Thor Medical (TRMED) H1 2025 earnings summary

Executive summary

• Final investment decision made for AlphaOne, the first commercial-scale manufacturing facility, with construction progressing on schedule, fully funded, and production start targeted for Q3 2026.

• Achieved first commercial sales of Pb-212 isotopes to a major pharmaceutical company, validating technology and market acceptance.

• Multiple strategic supply and sales agreements signed, including with Oncoinvent and AdvanCell, expanding commercial commitments and market reach.

• AlphaOne's planned capacity expanded by 40% following strong market demand and successful capital raise.

• Equity raises and loan commitments have fully funded ongoing operations and the AlphaOne project.

Financial highlights

• First half-year EBITDA was NOK -23.1 million, with payroll at NOK 13.1 million and other expenses net of grants at NOK 10 million.

• Net loss for the period was NOK -31.8 million, with net cash at NOK 101 million and cash and cash equivalents at NOK 224.4 million at period end.

• Revenue for 1H 2025 was NOK 0.1 million, the first recorded sales.

• Total assets rose to NOK 561 million, and equity increased to NOK 473.5 million, reflecting capital raises.

• Raised NOK 85–86 million in June for capacity expansion, with an additional NOK 10 million received in July.

Outlook and guidance

• AlphaOne is on track for mechanical completion in 1H 2026 and production start in Q3 2026, with plans to ramp up to 21,000 patient doses initially and 60,000 doses by 2035.

• Revenue potential for AlphaOne after five years estimated at NOK 550 million annually, with order backlog currently at NOK 700–770 million.

• Ambition to scale beyond AlphaOne, targeting up to 1 million patient doses through future expansions (AlphaTwo, AlphaGlobal).

• Focus on building a world-class team, expanding U.S. partnerships, and further diversifying supply chain.

• Fully funded for current expansion, with a clear roadmap to cash-positive operations by end of 2027.