Thor Medical (TRMED) H1 2024 earnings summary

Executive summary

• Advanced pilot facility construction at Herøya, Norway, is on schedule for completion by end of Q3 2024, with first customer samples expected by year-end.

• Secured NOK 6 million grant from Innovation Norway and received regulatory authorization for radionuclide manufacturing and trade.

• Entered feedstock supply agreement with Steenkampskraal Monazite Mine, the world's highest concentration thorium mine.

• Strengthened management team with a new CEO in August and other key appointments, outlining a vision for growth in radiopharmaceuticals.

• Feasibility and concept studies for a 'fast-track' commercial plant are underway, with a NOK 250 million capital requirement.

Financial highlights

• No revenue reported in 1H 2024; EBITDA at NOK -12.7 million, EBIT at NOK -13.1 million, and net loss of NOK -13.0 million.

• Cash position at NOK 29.6 million as of 30 June 2024, with net cash outflow from operations of NOK -12.2 million in H1.

• NOK 5.3 million invested in pilot facilities in H1 2024, with an additional NOK 5 million committed for completion.

• Pilot phase fully funded, with financial runway through H1 2025.

• Total assets at NOK 320.1 million, equity of NOK 260.0 million, and no interest-bearing debt.

Outlook and guidance

• Pilot facility completion and production start-up expected in Q3–Q4 2024, with first product samples to customers by year-end.

• Focus is on customer sample validation and advancing commercial discussions for offtake agreements in H2 2024.

• Fast Track plant investment decision targeted by end of Q1 2025, aiming for commercial production in Q1 2026.

• Full industrial scale-up planned, with ambitions to reach global scale and treat up to 250,000 patients annually.

• No significant revenue expected from Q4 pilot production.