Back to Media Back to all Press Releases

Norsk Titanium – Operational and Financial Update

Oslo, Norway, 4 December 2023: Norsk Titanium AS (Euronext: NTI, OTCQX: NORSF), a global leader in additive manufacturing for aerospace-grade structural titanium components using its patented Rapid Plasma Deposition® technology, last week reached a milestone with the delivery of its 1,500th part to the Boeing supply chain and other industrial customers.

“Norsk Titanium has now delivered more than 1,500 3D-printed structural titanium parts to major commercial aircraft programs and in-service industrial applications”, says President and CEO Carl Johnson of Norsk Titanium. “We currently deliver eight different parts to customers in the commercial aerospace and industrial markets, and we continue to see an increase in the number of parts that these customers are identifying for transition to RPD®,” adds Johnson.

Norsk Titanium is looking forward to reaching several commercial milestones over the coming months, alongside with the announced strengthening of the financial position through a partially underwritten rights issue of up to NOK 225 million (equivalent of approx. USD 21) million to be completed in February 2024.

“We are now closing in on qualification approvals in commercial aerospace and expect this to lead to a significant number of parts being transitioned into revenue generating serial production over the coming months. This will rapidly expand our penetration into the commercial aerospace market,” says Johnson.

“We have also received a follow-on serial production order from Hittech, a Dutch industrial supplier to the semiconductor industry, and continue to make good progress on aerospace programs with large US Department of Defense prime contractors with deliveries targeted for 2024,” adds Johnson.

Based on current annual revenues and the growing number of parts in transition into serial production, the company is forecasting 2024 revenues of USD 15-20 million. By the end of 2024, transitioned parts is expected to secure an annual recurring revenue of approximately USD 50 million. The outlined growth trajectory should enable the company to reach cash-flow break-even towards the end of 2025, on its way towards the established ambition to reach USD 150 million in revenue with an EBITDA-margin of around 30% in 2026.

Underwriters and subscribers in the underwritten rights issue will also receive warrants exercisable during 2024. Provided that the underwritten rights issue is subscribed in full, and the warrants are executed at the maximum subscription price, the company may in total receive proceeds of up to NOK 370 million (equivalent to approx. USD 35 million). Combined with working capital financing, this would be expected to cover the funding required to reach cash flow break-even.


For more information, please contact:

John Andersen, Chairman of Norsk Titanium AS

Email: John.Andersen@scatec.no

Tel: +47 90 17 40 80


Carl Johnson, President & CEO Norsk Titanium AS

Email: Carl.Johnson@norsktitanium.com

Tel: +1 518 324 4010


Ashar A Ashary, CFO Norsk Titanium AS

Email: Ashar.Ashary@norsktitanium.com

Tel: +1 518 556 8966

About Norsk Titanium AS

Norsk Titanium is a global leader in metal 3D printing, innovating the future of metal manufacturing by enabling a paradigm shift to a clean and sustainable manufacturing process. With its proprietary Rapid Plasma Deposition® (RPD®) technology and 700 MT of production capacity, Norsk Titanium offers cost-efficient 3D printing of value-added metal parts to a large addressable market. RPD® technology uses significantly less raw material, energy, and time than traditional energy-intensive forming methods, presenting customers with an opportunity to better manage input costs, logistics, and environmental impact. RPD® printed parts are already flying on commercial aircraft, and Norsk Titanium has gained significant traction with large defense and industrial customers

Newer Older