Financial Projections: XTPL's Path to PLN 100mn in 2026 Revenue
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Financial forecasts
Our financial forecasts assume sales near the management target of PLN 100mn in 2026. We assume further successful commercialization of Delta Printing System equipment sales in the following years and the start of industrial deployment in one of the projects in 2024 and further deployments in 2025, which should translate into a jump in Epsilon appliances sales.
We estimate sales of DPS devices based on an assumption of invoiced devices during the period and the average price of the device. We assume that the average value of a DPS device will increase slightly in subsequent years due to the addition of new functionalities, among other things. For Epsilon devices, we assume that the price per device will be around EUR 0.93mn in 2024 and will remain at a relatively similar level in subsequent years. We base our sales of nanopaste on the number of orders (calculated based on the cumulative number of devices sold) and on the average order price.
During the forecast period, the gross margin on sales is reduced due to the assumed increasing sales of Epsilon appliances, on the sale of which we assume lower gross profitability of about 50% (we take into account the commission for the intermediary on industrial deployments). As we expect the company to expand the scale of the business and invest in sales growth, among other things, we assume that total monthly costs (including R&D and G&A costs) will increase from PLN 1.3mn in 2023 to PLN 2.1mn in 2025.
