Norsk Titanium: Second half 2022 – Advancing to Serial Production
9 March 2023: Norsk Titanium AS, a global leader in metal 3D printing through its RPD® technology and ongoing part sales to the highly regulated commercial aerospace and semiconductor industries, today releases its interim report for the second half and full year 2022.
The company shows continued operational development with significant progress in three core segments: commercial aerospace, defense and industrial, through its engagements with commercial OEMs, US Department of Defense (DoD) prime contractors, and industrial customers in the semiconductor industry. The company received its first serial production order from Hittech for carrier trays to be delivered to semiconductor manufacturing equipment supplier ASML. Development part deliveries and testing with aerospace 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.
- Machine qualification testing completed and the results submitted to commercial OEM
- Transitioned into industrial manufacturing trials at our Plattsburgh facility to demonstrate serial production capabilities
- Continuing to evaluate several commercial aerosapce components for transition to production with multiple tier-one suppliers
- Continued development of a large structural part for General Atomics for delivery in late first half 2023
- Added to an undisclosed US DoD prime contractor’s approved supplier list, material specification in-place; receipt of initial production order expected in first half 2023
- Demonstrator part approved and serial production awarded for ASML carrier trays in Q4’22, production of the first 15 articles underway
- Delivered proof of concept articles to Kongsberg Defense & Aerospace to demonstrate RPD®’s applicability to part repair, a multi-billion dollar industry
“The company continues to strengthen its relationships with major customers in our target markets. We have completed key qualification testing programs and are confident that we will transition to serial production with these customers in 2023. At the same time, we are exploring exciting new markets such as part repair. We believe that the inherent cost benefits and efficiencies of RPD® will continue to resonate with customers in multiple markets, leading to broader adoption and generating long term recurring revenue on established programs.” says Michael Canario, CEO of Norsk Titanium.
In the second half of 2022, Norsk Titanium generated revenue of USD 2.3 million, comprised of USD 1.0 million from sale of printed parts and USD 1.3 million in other income, namely grants from the Norwegian government through Innovation Norway and Skattefunn.
Revenue for the full year 2022 amounted to USD 3.2 million, compared to USD 5.3 million in 2021. The higher total revenues in 2021 was driven by grants recognized under the US Cares Act and Innovation Norway.
Average monthly cash burn during the second half 2022 was USD 1.9 million, approximately USD 0.3 million higher than the first half of the year. The increase in the monthly cash burn rate was expected as the company ramped-up activities in second half 2022 for serial production in 2023.
The company has retained Carnegie AS and Skandinaviska Enskilda Banken AB (publ) as financial advisors with the intent to raise additional funding. Long-term investors Scatec Innovation and Rose Park Advisors have indicated their intent to support the upcoming funding round.
CEO Michael Canario and CFO Ashar Ashary will present the Norsk Titanium’s results at 08:00 CET today, followed by a Q&A.
The report and presentation be made available at: https://www.norsktitanium.com/investors
For further information, please contact:
+1 (518) 556-8966