Norsk Titanium (NTI) Small-Cap Growth Virtual Investor Conference 2024 summary

Investment and infrastructure

• Over $325 million in equity invested, with a $125 million grant from New York State supporting production facilities.

• Headquarters and technology center in Norway focus on engineering and development, with three printers dedicated to R&D and material testing.

• Two production facilities in Plattsburgh, NY, including an air-gapped site for defense work, house 22 machines.

• Total of 35 machines with a 700-ton annual printing capacity, supporting up to $300 million in revenue.

Market dynamics and strategy

• Additive manufacturing enables localized, cost-efficient production, addressing inflation and supply chain challenges.

• Geopolitical issues have tightened titanium supply, with 70% sourced from China and Russia; technology reduces material use and cost.

• Focused on commercial aerospace for initial market entry due to its size and complexity, creating high barriers to entry.

• Established process and material qualifications with major OEMs, enabling direct replacement of existing parts.

Customer base and recurring revenue

• Qualified and supplying parts to Airbus (Master Supply Agreement) and Boeing (direct supply agreement), with recurring monthly deliveries.

• Addressable market includes 500 Airbus part numbers (~125,000 pieces/year, $1B opportunity) and 1,000 Boeing part numbers (~250,000 pieces/year).

• In production with Boeing since 2017, recently received a significant direct purchase order for serial production parts.

• Industrial customers include Hittech/ASML, with a successful case reducing material waste and increasing throughput.

• Defense sector clients include Northrop Grumman and General Atomics, with ongoing qualification and production orders.