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Norsk Titanium (NTI) investor relations material
Norsk Titanium Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2025 grew 54% year-over-year to $2,000,000, driven by new contracts in aerospace, defense, and industrial sectors, but lagged expectations due to delays in aerospace part transitions.
Number of parts in serial production increased to 56, with high engagement from Airbus and Boeing and new contracts in defense and industrial markets.
Operational improvements included expanded in-house machining, quality testing, and production efficiency, with cost-reducing production architecture developed.
The company is the first additive manufacturing firm to prepare material specs for MMPDS standardization, unlocking broader applications.
Diversification strategy is reducing customer concentration risk and positioning for more resilient growth.
Financial highlights
H1 2025 revenue reached $2,000,000–$2,100,000, up from $1,300,000 in H1 2024.
Operating expenses rose to $17,000,000–$17,200,000, with EBITDA loss widening to $15,000,000–$15,100,000 from $12,000,000–$12,100,000 prior year.
Net financial expenses totaled $24,200,000, mainly from unrealized FX loss; comprehensive loss was $14,500,000 after reversal.
Net loss for H1 2025 was $40,100,000, up from $27,000,000 in H1 2024.
Cash balance at June 30, 2025, was $12,100,000, with a monthly cash burn of $2,900,000.
Outlook and guidance
2026 revenue target revised to $70,000,000, with $150,000,000 ambition shifted to 2028, reflecting delays in aerospace and industrial programs.
Cash flow breakeven now expected in early 2027, requiring an additional $15,000,000 equity raise in Q3, supported by the three largest shareholders.
Two-thirds of 2026 revenue forecast is covered by contracts and mature discussions.
Additional working capital facilities are under discussion to support growth.
Revenue forecasts depend on successful qualification and production of new parts, and timely customer contracts.
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