Thor Medical (TRMED) investor relations material

Executive summary

• Final investment decision made for AlphaOne, the first commercial-scale manufacturing facility, with construction progressing on schedule and production start targeted for Q3 2026.

• Achieved first commercial sales of lead-212 isotopes to a major pharmaceutical company, validating proprietary technology and market acceptance.

• Multiple strategic supply and sales agreements signed, expanding the customer base and securing long-term revenue streams, including Oncoinvent and AdvanCell.

• AlphaOne commercial plant expansion is fully funded, with capacity increased by 40% following strong market demand.

• Order backlog stands at NOK 700 million, with a market capitalization around NOK 1 billion.

Financial highlights

• First half-year EBITDA was negative NOK 23 million, with net loss for the period at NOK 31–31.8 million.

• Revenue for 1H 2025 was NOK 0.1 million, the first recorded sales.

• Net cash at NOK 101 million and cash/cash equivalents at NOK 224–224.4 million at period end.

• Payroll and related expenses totaled NOK 13–13.1 million; other expenses NOK 10 million, net of grants.

• Additional NOK 10 million raised in a repair offering completed in July/2H 2025.

Outlook and guidance

• AlphaOne plant expected to reach profitability by 2027 as output ramps up, with commercial production start in Q3 2026.

• Capacity expansion targets over 250,000 patient doses by 2030, with initial ramp to 21,000 doses and 60,000 by 2035.

• Revenue potential for AlphaOne after five years estimated at $350–550 million annually, with further upside if market develops as anticipated.

• Focus on expanding capacity, entering new agreements, and targeting the US market for future growth.

• Fully funded for current expansion, with a clear roadmap to cash-positive operations by end of 2027.