Thor Medical (TRMED) H2 2025 earnings summary

Executive summary

• AlphaOne commercial plant construction began after final investment decision, with mechanical completion expected in April 2026 and production ramp-up starting in Q3 2026.

• Order backlog increased to NOK 850 million through multi-year agreements with leading pharma and radiopharmaceutical companies.

• Raised NOK 300 million in equity and secured NOK 90 million in loans, fully funding AlphaOne and supporting a 40% capacity expansion.

• Shipped first batch of ultra-high purity lead-212 to a major pharmaceutical customer.

• Strengthened executive team and organizational capacity to support industrial-scale operations.

Financial highlights

• FY 2025 revenue was NOK 0.8 million, mainly from pilot sales of lead-212.

• EBITDA for 2025 was negative NOK 48.7 million; loss before taxes was NOK 62.3 million.

• Net cash flow for 2025 was negative NOK 57.2 million, reflecting investments and operational losses.

• Cash and cash equivalents at year-end 2025 were NOK 180.6 million.

• Payroll and related expenses totaled NOK 19.9 million; other operating expenses were NOK 6.6 million.

Outlook and guidance

• AlphaOne is fully funded through ramp-up, with commercial production starting in Q3 2026 and positive cash flow expected by 2027.

• Ambitious ramp-up plan targets over 1,000,000 patient doses annually in the long term.

• Revenue potential of NOK 350 million annually at full initial capacity.

• Key priorities include safe and timely completion of AlphaOne, executing commercial backlog, and evaluating further expansion based on market demand.