Thor Medical (TRMED) H2 2024 earnings summary

Executive summary

• Transitioned from proof of concept to operational pilot plant at Herøya, Norway, delivering first thorium-228 samples and securing sales agreements with ARTBIO, AdvanCell, and a major pharmaceutical company.

• Successfully raised capital and secured a NOK 90 million loan from Innovation Norway, fully funding AlphaOne, the first commercial-scale plant, with construction set to begin after the March 2025 investment decision.

• AlphaOne targets 15,000 patient doses after three years, with ambitions for further expansion (AlphaTwo, AlphaGlobal) and projected annual revenue of NOK 250 million at full capacity.

• Focus for 2025 is on refining production, increasing capacity, and executing AlphaOne plans, with demand already exceeding AlphaOne's capacity for the first 4-5 years.

• Positioned to become a leading supplier of alpha-emitters for radiopharmaceuticals, targeting significant market growth by 2032.

Financial highlights

• No revenue reported for 2024; net loss before taxes was NOK -42.6 million, with payroll expenses of NOK 12 million and operating expenses totaling NOK 43.9 million.

• Closed 2024 with NOK 123.4 million in cash, up from NOK 41.8 million in 2023, and raised an additional NOK 84.8 million in January 2025.

• Net cash flow from financing activities in FY 2024 was NOK 104.0 million, mainly from equity issuance.

• Equity ratio at year-end 2024 was 81.4%.

• No interest-bearing debt as of year-end 2024; main liabilities are deferred tax.

Outlook and guidance

• AlphaOne expected to reach commercial production in 2026, with mechanical completion one year after FID and cash-positive operation within two years of launch.

• Plans to refine and scale pilot operations, expand the sales pipeline, and strengthen the organization.

• Indicated demand already exceeds AlphaOne's capacity for the first 4-5 years, with contracted revenues of NOK 300-500 million.

• Continued pursuit of commercial opportunities with companies developing radiopharmaceuticals based on thorium-228 and Pb-212.