Freemelt is accumulating the kind of customer signals that matter in advanced manufacturing: repeat machine orders, industrial deployments, defense projects and paid fusion-development work. The commercial story is strengthening—but the economics remain far from proven.
In 2025, Freemelt nearly tripled revenue and expanded its installed base to 40 systems. In 2026, it added orders from Jiuli, Intalus and TAE Technologies, while deepening its position in fusion, defense and critical materials.
The company is moving from a research-machine vendor toward an industrial E-PBF platform. The central question is whether those projects can convert into repeatable machine deliveries, recurring aftermarket revenue and a credible path to profitability.
Addithive verdict
Thesis status: Commercially strengthening, financially early.
Freemelt has credible exposure to tungsten, fusion, defense and medtech. The remaining proof points are industrial utilization, repeat eMELT orders, recurring revenue and a narrowing gap between sales growth and operating losses.
What changed?
- 2025 net sales increased 172% to SEK 54.5 million.
- The installed base grew to 40 machines.
- Q1 2026 sales increased 116% year over year to SEK 6.3 million.
- Freemelt ended Q1 with seven active customer projects and a SEK 12.8 million order book.
- Intalus ordered two eMELT systems for approximately SEK 12 million, with options for at least two additional machines.
- Jiuli placed an additional eMELT order following the first Asian industrial-machine installation.
- TAE Technologies awarded Freemelt a tungsten feasibility-study order for fusion applications.
- Freemelt joined Proxima Fusion’s Alpha Alliance through a memorandum of understanding.
- Vinnova granted funding for projects with Saab Dynamics and Hitachi Energy.
Why the Intalus order matters
The Intalus order includes two eMELT machines, with delivery of the first system planned for late Q3 2026 and options for at least two more.
Intalus initially plans to use the systems for titanium-based medtech development, followed by potential work with refractory metals such as tungsten. The stated objective is a transition from application development toward serial additive manufacturing.
The order is important because it links the industrial eMELT platform to a customer roadmap rather than a one-off research purchase. The options for additional systems create a visible scaling path, although options should not be treated as firm revenue until exercised.
Jiuli provides the first repeat-order signal in Asia
Freemelt entered China through a strategic collaboration with Jiuli and delivered its first eMELT system during 2025. Jiuli’s additional machine order in June 2026 is therefore more meaningful than a first installation.
A repeat order suggests that the customer sees enough value in the platform to expand capacity. It also supports Freemelt’s claim that its open E-PBF architecture can be transferred into industrial materials and production-development workflows.
The next evidence threshold is utilization: whether the installed systems generate recurring projects, additional machines and aftermarket demand.
Fusion is strategically attractive—but commercially distant
Freemelt’s technology is particularly relevant to tungsten, one of the most difficult but strategically important materials in fusion energy. Tungsten’s heat resistance makes it a candidate for plasma-facing components, but its high melting point and brittleness make conventional processing and additive manufacturing difficult.
Freemelt is now working with UKAEA, TAE Technologies, Proxima Fusion and other fusion organizations. These engagements increase technical credibility and place the company inside emerging supply chains.
However, most fusion programs are still development-stage markets. Feasibility studies, memoranda and alliance memberships are not equivalent to serial-production revenue. The fusion thesis becomes financially meaningful only when customers move into qualified hardware programs and repeat procurement.
Defense and critical materials may convert faster
Freemelt has received follow-on work from a leading Swedish defense company and is participating in Vinnova-funded projects with Saab Dynamics and Hitachi Energy.
Defense applications may offer a nearer-term route to commercialization than fusion because customers already face material shortages, sovereign-supply requirements and demand for high-performance components. Yet the same caution applies: prototype and development work must progress into qualified production.
Sales growth has not yet solved the cost structure
Freemelt’s 2025 revenue growth was impressive, but the company remained deeply loss-making. In Q1 2026, sales were SEK 6.3 million while the operating loss was SEK 26.5 million.
This gap shows why order announcements alone are insufficient. Freemelt must scale revenue faster than engineering, commercial and corporate costs. Outsourced machine production through Scanfil may support a more capital-light model, but the company still needs enough volume and aftermarket revenue to absorb its fixed cost base.
The company’s long-term goal includes a meaningful contribution from service, maintenance and other recurring revenue. That mix shift would improve quality of earnings, but it depends on a much larger and actively used installed base.
Subscribe to continue reading
Subscribe to get access to the rest of this post and other subscriber-only content.