Hardide
Stage
Other Investors | AliveAbout Hardide
Hardide has developed a surface engineering technology combining ultra-hardness, low friction and chemical resistance for use on components made from steel, hard alloys and other materials. Per the company, Hardide's technology is used in a range of industries from Oil exploration to the Automotive sector.
Missing: Hardide's Product Demo & Case Studies
Promote your product offering to tech buyers.
Reach 1000s of buyers who use CB Insights to identify vendors, demo products, and make purchasing decisions.
Missing: Hardide's Product & Differentiators
Don’t let your products get skipped. Buyers use our vendor rankings to shortlist companies and drive requests for proposals (RFPs).
Hardide Patents
Hardide has filed 3 patents.
The 3 most popular patent topics include:
- Aerodynamics
- Fluid dynamics
- Fluid mechanics
Application Date | Grant Date | Title | Related Topics | Status |
|---|---|---|---|---|
4/17/2013 | 5/24/2016 | Casting (manufacturing), Superhard materials, Metallurgy, Metalworking, Fluorides | Grant |
Application Date | 4/17/2013 |
|---|---|
Grant Date | 5/24/2016 |
Title | |
Related Topics | Casting (manufacturing), Superhard materials, Metallurgy, Metalworking, Fluorides |
Status | Grant |
Latest Hardide News
May 17, 2023
EBITDA breakeven performance driven by continuing revenue growth and improving gross margin Hardide plc (LON:HDD), the developer and provider of advanced surface coating technology, has announced its results for the six-month period ended 31 March 2023. Highlights · · · · · · Profit and working capital improvement actions announced in December 2022 are running ahead of expectations and are now expected to yield £0.5m of benefit for the full financial year Commercial · Energy (representing 64% of H1 FY23 sales): total energy sales increased by 29% · Industrial (representing 33% of H1 FY23 sales): revenue fell 17% mainly due to the timing of orders · Aerospace (representing 3% of H1 FY23 sales): sales to the aerospace sector increased by 10% as production orders are now regularly being received Commenting on the results, Philip Kirkham, CEO of Hardide plc, said: “The Group performed well in the first half, with revenues up 9% from H1 FY22 and 22% higher than H2 FY22. This reflected improving market conditions in the oil & gas sector, new project wins and the recovery of input cost inflation in selling prices. We were pleased to deliver an EBITDA breakeven performance for the period, bringing us closer to achieving our strategic milestone of becoming EBITDA and operating cash flow positive. “The Board expects the positive sales growth to continue into the second half year. Therefore, whilst mindful of ongoing external economic uncertainties and headwinds, including further cost inflation, the Board anticipates performance for the full financial year to be in line with its expectations. “More broadly, the Board believes that the Group will continue to benefit from significant growth potential over the short, medium and longer term from increasing market adoption of our unique patented coatings technology, which helps customers to improve operational efficiency, lower life cycle costs and reduce their carbon footprint.” Hardide develops, manufactures and applies advanced technology tungsten carbide/tungsten metal matrix coatings to a wide range of engineering components. Its patented technology is unique in combining in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency as well as a reduced carbon footprint. Customers include leading companies operating in the energy sectors, valve and pump manufacturing, industrial gas turbine, precision engineering and aerospace industries. OVERVIEW I am pleased to report that good progress is being made towards achieving the strategic milestone of the Group becoming EBITDA and operating cash flow positive. Revenues in H1 FY23 grew by 9% to £2.9m (H1 FY22: £2.7m). The growth rate was softened by the delay of an expected large project order for the coating of turbine blades. This is now expected later in this calendar year. Revenue in H1 FY22 had benefited from an order of similar value; and excluding that order from H1 FY22 sales, H1 FY23 revenues would be 21% ahead of H1 FY22. The increase in revenues allowed the Group to improve capacity utilisation and better leverage fixed costs which, together with good recovery of input cost inflation in selling prices, enabled a significant improvement in gross margin to 47% (H1 FY22: 41%). The combination of revenue growth and higher gross margin enabled us to deliver an EBITDA breakeven performance for the period (H1 FY22: EBITDA loss of £0.2m). EBITDA benefited from a net non-recurring property gain of £0.1m described further below. EBITDA in H1 FY22 benefited from £0.2m of Covid support. The Group balanced its cash flows overall for the period, with £0.7m of available cash resources on the balance sheet at 31 March 2023 (30 September 2022: £0.7m). The cash balance has been relatively stable in recent months, reflecting the EBITDA breakeven performance. The Group is well invested and, in general, has sufficient operational capacity to support approximately double the current annualised revenue, depending on product mix, over the short to medium term without further major capital investment. Nonetheless, the Board continues to explore opportunities to further strengthen the balance sheet to build additional headroom and resilience. The Group is making strong progress in commercialising new applications that have been subject to long and/or delayed test and development programmes. It is pleasing to note several first new orders, resulting from these programmes, from customers in the power generation, oil & gas drilling and aerospace sectors. Revenue growth is expected to continue into the second half year, and performance for the full financial year is expected to be in line with the Board’s expectations. STRATEGIC DEVELOPMENT The Group is on track to achieve its initial strategic objective of becoming consistently EBITDA and operating cash flow positive, enabling us then to drive towards full profitability. Good progress is being made on technical co-operation with other large coatings companies to develop mutually beneficial commercial opportunities; technical and co-operation agreements have been signed with two global companies. COMMERCIAL AND OPERATIONAL OVERVIEW Energy Sales to energy customers increased by 29%. Recovery from the oil & gas sector was strong with revenue increasing by 54% compared with H1 FY22. Nonetheless, recovery has been slower than expected due to ongoing material supply and labour shortages in the oil & gas supply chain. Indications from customers are that the situation is improving. We expect revenue growth from this sector to continue in H2 FY23. The first major order was received from a new customer for well stimulation components, and successful trials and developments are underway with customers in sand control systems, downhole drilling tools and other oil & gas components. The delayed order from the existing power generation customer is now expected later in calendar year 2023. Following extensive testing, it is expected that our first order will be received in H2 FY23 from the second largest global industrial gas turbine (IGT) producer, for sets of gas turbine vanes. The coating is also in trials for coated blades and vanes with other large IGT manufacturers. Testing of the coating for both EV battery and hydrogen applications continues to progress and all tests have been successful and productive. Customer testing by a major European company in the hydrogen production and distribution sector is underway. The Henry-Royce Institute’s grant-supported project with Cranfield University to investigate ‘green’ hydrogen production produced very promising results. Further grant applications are being made to take the project to the next stage. Industrial Revenue from our industrial customers fell by 17% primarily due to phasing of demand. We expect this revenue to recover this in the second half of the year. Aerospace Sales revenue from aerospace customers increased by 10%. Momentum is building as production orders are now being received regularly for the coating of wing components for the Airbus A320, A330, A380 and A400M aircraft with other parts for these aircraft currently in test. Of particular significance is a new approval received for high volume components for the Airbus A320 where the Hardide coating is replacing a competitor’s coating. Orders are due to commence in H2 FY23. Further orders were received for parts for Lockheed Martin’s F35 Joint Strike Fighter. Following Leonardo Helicopters’ approval, orders are now being received for the coating of transmission system components. Profit and cash improvement plan In December 2022 we announced an initiative to improve profit and cash flow by £0.3-0.4m by summer 2023. We are pleased to report that this initiative is now anticipated to exceed initial expectations and bring an overall benefit of c.