Norsk Titanium Third Quarter Operational Update

Oslo, 6 November 2025: 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® (RPD®) technology, today provides an operational update for the third quarter and first nine months 2025.

Key events included:

• Fabrizio Ponte appointed new CEO to lead next growth phase for Norsk Titanium
• Raised gross USD 22 million in new equity to extend financial runway
• Revenue of USD 0.6 million in Q3, bringing revenue for the first 9 months to USD 2.6million
• Reduced monthly cash burn to USD 2.4 million from USD 2.9 million in 1H’25
• 56 parts currently in serial production, added two new industrial parts in July of 2025
• Advancing discussions with Airbus Aerostructures regarding scope and timing of the third production order
• Chosen by the Innovation Capability and Modernization (ICAM) Office under the U.S. Department of Defense to participate in a major funded development contract for components used on vehicles for land, sea and space applications
• Actively pursuing high-potential industrial market opportunities, primarily in energy infrastructure

Leadership Transition to Accelerate Growth, Scalability, and Execution

With the appointment of Fabrizio Ponte as Chief Executive Officer, Norsk Titanium enters the next stage of its growth journey — sharpening its focus on delivering on the existing customer program pipeline, winning new customers across a diversified range of industries, scaling operations, and ensuring disciplined execution on the path to profitability.

Mr. Ponte brings nearly three decades of global leadership experience from Syensqo (formerly Solvay), where he successfully scaled advanced materials businesses, defined and executed robust market penetration strategies, and managed large, complex organizations serving aerospace, defense, energy, automotive, and semiconductor markets — the very same industries Norsk Titanium targets today.

“Fabrizio Ponte’s deep expertise in technology-driven industrial markets, combined with a proven ability to build trusted customer partnerships and drive profitable growth, will be instrumental as Norsk Titanium executes strategies to accelerate customer adoption on its path toward sustainable profitability”, says John Andersen, Jr., Chair of Norsk Titanium AS.

Having assumed the position as CEO in early October, Mr. Ponte, together with the leadership team, is reviewing the key levers to execute on the company’s strategic roadmap, with a particular focus on securing the customer pipeline, scaling operational capabilities and efficiently deploying resources over the coming years.

Operational Review

In the third quarter, Norsk Titanium continued recurring deliveries of qualified parts in serial production to Boeing and Airbus, and their respective supply chain partners, as well as deliveries to key contractors to the U.S. Department of Defense (U.S. DoD). The company also advanced two new development contracts with major U.S. DoD contractors. In the industrial segment, two new parts transitioned into serial production during the quarter for use in energy and infrastructure applications, demonstrating the adaptability of RPD® technology beyond aerospace.

Commercial discussions with Airbus Aerostructures regarding the third production order continued during the quarter, allowing Norsk Titanium to deepen its engagement with Airbus and expand the scope of discussions beyond the third production order. The company’s proprietary Directed Energy Deposition (DED) technology, RPD®, supports Airbus’s ambitious plans to expand the use of additive manufacturing for structural titanium components across all its aircraft programs. In September, Norsk Titanium convened a collaborative session at its Plattsburgh facility focused on expanding the application of DED technology in aircraft manufacturing, with delegates from Airbus and the regulatory authorities in Europe and the U.S.

Following the expansion of the sales organization initiated in the first quarter, the company conducted a comprehensive opportunity mapping exercise and launched a targeted go-to-market strategy in defense and energy markets, which represent a serviceable obtainable market of USD 3.0 billion and USD 0.9 billion, respectively. These efforts are already gaining strong traction in the defense sector, with growing interest from several major players in the energy sector.

As a direct result of its focused defense market strategy, the company is in advanced negotiations with the ICAM office on a funded qualification program aimed at expanding the application of RPD® technology across multiple domains within the defense sector, including naval, aerospace, terrestrial, and space platforms. ICAM, which oversees efforts to strengthen the U.S. industrial base, focuses on building key domestic supply chain capabilities and reducing reliance on global sources for critical defense needs. This positions RPD® as a strategic enabler for the U.S. DoD to increase production rates and reduce lead times across essential manufacturing programs. The initiative is expected to run over an 18-month period, with scope, timing, and contracting details expected to be finalized following the resolution of the U.S. government shutdown.

Norsk Titanium implemented several operational improvements in the third quarter that will boost production efficiency, expand capacity, and reduce costs while preserving financial flexibility as the company scales. Key initiatives included transitioning from one to two machines per operator by implementing control systems based on proprietary software and qualifying new downstream suppliers to mitigate potential bottlenecks. These measures are designed to strengthen the organization’s readiness for higher production volumes.

Financial Review and Outlook

Revenue for the first nine months of 2025 was USD 2.61 million, of which USD 0.63 million was generated in the third quarter. Average monthly cash burn was lowered to around USD 2.4 million in the third quarter, down from around USD 2.9 million in the first half 2025. Having made certain investments to build operational capacity during the first half of 2025, the company is now better positioned to align the cost development with the revenue trajectory going forward.

To strengthen its financial position and extend the cash runway, in August Norsk Titanium raised approximately USD 18 million in gross proceeds in a private placement fully underwritten by its three largest shareholders. The transaction was followed by a repair offering in September, in which the company raised approximately USD 4 million in additional equity. At the end of September, the company held a cash balance of USD 22.6 million, excluding the net proceeds from the repair offering.

The modest revenues during Q3 underscore the challenges of penetrating highly regulated sectors like aerospace and defense, where achieving commercial scale can be a prolonged process, even with qualified technology. These challenges, however, are not unique to Norsk Titanium, and the company believes that its material qualifications and the forthcoming inclusion of its material properties in the Metallic Materials Properties Development and Standardization (MMPDS) ensures that it remains well ahead of its competitors, providing a sustainable, long-term competitive advantage.

To complement its aerospace efforts and accelerate near-term growth, the company has launched a revenue diversification strategy focused on sectors with faster development cycles and lower regulatory hurdles. This includes expanding into industrial automation, energy systems, and advanced manufacturing—markets that offer quicker sales conversion and more transactional revenue opportunities. The focus is on accelerating the path to profitability through targeted expansion into faster-moving, less regulated markets.

The company is actively working both to leverage existing customer relationships and to broaden the customer base in current and new markets. Deliveries to its main customer Hittech in the semiconductor market are set to resume in the fourth quarter of 2025, although at a lower production rate than in 2024. The delayed scaling of new components for the aerospace industry means that revenues are expected to remain modest in the fourth quarter as well. However, Norsk Titanium will enter 2026 with a strengthened organization, improved financial flexibility, more efficient production and value chains, and a clear plan for disciplined execution and long-term profitable growth.

For more information, please contact:

John Andersen Jr., Chair of the Board of Norsk Titanium AS
Email: john.andersen@scatec.no
Tel: +47 901 74 080

Fabrizio Ponte, CEO Norsk Titanium AS
Email: Fabrizio.ponte@norsktitanium.com
Tel: +1 404 426 2270

Ashar A Ashary, CFO Norsk Titanium AS
Email: ashar.ashary@norsktitanium.com
Tel: +1 518 556 8966

Important notice:

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock exchange announcement was published by Anne Lene Gullen Bråten, VP Finance of Norsk Titanium AS, at the time and date stated above in this announcement.

Forward Looking Statements:

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice, and the company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.