Norsk Titanium (NTI) Q4 2024 TU earnings summary

Executive summary

• Q4 2024 revenue reached $2.3 million, up from $0.9 million in Q3; full-year preliminary sales were $4.8 million, a 118% increase year-over-year.

• 54 parts in serial production at year-end 2024, generating $12.2 million in annual recurring revenue, slightly below target due to customer approval delays.

• Transitioned from R&D to production in 2024, with milestones in industrial and aerospace markets, including Airbus, Boeing, and semiconductor trays.

• Entered new markets with nickel steel alloy, targeting oil & gas, nuclear, and naval sectors.

• Significant growth projected for 2025, with serial production parts expected to exceed 120 and ARR estimated at $70–$90 million by year-end.

Financial highlights

• Q4 revenue was $2.3 million, up $0.9 million sequentially; $0.9 million in revenue was missed due to supply chain bottlenecks.

• Full-year recognized revenue for 2024 will be $4.4 million, with $0.4 million deferred; cash flow statement will show $4.8 million as cash received.

• Ended 2024 with $22.8 million in cash after a successful warrants issue.

• Average net monthly cash burn in Q4 was $2.6 million, in line with expectations.

• Q4 cash flow included a $1.3 million unrealized FX loss due to USD/NOK movements.

Outlook and guidance

• 2025 expected to see over 120 parts in serial production and $70–$90 million in annual recurring revenue.

• Long-term target of $150 million in revenue for 2026, with $120 million from parts sales and $30 million from other business models.

• 2026 EBITDA margin target is 30%.

• Anticipates strong growth in commercial aerospace, industrial, and defense markets, with significant new contracts expected.

• Expansion supported by global aircraft production ramp-up and new industrial applications.