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Titomic has achieved meaningful technical and commercial validation, but remains far from mature operating economics. Titomic now reports on a December year end. For the half-year to 30 June 2026, revenue fell 11.1% to A$4.87 million (sales revenue A$3.51 million), the after-tax loss widened 45.3% to A$19.35 million and cash fell to A$14.26 million from A$35.77 million at 31 December 2025. After the A$16.5 million placement, cash was A$18.145 million at 30 September 2026 (Appendix 4C), about 1.8 quarters of funding at the September-quarter burn. FY2025 (to June 2025) revenue was A$8.1 million.

The strongest recent evidence is application pull: a greater-than-A$1.2 million Lufthansa Technik order, a A$1.7 million Royal NLR systems order, a NASA Space Act Agreement, a U.S. military research CRADA and independent DNV qualification. These improve credibility, but most disclosed contracts are still small relative to the cost base.

Huntsville gives Titomic a U.S. defense-industrial operating base. Proposed U.S. redomiciliation can improve customer alignment and capital-market access, while also introducing transaction timing, consolidation and dilution considerations.

Update, 31 October 2026: Titomic’s Appendix 4C for the quarter to 30 September 2026 (ASX, 29 October 2026) shows customer receipts of A$2.6 million (A$7.8 million year to date), net operating cash outflow of A$10.44 million and quarter-end cash of A$18.145 million (30 June: A$14.26 million), after the A$16.5 million equity raise. With A$0.86 million of undrawn facilities, total available funding was A$19.0 million, or an estimated 1.8 quarters at the September-quarter burn. The US$10.3 million (A$14.7 million) EXIM loan approval is not included in these figures and remains subject to completion and conditions. Titomic says it expects cash-flow break-even during 2027. The 4C says the U.S. redomiciliation is anticipated to be implemented by the end of November 2026; the 21 October court timetable gave 8 December 2026 for implementation, with the scheme meeting on 23 November. We have not found a new timetable announcement, so the 21 October timetable below still stands until Titomic clarifies. Sources: ASX release, “Quarterly Activities/Appendix 4C Cash Flow Report” (29 October 2026). Signal: Company Signals Update — 30 October 2026.

Update, 28 October 2026: Titomic told the ASX on 28 October 2026 that its Netherlands subsidiary, Titomic Europe B.V., has won a development and testing contract for copper shaped charges from a large European defense prime (not named) and sold a TKF 523 low-pressure cold spray machine to the Casimiro Montenegro Filho Foundation (FCMF) in São Paulo, Brazil, its first sale in South America. The two orders total EUR 110,000 (A$175,000). Titomic says this brings its European contract awards in October to EUR 1.5 million (A$2.4 million). Titomic calls the copper shaped-charge award the first development award for this capability; it is a development contract, not a qualification or production order. The release was not marked price-sensitive. Sources: ASX release, “Two new orders received in Titomic Europe” (28 October 2026). Signal: Company Signals, 28 October 2026.

Update, 22 October 2026: Titomic told the ASX on 22 October 2026 that the Export-Import Bank of the United States (EXIM) has approved a US$10.3 million (A$14.7 million) direct loan to Titomic USA, Inc., under EXIM’s Make More in America Initiative. The financing will support the purchase of an integrated high-pressure cold-spray production cell in Huntsville, Alabama, to expand domestic capacity to manufacture, repair and restore metal components, and is expected to support at least dozens of new full-time jobs in Alabama. The release does not state the loan’s tenor, pricing, conditions or drawdown timing. Sources: ASX announcement, “EXIM lends USD 10.3M to Titomic USA, Inc. to boost advanced manufacturing and support jobs in Alabama” (22 October 2026). Signal: Company Signals, 23 October 2026.

Update, 21 October 2026: Titomic told the ASX on 21 October 2026 that the Federal Court of Australia had, on 20 October, ordered the scheme meeting to be convened, and that ASIC has registered the Scheme Booklet. Timetable: scheme meeting on 23 November 2026 (10:00am Sydney time), second court date on 26 November, effective date on 27 November, record date on 1 December and implementation on 8 December 2026. This replaces the earlier indicative timetable (scheme meeting in mid-November, implementation by 30 November 2026). Shareholders would receive one Titomic US HoldCo (Titomic, Inc., Delaware) share, held as CDIs quoted on the ASX under TTT, for every 25 Titomic shares. The independent expert (RSM) concluded the scheme is in shareholders’ best interests, in the absence of an alternative proposal, and the board unanimously recommends voting in favour, subject to no superior proposal and the expert not changing its conclusion. Separately, Titomic announced an A$16.5 million placement of approximately 126.9 million new shares on 2 September 2026, which increases the share count. Sources: ASX announcement, “Registration of Scheme Booklet with ASIC” (21 October 2026) · placement (2 September 2026). Signal: Company Signals, 21 October 2026.

Update, 17 October 2026: On 15 October 2026 Titomic announced a restructuring that targets about A$3.0 million in annualised cost savings, at an estimated implementation cost of A$0.6 million, with implementation expected to be complete by the end of October. The Australian business becomes the group’s global R&D centre. On the same day it announced a Compass Systems purchase order worth more than US$400,000 for two TKF 623 medium-pressure cold spray systems for the U.S. Navy’s Fleet Readiness Center Southwest. On 16 October 2026 it announced an initial US$250,000 order from Bechtel Plant Machinery, Inc. (BPMI) to evaluate and develop advanced repair materials and processes for submarine industrial base needs. Sources: restructuring (15 October 2026) · Compass Systems order (15 October 2026) · BPMI order (16 October 2026). Signals: restructuring and Navy repair order · BPMI order.