog 52 per cent, the company says.

The company also announced a 30-month Supply agreement with ADDMAN for nickel 718 powder, with an anticipated value of US$8.1 million and up to US$10.8 million over the term. It cites a sales pipeline of nearly US$300 million, though pipeline is not contracted revenue.

Operationally, it reported 100 per cent on-time delivery in September and powder productivity 119 per cent higher than a year earlier.

Paying for the expansion

The Burgettstown expansion targets total capacity of more than 6,000 metric tonnes a year, up from 1,600, and powder capacity of 1,000 tonnes a year, up from 200. The company says the project is fully funded and on schedule, with contracts awarded, major earthworks complete and the metal building delivered.

On 1 October 2026 it signed a final loan agreement with the Export-Import Bank of the United States for up to US$27.4 million, secured. That covers up to US$25.2 million of eligible project costs and up to US$2.2 million of exposure fee. The loan runs for six years, with drawdown available until 30 June 2028 and a first year of interest-only payments.

The fixed rate is based on a reference rate currently published at 5.38 per cent. Adding an 8.9 per cent exposure fee on disbursements brings the all-in borrowing cost to about 6.86 per cent a year, according to the company. The company also cites a US$23.4 million Defense Production Act Title III grant, with US$13.5 million still to be received.

Cash and risks

Cash fell from US$22.1 million on 30 June 2026 to US$16.3 million on 30 September 2026. Customer receipts were US$7.9 million, operating cash outflow was US$2.4 million (US$3.1 million in the second quarter), and spending on plant and equipment was US$3.0 million.

The loan reimburses spending already incurred, so timing of drawdowns matters for liquidity. Debt also brings interest and Amortisation obligations while the business remains loss-making.

Other risks include delays in construction and commissioning, dependence on defence and aerospace demand, and competition from established powder producers. The presentation gave no numerical revenue or profit guidance.

What to watch

Investors can follow later quarterly activities reports for progress on the new buildings, drawdowns under the loan and the grant, and whether the record backlog converts to revenue. The next Quarterly Report and any date for first output from the expanded plant have not been announced in the documents reviewed.