This report is an updated version of the report published on 15 December 2025 at 12:45 PM AEDT.

Titomic Limited (ASX: TTT) 

Titomic Limited (ASX: TTT) is an Australian company that delivers integrated solutions for large-scale metal additive manufacturing, leveraging its patented Cold Spray Additive Manufacturing (Cold Spray AM) technology.

Recommendation Rationale – SELL at AUD 0.220

• Trading Near Resistance Levels: TTT’s share price is trading close to its R1 level as recommended on 4 December 2025. Therefore, share price can face resistance at the current levels.
• Overvalued Multiples: On a forward 12-month basis – key trading multiples (EV/Sales, and P/BV) are higher than the average of the Industrials sector.

• Increase in Cash Outflows: Cash flows from operations recorded an outflow of AUD 7.3 million in 1QFY26, compared with an outflow of AUD 5.2 million in the prior quarter. The increase was primarily driven by higher product manufacturing and operating expenses, which rose 16% quarter-on-quarter to AUD 2.5 million, and higher staff costs, up 15% to AUD 3.6 million.
• Technical Commentary: On the daily chart, TTT prices are trading below a horizontal trendline resistance zone. The 14-period Relative Strength Index (RSI) is currently around 50.95, recovering from lower levels and signalling moderate momentum. Despite this, the price continues to trade above the 21-period Simple Moving Average (SMA), a key trend-following indicator that may act as dynamic support in the near term. From a level’s perspective, strong support is placed at AUD 0.20, while immediate resistance is located near AUD 0.25.
• Market Risks: TTT faces risks from high cash burn, dependence on successful U.S. expansion, and the need to convert pilot programs into commercial contracts. Delays in defence and aerospace qualification cycles, competitive technology pressures, and execution challenges could affect growth and profitability.

TTT Daily Chart

Daily Technical Chart, Data Source: REFINITIV

Considering that the stock is trading close to its R1 level, macroeconomic uncertainty, rally in share price movement, current trading level, and risks associated, the share price can face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current price of AUD 0.22 (as of 15 December 2025, at 11:52 AM AEDT). 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 15 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.    

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.