Group Revenue Growth
Group revenue up 12% year-on-year (FY2025 vs FY2024), driven by strength in Printhead sales and new application adoption.
Printhead Segment Outperformance
Printhead revenue increased 22% year-on-year, with over half of that growth driven by volume. Printhead gross margin expanded by ~300 basis points.
Wax / Jewelry Market Win and Rapid Adoption
Wax segment revenue grew from GBP 0 in 2023 to ~GBP 1m in 2024 and GBP 8m in 2025, demonstrating rapid market share capture due to superior fluid capability.
Battery Coating Opportunity (Large TAM)
Current footprint: 10 production lines in China generating ~GBP 150k revenue each (approx. GBP 1.5m today). Expect another 10–15 lines this year. If all 1,300 Chinese production lines adopted digital coating, the opportunity could represent ~GBP 200m of printhead revenue over a multi-year period.
Recurring Revenue Model and Replacement Annuitization
Company emphasizes recurring revenue from printhead replacement cycles (example: a 4-year printhead life implies ~25% annual replacement), creating annuity-like future revenues tied to installed base.
Gross Margin and Profitability Progress
Overall gross margin ~40% (FY2025). Management aiming for medium-term gross margin improvement toward ~50% and operating margin in the high teens; current year profit reported at ~GBP 0.8m and Printhead/EPS each saw ~300 bps gross margin improvement.
R&D and Investment in Growth
Ongoing investment with R&D at ~8–10% of revenue. Management expects continued elevated CapEx near-term to remove bottlenecks and support growth.
Broadening Application Pipeline
Company now derives revenue across 21 separate markets (diversified beyond historical single-market exposure), with notable new product collaborations (NextJet for cars, desktop 3D with Flashforge, digital cardboard printing).