How Metal Powder Works Tripled Titanium Orders and Secured Defence Deals

Strong Growth in Titanium and Customer Base

Metal Powder Works Limited (ASX, MPW) has delivered a robust December 2025 quarter, marked by a more than threefold increase in commercially pure titanium (CP-Ti) powder orders. This surge reflects expanding multi-alloy programs and the onboarding of five new customers actively qualifying MPW’s powders. The company now supports eight active CP-Ti customers, with demand coming from aerospace, defence, filtration, and industrial sectors.

The company’s CEO, John Barnes, highlighted a 90% increase in customer engagements since MPW’s relisting in March 2025, signalling 2026 as a pivotal year for growth. This momentum is underpinned by a diversified portfolio exceeding 25 metal powders, including the recent addition of high-purity silver powder, positioning MPW to enter the precious metals market.

Strategic Partnerships and Defence Sector Expansion

MPW’s commercial progress includes a significant multi-year supply agreement with Powders On Demand (POD), a division of Solvus Global specialising in cold spray applications for defence. POD’s recent order for 150 kg of CP-Ti and bronze alloys advances a program toward final series-production qualification, with potential recurring annual demand of 25,000–40,000 kg.

Further strengthening its defence footprint, MPW signed a follow-on contract with Westinghouse Electric Company to optimise powders for nuclear-grade applications, a sector forecasted to grow at over 20% annually through 2030. Additionally, a Powder Partnership Agreement with Austal, Australia’s largest shipbuilder and operator of the US Navy’s Additive Manufacturing Center of Excellence, sets a pathway to commercial offtake and Defence funding, embedding MPW within critical US Navy supply chains.

Production Capacity and Technology Advancements

To meet growing demand, MPW is commissioning its NextGen production platform in early 2026, which will increase powder production capacity by 100 metric tonnes per unit and improve productivity by 25 times compared to its Alpha system. This scale-up aligns with projected CP-Ti demand of 300,000 to 600,000 kilograms annually by 2028.

The company’s patented DirectPowder™ process remains a key differentiator, offering superior powder quality, yield, and cost advantages over traditional atomisation methods. Recent in-sourcing of tooling production has extended tool life by 1.5 times, enhancing supply security and cost efficiency.

Financial Position and Outlook

MPW closed the quarter with a healthy cash balance of A$15.3 million, despite a net operating cash outflow of A$1.7 million as it ramped up sales, marketing, and production investments. The company’s expanded sales funnel now includes over 30 strategic customers, reflecting confidence in its growth trajectory.

Looking ahead, MPW anticipates qualification results from the University of Dayton Research Institute in early 2026, which could unlock direct procurement opportunities across the entire US Department of Defense supply chain. This milestone, combined with ongoing partnerships and capacity expansion, sets the stage for accelerated revenue growth and market penetration.