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Thor Medical (TRMED) investor relations material
Thor Medical H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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