6K Additive (6KA) H2 2025 earnings summary

Executive summary

• 2025 revenue reached US$17.7m, down 4% year-over-year, but 4Q25 revenue reaccelerated to US$5.6m, annualizing at over US$22m.

• Customer base broadened to over 100 unique customers, with 20% of revenue from new clients and 32% in 4Q25.

• Gross margin improved, especially in 2H25, with Alloy division achieving positive margin and Powder division reducing losses by 80%.

• Strong government and commercial support, including US$23.4m DPA Title III grant and US$27.4m EXIM loan.

• Expansion plans underway to scale powder production capacity 5x and add ingot melt capability.

Financial highlights

• Total 2025 revenue: US$17.7m (vs. US$18.4m in 2024); 2H25 revenue accelerated to US$10m from US$7.7m in 1H25.

• Gross margin loss narrowed to US$1.7m from US$2.6m in 2024.

• Net loss improved to US$17.9m from US$25.3m in 2024; EPS improved to $(0.15) from $(0.67).

• Cash and equivalents rose to US$29.5m post-IPO; total available capital of US$71m.

• Net cash used in operations was US$14.2m; US$40.1m in equity capital raised in 2025.

Outlook and guidance

• Expansion plan targets 5x increase in powder production and new ingot melt capability by 2028.

• Active sales pipeline exceeds US$250m annually, with ongoing LTA negotiations and broadening customer base.

• Capex expected to rise to US$11-12m per year in 2026 and 2027 to fund growth.