£0.5m for the full financial year, comprising: · Cost savings of £0.2m · Selling price increase / cost inflation recovery of £0.1m · Working capital improvements of £0.1m. FINANCIAL REVIEW Income statement Revenues for H1 FY23 were £2.9m, an increase of 9% from H1 FY22 and 22% higher than the prior half year of H2 FY22. This reflects improving market demand, particularly in the oil and gas sector, increasing customer adoption of our unique coatings technology, and price increases to offset input cost inflation. This revenue growth enabled us to improve capacity utilisation and better leverage fixed costs, driving a 6 percentage point increase in gross margin to 47% (H1 FY22: 41%). Together with good control of overheads, the increase in revenues and improvement in gross margin enabled us to deliver an EBITDA breakeven performance for the period (H1 FY22: £0.2m EBITDA loss). The EBITDA breakeven result benefited from a net £0.1m non-recurring gain relating mainly to the purchase, sale and leaseback of our facility in Martinsville, USA, in December 2022. The EBITDA loss in H1 FY22 benefited from £0.2m of COVID-19 US Government support. There were no significant changes in depreciation or financing costs compared to previous periods. The loss before taxation was £0.6m (H1 22: loss of £0.8m). Cash Flow, Going Concern and Financing Overall, the Group balanced its cash flows in H1 FY23, with available cash resources at both the beginning and end of the period of £0.7m. Excluding the one-off cash flow benefit of £0.5m from the new Martinsville leasing arrangements and adjusting for period-end timing differences relating to supplier payments, the underlying net cash outflow in the half year was circa £0.2m. The Group’s cash balance has been reasonably stable for the last few months. This illustrates, alongside the EBITDA breakeven result, that the Group is now very close to achieving its key strategic milestone of becoming operating cash flow self-sufficient. The Group is very well invested, has sufficient spare operational capacity to support significant revenue growth and therefore we do not currently anticipate any need for further large amounts of capital expenditure. Gross debt at 31 March 2023, comprising Coronavirus Business Interruption Loan Schemes (“CBILS”) and asset finance arrangements, but excluding lease obligations reported under IFRS 16, was £1.0m (H1 FY22: £1.2m). Of the amount outstanding at 31 March 2022, £0.3m is repayable within one year. Net debt at both 31 March 2023 and 2022 was £0.3m. Lease obligations reported under IFRS 16 at 31 March 2023 were £2.3m (31 March 2022: £2.0m), the increase being due to the new 10-year property lease agreement entered into in Martinsville in December 2022. Therefore, having reviewed cash flow forecasts and associated sensitivity analysis, the Board has concluded that the Group has sufficient financial resources to meet its needs for the foreseeable future and accordingly has prepared the interim financial statements on a going concern basis. RISK REVIEW The Board confirms that the risk assessment disclosed in our 2022 annual report remains relevant for the remainder of the current financial year. The risks and uncertainties relating to macroeconomic and geopolitical factors, and the precise timing of customer orders on revenue realisation are those currently judged by the Board as being the most relevant to delivery of current financial year performance expectations. BUSINESS DEVELOPMENT Our operational capacity is sufficient to produce a sales revenue of approximately £10m (depending on product mix). With average current utilisation of this capacity running at around 60%, there are adequate resources available to achieve our aim of maximising utilisation of this spare capacity over the next few years. We aim to do this by new developments including c. £1m in the oil & gas sector, more than £1m in power generation and up to £1m in aerospace. We should achieve EPS positive results at approximately £7.5m-£8.0m revenue. OUTLOOK The Board expects the positive sales growth seen in H1 FY23 to continue in H2 FY23. Therefore, whilst mindful of ongoing external economic uncertainties and headwinds, including further cost inflation, the Board anticipates performance for the full financial year to be in line with its expectations. More broadly, the Board believes that the Group should continue to benefit from significant growth potential over the short, medium and longer term from increasing market adoption of our unique patented coatings technology, which helps customers to improve operational efficiency, lower life cycle costs and reduce their carbon footprint. Philip Kirkham
Hardide Frequently Asked Questions (FAQ)
Where is Hardide's headquarters?
Hardide's headquarters is located at 10811 Train Court, Houston.
What is Hardide's latest funding round?
Hardide's latest funding round is Other Investors.
Who are the investors of Hardide?
Investors of Hardide include Oxford Capital Partners.
Who are Hardide's competitors?
Competitors of Hardide include Supercon and 4 more.
Compare Hardide to Competitors
Innovakote provides recycled powder coating services. It eliminates waste and reduces the carbon footprint of the powder coating supply chain. It was founded in 2018 and is based in Kent City, Michigan.
Teflon is a brand name for a synthetic chemical called polytetrafluoroethylene (PTFE). It is used to coat a variety of products because it’s waterproof, cuts down on friction, and creates a nonstick surface. It is based in Wilmington, Delaware.
