Norsk Titanium: First half 2022 – On track for achieving key milestones
31 August 2022: Norsk Titanium AS, a global leader in metal 3D printing through its RPD® technology and ongoing part sales to the highly regulated Commercial Aerospace industry, today releases its interim report for the first half of 2022 showing continued operational development with significant progress in three core segments: commercial aerospace, defense and industrial, through its engagements with Airbus, US Department of Defense (DoD) prime contractors, and industrial customer Hittech. Development part deliveries and testing with main customers are on schedule and Norsk Titanium is confident these efforts will come to a successful conclusion, enabling a transition to serial production in 2023. This opens the door to other markets with large long-term potential for value creation.
- Printed materials for Airbus machine qualification, to be tested in 3Q 2022 with completion expected in 4Q 2022
- Developed initial Airbus A350 parts in preparation for industrial manufacturing trial starting in 3Q 2022
- Completed full-scale testing with General Atomics and another US DoD prime contractor
- Supported US DoD prime contractor in ongoing qualification tests of RPD® material
- Received contract for development of a large structural component from US DoD prime contractor for use in specification development
- Completed registration with the US Directorate of Defense Trade Controls
- On track for final part development for Hittech in 3Q 2022 and initiation of serial production in 4Q 2022
“The company continues to build upon our strong technological foundation for further growth and expansion using our RPD™ technology. We are in the early stages of commercialization, and our key focus for 2022 is to engage target markets in material qualification and part-specific development programs to drive serial production. Development part deliveries and testing is showing significant progress, and we are confident in transitioning to serial production in 2023.” says Michael Canario, CEO of Norsk Titanium.
In the first half of 2022, Norsk Titanium generated revenue of USD 0.05 million from sale of printed parts and USD 0.87 million in other income, namely grants from the Norwegian government through Innovation Norway. Our average monthly cash burn during the first half 2022 was USD 1.56 million, approximately USD 0.17 million lower than the first half of 2021. With an ending cash balance of USD 12.13 million, we expect to fund operations to the end of 2022 and raise capital before year end to fund our future growth ambitions.
CEO Michael Canario and VP Finance Ashar Ashary will present the Norsk Titanium’s results at 08:00 CET, followed by a Q&A.
Please use the following link to access the presentation: https://streams.eventcdn.net/n...
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