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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.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.
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