Norsk Titanium H1 2025 presentation: Revenue grows 54% amid aerospace delays

Introduction & Market Context

Norsk Titanium AS (OB:NTI) reported a 54% year-over-year revenue increase in its first half 2025 presentation on August 20, 2025, while acknowledging continued delays in aerospace part transitions that have impacted the company’s path to profitability. The titanium additive manufacturing specialist is navigating a complex market environment while diversifying its customer base beyond its core aerospace segment.

The company’s proprietary Rapid Plasma Deposition (RPD®) technology continues to gain traction across multiple sectors, though at a slower pace than initially anticipated. Norsk Titanium’s stock closed at 1.52 NOK on August 19, 2025, down 7.86% for the day, and has traded between 1.14 and 3.14 NOK over the past 52 weeks.

Financial Performance Highlights

Norsk Titanium reported revenue of USD 2.0 million for H1 2025, up from USD 1.3 million in the same period last year, representing 54% growth. Despite this increase, the company’s EBITDA loss widened to USD 15.1 million from USD 12.1 million in H1 2024.

As shown in the following income statement summary, total revenues and other income reached USD 2.1 million, while operating expenses increased to USD 17.2 million:

The company’s cash position declined from USD 22.8 million at the end of 2024 to USD 12.1 million as of June 30, 2025, with a monthly cash burn rate of USD 2.9 million. This cash flow trend is illustrated in the following chart:

Norsk Titanium reported 56 parts in serial production year-to-date, with annual recurring revenue reaching USD 12.8 million, a modest increase from USD 12.2 million at the end of 2024. The company’s status update highlights continued engagement with key aerospace customers despite delays:

Strategic Initiatives and Market Diversification

Facing slower-than-expected adoption in commercial aerospace, Norsk Titanium is implementing a diversification strategy to accelerate growth in industrial and defense sectors. The company has strengthened its commercial organization with a new Chief Commercial Officer and expanded sales team to target these opportunities.

The company’s RPD® technology offers significant advantages over traditional manufacturing methods, including reduced material waste, shorter lead times, lower carbon footprint, and decreased energy consumption:

Norsk Titanium is targeting a substantial market opportunity across multiple sectors. The company estimates its serviceable obtainable market at USD 7 billion within a total addressable market of USD 23 billion:

While commercial aerospace adoption has been slower than planned, the company maintains that the long-term opportunity remains intact. Norsk Titanium continues to be the sole qualified supplier for fatigue-critical additive titanium parts in commercial aerospace, with Airbus advancing RPD® in its global plan to replace forgings:

Revised Revenue Targets and Financing Plans

In response to aerospace and industrial program delays, Norsk Titanium has revised its revenue targets. The company now aims for USD 70 million in revenue by 2026, with projections of approximately USD 100 million in 2027 and USD 150 million in 2028:

To support operations through the extended timeline to profitability, Norsk Titanium has announced plans for a USD 15 million equity raise in Q3 2025. The company’s three largest shareholders have committed to supporting this capital raise. Management now expects to reach cash flow breakeven in early 2027, later than previously anticipated.

The financing plan is designed to provide sufficient capital until the company achieves positive cash flow:

Forward-Looking Statements

Despite near-term challenges, Norsk Titanium remains optimistic about its long-term prospects. The company has established relationships with major aerospace and defense companies, including Boeing (NYSE:BA), Airbus, Raytheon (NYSE:RTN), and Safran (EPA:SAF), providing a foundation for future growth.

The company’s operational improvements, including machine qualification, supplier diversification, and enhanced internal capabilities, are expected to accelerate part transitions and market expansion. With 35 RPD® machines commissioned and USD 300 million in annual revenue capacity, Norsk Titanium believes it has the infrastructure in place to support significant growth once market adoption accelerates.

Management emphasizes that while commercial ramp-up has been slower than expected, the fundamental value proposition of its technology remains strong, with sustainability advantages and cost benefits that continue to attract customer interest across multiple industries.

Full presentation:

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