6K Additive Revenue Jumps 73% as Aerospace Demand Fuels Metal Powder Growth

6K Additive (ASX: 6KA) posted first-half 2026 revenue of $13.3 million, up 73% from a year earlier, as demand for its US-made metal powders accelerated in aerospace and defense markets. The company also narrowed its net loss to $6.8 million from $11.6 million and nearly erased its gross margin deficit, recording a gross loss of just $68,618 compared with negative 19% a year ago.

Metal Powders Drive Most of the Revenue

The Powder business generated $9 million in H1, up 77% from $5.1 million in the same period last year. The Alloy business, which processes reclaimed materials into higher-grade metals, brought in $4.2 million, a 66% increase. Together, the two segments mean Powder now accounts for roughly two-thirds of total revenue.

More than 90% of Powder sales came from repeat orders, and the Powder backlog grew from $7 million at the end of Q1 to $10.3 million by end of Q2. That level of repeat business matters a lot in metal AM, where customers typically run long qualification cycles before committing to regular orders. The backlog signal suggests those qualification hurdles are clearing for a growing list of programs.

Titanium and Refractory Metals Lead the Charge

Titanium powder revenue rose 67% from Q1 and almost tripled year-over-year, reaching $1.9 million in Q2 alone. Nickel powder revenue hit $1.5 million, up from $600,000 a year earlier. Refractory metals including tungsten, niobium, and tantalum alloys surged nearly 500% from Q1 as more defense and hypersonics programs moved into active procurement.

These metals sit at the center of the markets 6K targets. Titanium and nickel alloys are staples in aerospace and defense AM parts. Refractory metals handle extreme temperatures in propulsion and hypersonic systems, and that is where the demand spike is most pronounced.

Government Backing Makes Up More Than Half the Expansion Budget

6K is expanding its Burgettstown, Pennsylvania campus to lift powder production capacity from about 200 metric tons to roughly 1,000 metric tons per year. That is a fivefold increase, with initial production from the new capacity expected by the end of 2026.

The expansion is backed by a $23.4 million Defense Production Act Title III grant, with approximately $13.7 million still available as of August. The Export-Import Bank of the United States approved a $27.4 million loan to support the build-out, and 6K is still finalizing documentation for that facility. A separate $1.95 million award from the Defense Logistics Agency covers conversion of military scrap including nickel, titanium, tungsten, and C-103 niobium into premium powder, reducing reliance on foreign sources for strategic metals.

Cash Burn Continues, but Management Says It Is Covered

Operating activities used $6.3 million in H1, and cash fell from $29.5 million at the end of 2025 to $22.1 million by June 30. Management said the remaining DPA grant, the approved EXIM loan, and existing cash should fund the expansion without another capital raise. The EXIM loan remains in final documentation, and its release would add a meaningful cash buffer.

The next test is converting that growth into actual profits. 6K is building five times more powder capacity on the assumption that aerospace, defense, and industrial demand keeps rising. If that demand holds, the path to profitability becomes clearer. If it stalls, the cash runway becomes the constraint to watch.