Norsk Titanium (NTI) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue reached USD 0.6 million, up from USD 0.4 million year-over-year, but down from USD 2.3–2.4 million in Q4; 54 parts transitioned and USD 12.2 million in annual recurring revenue reported.

• No new parts transitioned to serial production in Q1; total remains at 54.

• Airbus engagement remains strong, with a third production order expected in H2 2025; customer delays have pushed some revenue into 2025.

• Industrial sector demand slowed, particularly from semiconductor customers, pausing orders until Q4 2025; new industrial segments are being targeted.

• Strengthened commercial team and new Chief Commercial Officer appointed to drive global presence and diversification.

Financial highlights

• Q1 2025 revenue was USD 0.6 million, up from USD 0.4 million year-over-year, but down from USD 2.3–2.4 million in Q4.

• Annual recurring revenue from serial production parts stable at USD 12.2 million with 54 parts transitioned.

• Cash balance at March 31, 2025 was USD 15.8–16 million; average monthly cash burn was USD 2–2.3 million.

• Over USD 475 million invested to date; market cap around USD 150 million.

Outlook and guidance

• Targets for 2025: 120 parts in serial production and USD 70–90 million in annual recurring revenue; timing risk has increased.

• 2026 revenue target of USD 150 million faces increased risk due to customer delays, but management remains confident.

• Expect ramp-up in transitions and revenue in H2 2025.

• Strengthening commercial sales team and diversifying into industrial markets.

• Fully funded through business plan with up to USD 15 million in new debt facilities being arranged.