Norsk Titanium (NTI) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue and other income tripled YoY to $2.1m; 9M revenue and other income reached $5.0m vs. $2.8m in 2025.

• Commercial progress spanned higher aerospace and Hittech deliveries, funded development, Rolls-Royce orders, defense programs and the Airbus RPD® machine installation.

• Defense qualification, industrial deliveries and the RPD® Ecosystem offer pathways to grow recurring production revenue.

Financial highlights

• Q3 revenue and other income was $2.1m: $0.6m from serial production, $1.2m from development and services, and $0.3m other income.

• FY 2026 revenue and other income is forecast at ~$8m, with Q4 growth expected from higher production volumes and funded development.

• Average monthly Q3 cash burn was $2.2m vs. $2.4m in Q3 2025 and $2.1m in H1 2026; cash was $27.2m at September 30.

• Production is expected to account for more than 50% of 2026 sales; management said production is tripling.

Outlook and guidance

• Base-case break-even remains targeted for 2028; targets include break-even at ~25% capacity utilization and ~30% EBITDA margin at ~50% utilization by 2030.

• Hittech 2027 revenue is likely to exceed its prior $2.8m forecast; purchase orders cover deliveries through Q3 2027.

• High-rate missile-defense sales could ramp from 2027 and grow further in 2028, conditional on successful qualification.

• A defense-prime development PO was expected imminently; successful testing could lead to a meaningful production order and 2027 revenue.

• Q4 cash burn is expected to decline; cash burn is expected to reduce as revenue grows in 2027.