Norsk Titanium (NTI) H1 2026 earnings summary

Executive summary

• Achieved 38% year-over-year revenue growth to USD 2.9 million in H1 2026, driven by serial production and development contracts.

• Secured major contracts and expanded relationships with Airbus, Northrop Grumman, Boeing, and Hittech, including a USD 4.2 million U.S. Department of War contract.

• Raised over USD 28 million through private placement and subsequent offering, improving liquidity and supporting commercial milestones.

• Achieved key industry certifications and recognitions, including FAA and EASA for A350, Nadcap accreditation, and MMPDS publication.

• Strategic focus on core OEM programs, RPD Ecosystem business model, and scaling production for profitability.

Financial highlights

• Revenue and other income for H1 2026 increased by 38% year-over-year to USD 2.9 million.

• Serial production revenue grew 29% to USD 1.1 million; development revenue rose 50% to USD 1.7 million.

• EBITDA loss improved to USD 12.1 million from USD 15.1 million year-over-year; net loss narrowed to USD 12.5 million from USD 40.1 million.

• Average monthly cash burn reduced to USD 2.1 million, down from USD 2.9 million; cash balance at period end was USD 19.6 million, pro forma USD 35 million post-financing.

• Operating expenses reduced to USD 15 million from USD 17.2 million year-over-year.

Outlook and guidance

• Breakeven targeted by 2028 at 25% capacity utilization; 30% EBITDA margin expected by 2030 at scale.

• RPD Ecosystem revenue targeted to reach ~30% of total by 2030, supporting a CapEx-light model.

• Growth levers include volume growth, revenue mix optimization, and cost efficiency.

• Full platform utilization could support up to USD 300 million annual revenue.

• Base case targets USD 75 million in sales by 2028, with incremental direct labor hiring as production scales.