Norsk Titanium AS

In first half 2026, revenue and other income increased to $2.9 million, about 38% growth versus the same period in 2025. Serial production revenue was about $1.1 million, up about 29%, and development revenue was $1.7 million, up about 50%. Operating expenses declined to $15 million from $17.2 million, EBITDA loss improved to $12.1 million, and comprehensive loss was $12.2 million versus $14.5 million in 2025. Cash used in operations was $11.8 million, down from $16.8 million, and the company ended the period with $19.6 million in cash after realizing $13.2 million from the first tranche of a $27.3 million private placement. Management said that if the full placement had been completed by June 30, pro forma cash would have been about $35 million. Looking ahead, the company reiterated a goal of breakeven by 2028 at 25% capacity utilization and targeting about 30% EBITDA margin on sales by 2030; it also said the full business model for the RPD ecosystem should be completed before year-end.

Fabrizio Ponte framed the half as evidence that the strategy review is translating into tangible operational and financial progress. He emphasized stronger customer engagement at Airbus, certification momentum for the lower frame fitting, the first North America machine deployment in Germany, and early traction in defense and industrial markets. His tone was upbeat and confident, but he also stressed execution discipline and the need to keep converting technical progress into larger production awards.

Ashar Ashary focused on improving economics and cash discipline. He said revenue growth was driven by Airbus and Hittech in serial production and by Boeing and Safran in development, while operating expenses fell to $15 million and EBITDA loss improved to $12.1 million. He said cash burn averaged $2.1 million per month, down from $2.9 million a year ago, and noted the company ended with $19.6 million in cash after the $13.2 million private placement tranche, with a pro forma cash balance of about $35 million if the full raise had closed by June 30. On unit economics, he said the company previously talked about moving from about 30% contribution margin toward 50% as production scales.

Analysts pressed on when defense revenues could become meaningful, and Fabrizio said Norsk already has some defense revenue from low-rate production, but larger sales could start in the next 6 to 12 months if the company wins the programs. Asked whether defense contracts are short-term replenishment or multiyear, he said both types are in play. On Airbus, he said the company is seeing heavy engagement across manufacturing, procurement, and program teams, and that Wave 3 discussions are active. On the RPD machine economics, management said Airbus is currently covering deployment costs on its site, and Norsk is still defining the broader business model before year-end. When asked if the company is financed to cash breakeven, Ashar said the balance sheet is strong, but he would not say the company is fully funded to breakeven; additional debt or non-dilutive financing remains under consideration.