- Welder manufacturers K-TIG has signed its first customer for its cutting-edge technology
- The cloud-based system can do typical six hours jobs in just three minutes and reduces gas usage by 95 per cent
- The company says it is taking a step in the right direction as it tries to expand, however, it isn’t making material revenue
- K-TIG’s share price fell over 23 per cent today, bringing it to 34 cents per share
Welder manufacturers K-TIG informed the market today it has secured its first customer for its welding-as-a-service (WaaS) system.
Despite the achievement, K-TIG’s share price has plummeted by 23.33 per cent today, shedding 10 cents off its share price.
The company advised supplying its welding technology to the U.S. company Precision Fabricators is a positive step towards delivering its growth strategy. However, at this stage it doesn’t translate to material revenue.
Its patented welding technology is intended to be “industry-disruptive” to global fabrication markets. Its product can do a typical six hour job in three minutes.
The program is up to industry standard for the nuclear, aerospace & defence sectors. Additionally, it cuts gas consumption by 95 per cent and drastically reduces labour costs.
Customers can use the tech by joining long-term licences, which are charged linear metres welded.
Over the next 12 months, the company is aiming to secure a number of new contracts globally. It will also work on fine-tuning its cloud-based service delivery systems.
K-TIG began trading on the Australian Securities Exchange earlier this month. It was previously listed as Serpentine Technologies under the stock code S3R.
At market close, K-TIG’s share price is currently sitting at 34 cents apiece.