Norsk Titanium: First Half 2021 - Operational Progress and Strengthened Financial Position

August 31, 2021: Norsk Titanium AS, a global leader in metal 3D printing, today releases its interim report for the first half of 2021, showing continued operational progress and a strengthened financial position. The company has 25 active customer engagements and partnerships within aerospace, defense, and industrial applications. Success in qualifying serially produced parts for commercial aerospace structures represents the ultimate proof-of-concept for Norsk Titanium’s proprietary Rapid Plasma Deposition (RPDTM) technology and is now setting the standard for metal 3D printing. This opens the door to other markets with large long-term potential for value creation.

Operational Highlights

  • Continued perfect quality and on-time deliveries to tier-one Boeing suppliers
  • Testing to extend the number of RPDTM produced parts applicable for Boeing
  • Machine qualifications supporting initial parts in production for Airbus mid-2022
  • Ongoing testing with prime US Department of Defense contractor
  • New contract for full material qualification with US Department of Defense prime contractor
  • Demonstration and qualification order from semiconductor manufacturer Hittech
  • 22 new patents granted first half of 2021, now holding 127 global patents with 56 applications pending

Financial highlights

  • Listed on Euronext Growth after successful USD 38 million capital raise
  • Completed debt-for-equity swap for all outstanding shareholder loans (USD 97.6 million) and raised further USD 6.8 million through a repair issue
  • Received 30% of a NOK 35 million grant from Innovation Norway
  • Revenue of USD 0.3 million from delivery of 366 serially produced parts and USD 0.3 million from customer funded development programs
  • Ending cash balance of USD 35 million as of June 30 “We see a growing use of titanium across industries, and we are in a position to rapidly scale along increased demand for consistent forged quality material” Says Michael Canario, CEO of Norsk Titanium. “Our efforts to finalize ongoing customer qualification programs are high on our agenda, as we work to position ourselves as the preferred supplier of serially produced parts for aerospace and other selected markets. The funding enabled through the Euronext Growth listing will support our ongoing development with our customers and the transition of our technology into new markets.”

CEO Michael Canario and VP Finance Ashar Ashary will present the company’s results at 08:30 CEST. Please use the following link to access the presentation:

For further information, please contact:

Ashar Ashary

VP Finance

+1 (518) 556-8966

About Norsk Titanium AS

Norsk Titanium AS is the world’s pioneering supplier of aerospace-grade, additive manufactured, structural titanium components. The company is distinguished in the aviation industry by its patented Rapid Plasma Deposition™ (RPD™ ) process that transforms titanium wire into complex components suitable for structural and safety-critical applications. Norsk Titanium is a tier 1 supplier to Boeing and is committed to cost-reducing aerostructures and jet engines for the world’s premier aerospace manufacturers. RPD™ is the world’s first FAA-approved, 3D-printed, structural titanium, delivering substantial lead-time and cost savings for aerospace, defense, and commercial customers.