Ann: Woodside Energy to use Titomic D523 System, page-19

I know Velo3D very well. It listed at US$10 and they have lost 98% of their value since IPO. It's been an unmitigated disaster of ridiculous cash burn and R&D. They recently raised another $12M at 35c. Now 14c. OUCH!

Their technology is actually nothing like A3D if you're talking MCP. It's inferior imo which reflects poorly on them given the $100M plus they have burnt to date. Australian start ups generally bat well above their average. TTT's cash burn is quite large but I understand why. Their costs are always going to be large when compared to A3D given it's cold spray.

The whole sector was battered mercilessly and both TTT and A3D ran well ahead of themselves early days. Both came down to absolute bargains at 1c and 2c respectively. Both companies had unrealistic founders. Herbert is commercial and so is the new A3D CEO. You can't afford to be doing solely R&D without a commercial focus. Both companies learnt valuable lessons.