XTPL S.A.

Earnings Release • Jan 24, 2022

TITLE: Preliminary estimates of revenues from the sale of products andservices for Q4 2021 and 2021

Legal basis: Article 17(1) MAR - inside information.

CONTENT:

The Management Board of XTPL S.A. ["Issuer", "Company", "XTPL"] herebyreports preliminary estimates of the Company's consolidated revenuesfrom the sale of products and services for the fourth quarter and forthe whole of 2021.

1. Estimated consolidated revenues from the sale of the Company'sproducts and services in the fourth quarter of 2021 were PLN 1,857thousand. In the same period of the previous year, the revenues were PLN20 thousand. This figure does not include proceeds on account of publicgrants related to the Issuer's implementation of research anddevelopment projects.

2. Estimated consolidated revenues from the sale of the Company'sproducts and services in the whole of 2021 are PLN 2,070 thousandcompared to PLN 64 thousand posted last year. This figure does notinclude proceeds on account of public grants related to the Issuer'simplementation of research and development projects.

The value of proceeds obtained by the Company in respect of publicresearch and development grants in 2021 was PLN 4,420 thousand comparedto PLN 2,230 thousand in 2020. The Issuer's Management Board points outthat in accordance with the rules for accounting for those grants, partof the above proceeds will be included in the Company's income statementfor 2021, while the remainder will be recognized in the balance sheet asdeferred income.

The increase in commercial revenues and the higher public grant proceedshad a significant impact on the Company's cash position. The estimatedvalue of the Company's cash and cash equivalents as at 31 December 2021was PLN 4,400 thousand compared to PLN 4,817 thousand as at 30 September2021. This means that cash and cash equivalents decreased by approx. PLN417 thousand. For comparison, in the corresponding period of 2020, cashand cash equivalents decreased by PLN 2,354 thousand.

The increase in the Issuer's estimated revenues from the sale ofproducts and services, as presented above, results from progress in thecommercialization of the Company's technological solutions. Thatprogress resulted in the finalization of three contracts (out of fourcontracts signed in 2021) for the sale of the Delta Printing System bythe end of 2021, and the growing sales volumes and values in respect ofconductive nanoinks. Last year, the Company built a customer base forits nanoinks. The customers renew their orders, at the same timeproviding references for potential and new customers. In 2021, theIssuer completed a total of 19 orders for nanoinks.

The above preliminary consolidated revenues from the sale of productsand services achieved in the fourth quarter and in the whole of 2021 areconsidered confidential information by the Issuer due to a significantchange in their level compared to the corresponding period last year.

The Company's Management Board emphasizes that the above figures areestimated and preliminary data, which means that they may ultimatelydiffer from those to be disclosed in financial statements.