Norsk Titanium (NTI) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was USD 2.0 million, up 54% year-over-year, driven by new contracts in defense, energy, and industrial sectors, but below expectations due to aerospace part transition delays.

• Serial production parts increased slightly, with new contracts in the U.S. Department of Energy and defense sectors.

• Engagement with Airbus and Boeing remains strong, with ongoing deliveries, machine qualifications, and a third major Airbus contract anticipated in H2 2025.

• Operational capabilities expanded with in-house machining, quality testing, and cost-reducing production architecture.

• Diversification strategy is reducing customer concentration risk and positioning for more resilient growth.

Financial highlights

• H1 2025 revenue was USD 2.0–2.1 million, up from USD 1.3 million in H1 2024.

• Operating expenses increased to USD 17.2 million, reflecting investments in sales, engineering, and production capacity.

• EBITDA loss widened to USD 15.1 million from USD 12.1 million year-over-year.

• Net financial expenses of USD 24.2 million were mainly due to unrealized FX losses, with a net total comprehensive loss of USD 14.5 million.

• Cash balance at June 30, 2025, was USD 12.1 million, with a monthly cash burn of USD 2.9 million.

Outlook and guidance

• 2026 revenue target revised to USD 70 million, with 2/3 covered by firm contracts and mature discussions.

• Previous USD 150 million revenue ambition shifted to 2028 due to delays in commercial aerospace.

• Cash flow break-even now expected in early 2027; additional USD 15 million equity raise planned in Q3 2025, supported by major shareholders.

• Revenue forecast is based on a mix of commercial aerospace, defense, and industrial contracts.