19 August 2026: Norsk Titanium AS (Euronext: NTI, OTCQX: NORSF), a global leader in structural titanium additive manufacturing, today announced its financial results for the first half of 2026, with key highlights including:
• Revenue and other income totaled USD 2.9 million in the first half of 2026, a 38% increase year over year
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o Serial production revenue was USD 1.1 million, up 29% year over year, driven by higher volumes on part deliveries
o Development revenue was USD 1.7 million, up 50% year over year
• Average monthly cash burn was USD 2.1 million, a 28% decrease year over year, and the cash balance was USD 19.6 million at 30 June 2026
• Successfully raised a total of USD 27.3 million (NOK 260 million) in a private placement, consisting of two tranches at NOK 1.00 per share with continued support from the Company’s largest shareholders. Tranche 1 of the Private Placement was carried out through issuance of 130,460,200 shares in June 2026. Tranche 2 was completed after the close of the period
• Expanded the strategic relationship with Airbus through agreements to develop, industrialize and qualify RPD® for high-criticality structural titanium parts, and advanced the first RPD® machine deployment at Airbus’ facility in Varel, Germany
• Secured the first serial production contract with Northrop Grumman following a multi-year qualification process
• Received a USD 4.2 million contract to advance additive manufacturing for submarine applications from the U.S. Department of War
• Expanded the Hittech partnership through 2027 to support AI-driven semiconductor demand, with volumes expected to grow significantly in 2026 and forecasted to reach approximately USD 2.8 million in 2027
“When we presented the outcome of our strategic review in February, we set a clear objective to move Norsk Titanium from engineering-led development to accountable commercial execution. In the first half, we demonstrated that this strategy is translating into customer commitments, contract awards and concrete steps toward broader commercial adoption. We advanced all three of our revenue streams by ramping production and securing new awards across aerospace and defense, expanding the Hittech partnership to support higher semiconductor volumes, and deploying the first RPD® machine at Airbus in Varel as the first step in our RPD® Ecosystem. The MMPDS publication and Nadcap accreditation further strengthen the qualification platform supporting broader commercial adoption,” said Fabrizio Ponte, CEO of Norsk Titanium.
“These advances come as aerospace and defense demand is rising and qualified titanium supply remains constrained, reinforcing the relevance of our technology. The recent capital raise strengthens our balance sheet and gives us the flexibility to execute the commercial milestones ahead. While the timing of the ramp remains customer-dependent, our priorities are clear: progress further Airbus production orders, advance high-rate defense programs, convert short-cycle opportunities and improve unit economics. By scaling our already installed production platform, we estimate breakeven at approximately 25% capacity utilization in 2028 and an EBITDA margin of approximately 30% at around 50% utilization by 2030. Our ambition is to establish RPD® as a scaled production platform for critical global industries and convert our installed capacity and intellectual property into durable earnings and significant long-term shareholder value,” continued Ponte.
Financial Summary
Revenue and other income totaled USD 2.9 million in the first half of 2026, compared with USD 2.1 million in the first half of 2025, representing year-over-year growth of 38%. Revenue from part sales and development contracts was USD 2.8 million, with other income of USD 0.1 million. Revenue from serial production was USD 1.1 million, an increase of 29%, driven by higher part deliveries to Airbus and the recovery in semiconductor demand at Hittech. Revenue from products and services delivered under development contracts was USD 1.7 million, an increase of 50%, driven primarily by Boeing development programs, with Safran contributing a further USD 0.2 million.
Operating expenses were USD 15.0 million, resulting in an EBITDA loss of USD 12.1 million, compared with an EBITDA loss of USD 15.1 million in the first half of 2025. Net loss for the period was USD 12.5 million, compared with USD 40.1 million in the first half of 2025, with the year-over-year change primarily reflecting substantially lower net financial expenses following the classification of the intercompany loan as part of the net investment in Norsk Titanium US Inc.
Average monthly cash burn was USD 2.1 million, compared with USD 2.9 million in the first half of 2025. Cash and cash equivalents were USD 19.6 million at 30 June 2026. The balance included USD 13.2 million in gross proceeds from Tranche 1 of the private placement and excluded the proceeds from Tranche 2 and the subsequent offering, which were completed after the end of the period. On a pro forma basis, adjusting the 30 June cash balance for the gross proceeds from Tranche 2 and the subsequent offering, the cash position was approximately USD 35 million.
Outlook
Norsk Titanium sees increasing demand for qualified titanium components, supported by rising aircraft production, expanding defense requirements, efforts to build more resilient supply chains, and global investment in AI and advanced computing infrastructure. At the same time, limited qualified forging capacity and long lead times continue to constrain the traditional titanium value chain, increasing the value of qualified, scalable and efficient additive manufacturing alternatives.
The Company estimates that approximately 25% utilization of its installed production platform will support breakeven in 2028. Norsk Titanium’s medium-term ambitions are to move toward 50% capacity utilization and reach USD 150 million of revenue with an approximately 30% EBITDA margin by year-end 2030. At full utilization, the current 700 metric ton production platform is estimated to support approximately USD 300 million of annual revenue.
Progress toward these ambitions will be driven by increased volumes as qualified aerospace and defense programs convert into serial production, an improved revenue mix including higher-margin RPD® Ecosystem revenue, and continued reductions in unit costs. The timing of part qualifications, contract awards and production schedules remains customer-dependent and may cause revenue and cash flow to vary between reporting periods.
The private placement and subsequent offering strengthen the Company’s financial position and are intended to fund the commercial and operational milestones required to progress toward breakeven. The Company’s priorities for the second half of 2026 are to progress further Airbus production orders, advance high-rate defense programs, convert short-cycle opportunities and improve unit economics.
Presentation of results
CEO Fabrizio Ponte and CFO Ashar A. Ashary will host a webcast presentation of Norsk Titanium’s first half 2026 results and a Q&A session today at 13:00 CEST (07:00 EDT).
Please use the following link to access the webcast:
Norsk Titanium Q2 Webcast 2026
For more information, please contact:
Ashar A. Ashary
Chief Financial Officer
Email: ashar.ashary@norsktitanium.com
Tel: +1 (518) 556-8966
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 “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” 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 Norsk Titanium AS 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. Norsk Titanium AS undertakes no obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement, other than as required by law.
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