Heavystone Laboratory is a company that received a SBIR Phase I grant for a project entitled: Functionally Graded Cemented Tungsten Carbide -- Process and Properties. Their project aims to develop an innovative process to significantly enhance the manufacturability of functionally graded cemented tungsten carbide (FGM WC-Co) by utilizing a high temperature carburization process. This technology is based on the understanding of the thermodynamics and kinetics of liquid phase equilibrium and migration during sintering. The approach is to exploit the thermodynamic equilibriums among liquid Co phase and other phases and the dependence of the equilibrium on temperature and carbon content. Co gradient is formed in this process by forcing liquid Co to flow from the surface region towards the interior region during carburizing heat treatment of conventional liquid-phase-sintered WC-Co. The broader/commercial impact of this project will be the potential to develop a high-manufacturability process for FGM WC-Co. Cemented tungsten carbide, WC-Co, is one of the most widely used tool materials in metal machining, mining, oil, gas, geothermal energy explorations, and other industrial applications where extreme wear resistance is required. FGM WC-Co materials are made of WC-Co composites with varying cobalt compositions from surface to the interior of the material. Compared to conventional homogeneous WC-Co, FGM WC-Co offers a combination of superior wear resistance, fracture toughness, and strength, thus provides much more desired engineering performance. However, manufacturing FGM WC-Co presents a difficult challenge because liquid phase sintering, by which most WC-Co products are made today, produces homogeneous materials. This project targets on the development of a new process that can be used to manufacture FGM WC-Co in an economically viable manner.
Supercon is a company that received a SBIR Phase II grant for a project entitled: A New Production Method for Ta Fibers for Use in Electrolytic Capacitors with Improved Performance and Packaging Options. Their project is intended to develop a new process for manufacturing tantalum (Ta) metal fibers for use in producing tantalum capacitors, and advance this process to the stage of commercialization. This technology, which has been demonstrated in Phase I, could lead to capacitor products having higher performance and greater volumetric efficiency than any currently available. The use of fibers in place of metal powder allows the production of thin anode bodies leading to improved packing options and component performance. The innovation underlying the technology is bundle drawing of Ta filaments in a copper matrix. A composite consisting of Ta filaments in a copper matrix is drawn is a series of reduction steps until the filaments are less than about 10 microns in diameter. The drawn wire is rolled to produce ribbon-type filaments that are 1 micron or less in thickness. The copper composite matrix is chemically dissolved without attacking the Ta to produce metallic Ta high surface area, ribbon-fibers. The fibers are formed into thin mats, which are sintered to produce porous metal strips from which high surface area capacitor anodes are made. A significant aspect of this approach is that fiber morphology can be varied over a wide of fiber thicknesses unlike powder. This allows the morphology of the fibers to be optimized for the particular voltage rating and use requirements in order to maximize the performance of the capacitor. Commercially, nearly all medical, automotive, military and many consumer electronic devices utilize Ta electrolytic capacitors due to their outstanding performance, reliability and volumetric efficiency. Solid electrolytic capacitors are currently made from Ta metal powder. Several million pounds per year of Ta powder are consumed in manufacturing Ta capacitors for these applications. The trend in electronics is toward high powder components and increased miniaturization. Combined with the need to lower materials and manufacturing costs, these considerations have created an opportunity for new method of producing solid electrolytic capacitors. Fiber metal technology has the potential to both lower manufacturing costs, improve capacitor performance, and improve packaging options, which could enable the development of new product that are either currently very difficult or very expensive to make using current technology base on metal powder. Supercon is a company that received a SBIR Phase I grant for a project entitled: A New Production Method for Ta Fibers for Use in Electrolytic Capacitors with Improved Performance and Packaging Options. Their project is intended to demonstrate a new process for manufacturing valve metal fibers for use in producing capacitors. The technology is applicable to all valve metals used for making solid electrolytic capacitors. If successful, this technology could lead to capacitor products having higher performance and greater volumetric efficiency than are currently available. The use of fibers in place of the standard powder compacts allows the production of thin anode bodies leading to improved packaging options and component performance. The innovation underlying the technology is bundle drawing of valve metal filaments contained in copper matrix. A composite consisting of valve metal filaments in a copper matrix is drawn in series of reduction steps until the filaments are less than 10 microns. The drawn wire is rolled to produce submicron thick ribbon type filaments. The copper composite matrix is chemically dissolved to produce metallic thin fibers. The fibers are formed into thin mats, which are sintered to produce porous metal strips from which high surface area capacitor anodes can be made. A significant aspect of this approach is that fiber morphology can be varied within a wide range of thickness and widths unlike powders. This allows the morphology of the fibers to be optimized in order to maximize the properties of the capacitor. Commercially, nearly all medical, automotive and consumer electronic devices all utilize solid electrolytic capacitors due to their performance, volumetric efficiency, and high reliability. Several million pounds per year of powder are consumed in the manufacture of capacitors for these applications. The trend towards higher power components, and miniaturization, combined with the need to lower materials and manufacturing costs have created an opportunity for new methods of producing solid electrolytic capacitors. Fiber metal technology has the potential to both lower manufacturing costs, improve capacitor performance, and improve packaging options which could lead to new products that are either very difficult or very expensive to make using current methods.
