Thor Medical (TRMED) H1 2026 earnings summary

Executive summary

• AlphaOne facility completed on time and on budget, now operational and delivering first patient doses, marking transition from pilot to industrial scale.

• Initial revenues generated from pilot sales of Th-228, Ra-224, and Pb-212 isotopes, supporting growing demand for targeted alpha therapies.

• Strategic supply agreements signed with Eckert & Ziegler and Minerva Imaging, expanding market access and strengthening the Pb-212 ecosystem.

• Positioned as a leading supplier of high-purity radioisotopes, enabling next-generation cancer therapies with a scalable, cost-efficient production platform.

• Lean business model avoids high capital requirements and binary risks typical of pharmaceutical development.

Financial highlights

• H1 2026 revenue was NOK 0.9 million, up from NOK 0.1 million in H1 2025, primarily from pilot site sales.

• EBITDA for H1 2026 was negative NOK 33.1 million, compared to negative NOK 23.1 million in H1 2025.

• Net loss for the period was NOK 54.7 million, compared to NOK 29.7 million in H1 2025.

• Cash and cash equivalents at period end were NOK 59.9 million, with NOK 40 million in unused credit facilities.

• Net cash flow was negative NOK 120.1 million, reflecting AlphaOne investments and inventory build-up.

Outlook and guidance

• Ramp-up of AlphaOne expected to drive sales to low double-digit million NOK in 2026, with NOK 350 million revenue potential after three years.

• Production capacity expected to reach 21,000 patient doses after three years and 60,000 doses by 2035.

• EBITDA expected to turn positive in 2027, with cash flow breakeven also targeted for 2027.

• Market for radiopharmaceuticals, especially Pb-212, projected to grow rapidly, with significant clinical and commercial demand anticipated.

• Revenue outlook reflects uncertainty due to early-stage production ramp-up and timing of customer deliveries.