It’s slow going at 3D printing company Titomic, which will doesn’t have much to show in terms of money coming in after their blockbuster IPO almost 18 months ago.

Titomic banked $173,000 in the December quarter as it slowly moves towards full commercialisation.

The company’s (ASX:TTT) 3D metal printing technology, co-developed with the CSIRO, deploys a “cold spray” process to spray metal powder at a super high velocity.

It has been used by the US military to repair Blackhawk helicopters.

The company has garnered plenty of attention thanks to its ability to 3D print a titanium bike in 25 minutes and the opening of a gigantic state-of-the-art factory in Melbourne.

But its latest quarterly shows the big money is yet to roll in.

Receipts from customers were significantly outweighed by costs, predominately $909,000 in staff costs, leading to negative cashflow of $1.5 million.

Titomic boss Jeff Lang opened the world's biggest metal 3D printer in Melbourne today. Pic: Rachel Williamson
Titomic boss Jeff Lang opened the world’s biggest metal 3D printer in Melbourne on May 16, 2018. Pic: Rachel Williamson

Titomic has a number of partnerships in play, three of which were announced in December: two MoUs for titanium powder in China and a $1.8 million “exclusive defence program” with TAUV, an Australian company making technology for soldiers.

It also signed last year a $2.6 million research project with the CSIRO and RMIT, a “science testing” partnership with shipbuilder Fincantieri, and even a collaboration with Callaway Golf to make stronger golf clubs.

There was also a contract with a bike manufacturer, which although unnamed was openly known to be Trek.

The company’s shares fell slightly, down 3 per cent to $2.04 on the news.

Titomic (ASX:TTT) shares over the past year.

Titomic has $6.7 million in the bank, and expects to spend $2.2 million next quarter, though it is also anticipating a research and development tax refund of $2 million.

Titomic listed in September 2017 after a successful $6.5 million IPO in which it sold shares at 20c each; it has since gone on to become a ten-bagger and has traded as high as $3.12.

In November, shareholders approved the board of directors’ motion to nearly double their pay.

But it hasn’t been without its troubles. Original CEO Jeff Lang passed on his role to Gilbert Michaca, but had to take the role up again in October last year when Mr Michaca quit to seek things “more aligned” with his interests.

Stockhead has contacted Titomic for comment.