Thor Medical
Logotype for Thor Medical

Thor Medical (TRMED) investor relations material

Thor Medical H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Thor Medical
H2 2025 earnings summary26 Feb, 2026

Executive summary

  • AlphaOne commercial plant construction began after final investment decision, with mechanical completion expected in April 2026 and production ramp-up starting Q3 2026.

  • Order backlog reached NOK 850 million through multi-year agreements with leading pharma customers.

  • Raised NOK 300 million in equity and secured NOK 90 million in loans, plus NOK 20 million working capital facility, fully funding AlphaOne through ramp-up to positive cash flow in 2027.

  • Strengthened executive team and organizational capacity with key hires in HR and communications.

  • Shipped first batch of ultra-high purity lead-212 to a major pharmaceutical customer.

Financial highlights

  • FY 2025 revenue was NOK 0.8 million, mainly from pilot sales of lead-212.

  • EBITDA for 2025 was negative NOK 48.7 million; loss before taxes was NOK 62.3 million.

  • Net cash flow for 2025 was negative NOK 47.5 million, reflecting operational losses and plant investments.

  • Cash and cash equivalents at year-end 2025 were NOK 180.6 million.

  • Payroll and related expenses totaled NOK 19.9 million; other operating expenses were NOK 6.6 million.

Outlook and guidance

  • AlphaOne is fully funded through start-up in Q3 2026, with positive cash flow expected by 2027.

  • Ramp-up plan targets 21,000 patient doses after 3 years, with potential to reach 1,000,000 doses annually in the long term.

  • Management expects meaningful revenues in the second half of 2025 as AlphaOne comes online.

  • Key priorities include safe and timely completion of AlphaOne, executing commercial backlog, and evaluating further expansion based on market demand.

  • Not dependent on immediate drug approvals for revenue, but market growth is expected late 2020s to early 2030s.

Explain the NOK 850m order backlog structure
Drivers for the 40% AlphaOne capacity expansion
Thorium-232 feedstock supply security strategy
What are the implications of current market undersupply?
Elaborate on AlphaCycle's self-scaling benefits
Future funding for Alpha Two and Alpha Global
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.
Research faster. Power your platform.

Next Thor Medical earnings date

Logotype for Thor Medical
H1 202629 Aug, 2026
Thor Medical
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next Thor Medical earnings date

Logotype for Thor Medical
H1 202629 Aug, 2026

The essential earnings season companion

The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

Frequently asked questions

Nordic Nanovector ASA, a biopharmaceutical company, develops and commercializes therapeutic products for hematological cancers in Norway. The company is developing Betalutin, an antibody radionuclide conjugate, which is in Phase III clinical trial for a range of non-Hodgkin lymphoma indications. It is also developing 177Lu-lilotomab satetraxetan (HH1), a targeted alpha immunotherapy for non-Hodgkin lymphomas. The company has strategic collaboration with NRCF to develop treatment regimens for hematological cancers and other indications using Lutathera or Betalutin; and with Servier S.A.S., as well as Cytodyn Inc.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage