XTPL S.a.

XTP.WA

Semiconductors · Technology

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

XTPL S.A. is a Polish technology company that develops ultra-precise printing technology used to make electronics. Its core product is a system that can print extremely thin conductive lines — thinner than a human hair — onto surfaces like screens and circuit boards. The main customers are manufacturers in the display, semiconductor, and advanced electronics industries.

The company earns revenue by licensing its technology and selling specialized printing equipment to industrial partners. XTPL is based in Wrocław, Poland, and operates at a small scale with a market cap around $200 million. Its potential moat lies in its patented printing process, which is difficult to replicate, but the company is currently spending far more than it earns, reflected in its deeply negative operating margin. The key risk is that XTPL must successfully convert research partnerships into paying commercial contracts before its cash runway runs out.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-39.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+26.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

1.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~0 months

3M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

XTPL S.a. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-187.4%

Thin — -187.4% gross margin

Profit after running costs

Operating Margin

-461.0%

Losing money on operations — -461.0%

Return on the money invested

ROCE

-67.8%

Weak — -67.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+11.6%

Steady sales growth (+11.6% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-278.4%

Burning cash (-278.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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