I guess there's a fair amount of R & D involved in making...

I guess there's a fair amount of R & D involved in making anything that could generate a significant revenue stream in the future. Looking at Page 4 of the annual report, there's some commentary about Titomic's R & D projects;

"During the year Titomic received feasibility and prototyping revenues for work carried out as part of R&D projects. The R&D projects are an important first step in the customer journey with Titomic. During this initial phase Titomic works together with the customer on proof of concept around material science and process validation via stringent tests. Once the tests are successful, the projects progress to fabrication phase for the manufacture of prototypes, where both Titomic and the customer conduct respective validation tests. The customer is offered a licence to manufacture by Titomic.

As well Titomic will provide the complete additive manufacturing supply chain to its customers. This will increase the revenue stream coming from its equipment sales and licenses.

The time frame for these projects can vary but can take anywhere between 6 and 24 months depending on the product complexity and testing requirements for materials used."