Thixomat is a company that received a STTR Phase II grant for a project entitled: New Process for High Strength/Weight Net-Shape Auto and Aero components from Mg Sheet. Their project aims to scale-up and commercialize a low cost and simple process to produce high strength/density Magnesium (Mg) alloy sheet; using Thixomolding Thermomechanical Processing (TTMP). TTMP avoids the decades-long barriers of twinning and shear band deformation that limits the formability of commercial coarse-grained Mg alloys, rather, in TTMP fine isotropic grains are molded in the first Thixomolding step and then these are thermomechanically processed to impose continuous dynamic recrystalization to finer grains of 0.8 to 2 microns. In this fine grained mode of processing, twinning and shear banding are minimized while slip and grain boundary sliding are promoted. The common intermetallic phases of Mg alloys are also refined to nanometer size so that they can serve as dispersion hardeners. The end result of the refined microstructures is an increase of both strength and ductility. The mechanism may apply also to Titanium (Ti) and Beryllium (Be) alloys. The broader/commercial impacts of this project are fuel and pollution savings in automobiles and trucks; fuel and payload benefits in aerospace; energy savings in batteries and fuel cells; and medical benefits in bio-replaceable body implants. Commercially, this project will result in a new U.S. business in manufacture of superior low cost Mg sheet. Thixomat,inc is a company that received a STTR Phase I grant for a project entitled: New Process for High Strength/Weight Net-Shape Auto and Aero components from Mg Sheet. Their Project is aimed at developing a new low-cost process to manufacture nanostructured net-shape Mg parts. These lightweight and high strength parts are expected to be cost-effective applications of nanotechnology in automotive, aerospace and many other industries. The process (herein termed TS) combines injection molding (Thixomolding) and Sinewave deformation. The resulting material is readily formed into complex shapes by warm drawing, or superplastic forming (SPF). TS generates novel microstructures and micromechanisms to be explored by our University partner. The process introduces two synergistic mechanisms for strengthening, generated in-situ in bulk parts - grain size refinement and intermetallic particle refinement. The nano-sized dispersoids that fortify the nano-sized grains provide opportunity for learning new science. The ability to eliminate mechanisms that hinder the ductility and formability of current commercial Mg sheet constitutes a novel contribution to processing science. The TS process opens the way to minimize energy/fuel consumption in autos and aerospace vehicles; to lessen the burden of military personnel. This process will be designed around an automated manufacturing cell that will feature agility for same day delivery of custom selected alloy and part geometry. The TS process is environmentally friendly, free of slag, dross, global warming gases and fire and safety hazards.
ArmorLube provides hard metal coating services and equipment. The company provides DLC coating, ArmorLube duplex coating, ArmorLube nitride coating, and more. It serves a wide range of industries including firearms, automotive, oil & gas, aerospace & defense, manufacturing, and agriculture. It was founded in 2013 and is based in Tucson, Arizona.
Discover the right solution for your team
The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.