Norsk Titanium (NTI) H2 2024 earnings summary

Executive summary

• Transitioned from development to serial production, increasing parts in serial production from 11 to 54, with annual recurring revenue (ARR) rising from USD 4 million to USD 12 million year-over-year.

• Achieved major milestones: Airbus qualification and Master Supply Agreement, direct supply agreement with Boeing, and recurring orders in the semiconductor industry.

• Strengthened financial position through significant capital raises, reducing liabilities and increasing cash reserves.

Financial highlights

• Total revenue and other income for 2024 was USD 5.1 million, up from USD 2.5 million in 2023, driven by increased part sales and development program deliveries.

• Operating expenses rose to USD 29.8 million (from USD 25.8 million), mainly due to higher production and qualification costs.

• EBITDA loss was USD 24.7 million (2023: USD 23.3 million); net loss after tax improved to USD 21.0 million from USD 26.7 million.

• Net financial items contributed a gain of USD 5.5 million, mainly from unrealized FX gains offsetting warrant-related losses.

• Cash and cash equivalents increased to USD 22.8 million (2023: USD 1.2 million) after raising USD 56 million in equity.

Outlook and guidance

• Expects parts in serial production to exceed 120 in 2025, with ARR projected at USD 70–90 million by year-end.

• Reaffirms 2026 revenue target of USD 150 million, supported by a growing order backlog and long-term contracts in aerospace, defense, and industrial sectors.

• Plans to leverage published material specifications and software to expand into new sectors.