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 Q3 2026.

• Order backlog reached NOK 850 million through multi-year agreements with leading pharma customers.

• Raised NOK 300 million in equity and secured NOK 90 million in loans, plus NOK 20 million working capital facility, fully funding AlphaOne through ramp-up to positive cash flow in 2027.

• Strengthened executive team and organizational capacity with key hires in HR and communications.

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

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 47.5 million, reflecting operational losses and plant investments.

• 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 start-up in Q3 2026, with positive cash flow expected by 2027.

• Ramp-up plan targets 21,000 patient doses after 3 years, with potential to reach 1,000,000 doses annually in the long term.

• Management expects meaningful revenues in the second half of 2025 as AlphaOne comes online.

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

• Not dependent on immediate drug approvals for revenue, but market growth is expected late 2020s to early 2030s.