Oslo, Norway, August 20th 2025: Norsk Titanium AS (NTI), a global technology leader in additive manufacturing, today announced financial results for the first half of 2025, with key highlights including:
• H1 revenue of USD 2.0 million vs. USD 1.3 million in H1 2024, a 54% increase year-over-year
• H1 2025 parts in serial production remained at 54 with and estimated ARR of USD 12.2 million; increased to 56 parts with an estimated ARR of USD 12.8 million after the end of the period
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• Part transitions in commercial aerospace slower than anticipated in 2025, with slower revenue ramp pushing expected breakeven to early 2027
• Targeting revenues of USD 70 million in 2026, with a balanced mix between commercial and defense aerospace and diversified industrial segment, anchored in firm contracts and advanced commercial discussions
• The Company is contemplating to raise, in one or several transactions, approximately USD 15 million in equity, which in combination with working capital financing is expected to fully fund the Company through to breakeven. The three largest shareholders have informed the Company that they will commit to support the contemplated transaction(s) with the entire capital need of approximately USD 15 million.
"Commercial aerospace remains our most important market, with Airbus and Boeing central to our long-term success, and the anticipated third Airbus production order in the second half of 2025 is still a pivotal milestone. However, we have seen longer-than-expected parts transitions in commercial aerospace, and this reinforces the need for a more diversified commercial platform. In our updated business plan we are now targeting revenue of USD 70 million in 2026, supported by a balanced mix of commercial aerospace, defense, and industrial programs, and anchored in firm contracts and advanced commercial discussions,” said Carl Johnson, CEO of Norsk Titanium.
“However, the delayed revenue means that our expected breakeven is being pushed out to the beginning of 2027, and we have initiated a process to raise additional capital to see us through to breakeven. I am glad to see that our largest shareholders remain committed to Norsk Titanium and are supportive of our funding plans, " continued Johnson.
Financial Summary
Norsk Titanium generated revenue and other income of USD 2.1 million during the first half of 2025, versus USD 1.3 million in the same period last year, representing a year-over-year growth rate of 54%. Revenue from delivery of parts in serial production was USD 0.9 million during the first half of 2025, in line with the same period last year. Revenue from customer-funded development activities grew to USD 1.1 million during the first half of this year, compared to USD 0.3 million during the first half of 2024.
Average monthly cash burn for the period was USD 2.9 million, compared to USD 2.3 million for the full year 2024. The increase in cash burn was mainly due to higher sales and development activity and engagements with customers. The Company secured a larger quantity of raw material for parts on production orders and developing parts in advance of final production orders to facilitate faster transitions into production. Efforts are underway to reduce inventory purchases to align with order backlog.
Norsk Titanium’s financial position weakened in the first half of 2025, as the cash balance decreased from USD 22.8 million at the end of 2024 to USD 12.1 million as of 30 June 2025. This reflects a negative cash flow from operations which was only partly offset by share capital transactions and increased debt of USD 4.7 million.
Outlook
Norsk Titanium has updated its business plan and medium-term targets to reflect a more diversified revenue base, adjusted program timelines, and a stronger path to sustainable profitability. The Company now targets approximately USD 70 million of revenue in 2026, with its USD 150 million revenue ambition shifted to 2028.
The updated plan for 2026 is anchored in specific customer programs, signed agreements, and forecasts from advanced commercial negotiations—with two-thirds of projected sales either firm or quoted with a high probability of converting to serial production. Approximately 40% of 2026 revenue is expected from commercial aerospace, 10% from defense-aerospace, and the remainder from non-aerospace defense and industrial markets.
Commercial aerospace remains the largest contributor given its recurring and high margin nature, with the anticipated third Airbus production order expected to significantly expand the qualified-part portfolio. Defense programs are progressing through late-stage qualification, while industrial markets — particularly semiconductors and energy infrastructure — are providing faster-cycle growth opportunities that complement the longer timelines in aerospace.
To support this strategy, the Company has strengthened its sales organization with dedicated resources across key verticals and geographies. Additionally, a cross-functional product management team has been established from within the existing organization to accelerate the transition of parts from engineering into production.
Initiated Funding Process:
Norsk Titanium is working to secure additional capital to execute this plan and maintain the flexibility to capture additional opportunities. This funding plan includes a potential equity capital raise of approximately USD 15 million, which in combination with working capital facilities is expected to fully fund the Company through breakeven in early 2027.
The Company’s three largest shareholders, White Crystals Ltd., Scatec Innovation AS, and Global Portfolio Investments, representing a combined shareholding of 45%, have informed the Company that they will commit to support the contemplated transaction(s) with the entire capital need of approximately USD 15 million.
With proven technology, established qualifications, and a broadened set of growth engines, this financing will position Norsk Titanium to deliver on its updated plan and create long-term shareholder value.
The Company has engaged Arctic Securities and Pareto Securities to act as managers in the contemplated transaction(s). The final terms and conditions of the contemplated transactions will be determined in close dialogue with the shareholders.
Presentation of results
CEO Carl Johnson and CFO Ashar Ashary will present Norsk Titanium’s results this morning at 08.00 CEST, followed by a Q&A session starting at 08:30 CEST. Please use the following link to access the presentation:
https://channel.royalcast.com/landingpage/hegnarmedia/20240828_8/
For more information, please contact:
Carl Johnson, President and CEO of Norsk Titanium
Email: carl.johnson@norsktitanium.com
Tel: +1 518 324 4010
Ashar A. Ashary, CFO Norsk Titanium AS
Email: Ashar.Ashary@norsktitanium.com
Tel: +1 518 556 8966
John Andersen, Chairman of Norsk Titanium AS
Email: John.Andersen@scatec.no
Tel: +47 90 17 40 80
Important notice:
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock exchange announcement was published by Anne Lene Gullen Bråten, VP Finance of Norsk Titanium AS, at the time and date stated above in this announcement.
About Norsk Titanium:
Norsk Titanium is a global leader in metal 3D printing, innovating the future of metal manufacturing by enabling a paradigm shift to a clean and sustainable manufacturing process. With its proprietary Rapid Plasma Deposition® (RPD®) technology and installed production capacity to generate annual revenues of approximately USD 300 million, Norsk Titanium offers cost-efficient 3D printing of value-added metal parts to a large addressable market. RPD® technology uses significantly less raw material, energy, and time than traditional energy-intensive forming methods, presenting customers with an opportunity to better manage input costs, logistics, and environmental impact. RPD® printed parts are already flying on commercial aircraft, and Norsk Titanium has gained significant traction with large defense and industrial customers.
For the latest news, go to www.norsktitanium.com or follow us on LinkedIn.
Forward Looking Statements
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice, and the Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.
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