Norsk Titanium Operational Update - Third Quarter 2026
Oslo, 5 November 2026: 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 of 2026.
Key events and highlights: - Revenue and other income totalled USD 2.1 million in the third quarter, compared with USD 0.7 million in the same period last year. Revenue and other income for the first nine months was USD 5.0 million, compared with USD 2.8 million during the same period last year. - Average monthly cash burn of USD 2.2 million in the third quarter, down from USD 2.4 million in the same period in 2025, with a cash balance of USD 27.2 million at 30 September. - Increased serial production deliveries to Airbus and Hittech. - Started deliveries under previously announced USD 4.2 million development contract for submarine applications. - Received a purchase order from Rolls-Royce for a titanium component being explored for use across current civil aerospace engine programs. - Installed first RPD® machine at Airbus in Varel, Germany, under a Cooperation and Research Agreement to industrialize RPD® within the Airbus production environment. - In the process of receiving a qualification order from a U.S. defense prime contractor, the first step toward supplying parts on a high-rate missile defense program, with potential for significant sales revenue in 2027 and further growth in 2028. - Norsk Titanium expects continued revenue growth in the fourth quarter. Full-year revenue and other income is expected to reach approximately USD 8 million, around a doubling of 2025 levels, and establishing a strong base for 2027.
"The third quarter showed real momentum, with serial production deliveries and customer funded development both increasing. We are making clear progress on our key milestones, with the first RPD® machine installed at Airbus and a landmark qualification order from a U.S. defense prime for a program with high production rates now being finalized. In addition, our first order for a development component from Rolls-Royce is an important first step into aerospace engines, a market where we see a large opportunity for RPD®. Together, these developments reflect our continued transition from an engineering organization to a commercially driven manufacturing business," says Fabrizio Ponte, CEO of Norsk Titanium.
Core OEM programs in Defense, Aerostructures, and Engines In Defense, Norsk Titanium is finalizing a qualification order from a U.S. defense prime contractor for structural titanium components on a missile defense program. The order is expected shortly and includes both the production of qualification parts and engineering activities to prepare Norsk Titanium's facility for high-rate production. The program itself operates at high production rates, and successful qualification is expected to lead to a production order, with potential for significant sales revenue from as early as 2027 and further growth in 2028.
During the quarter, the Company also commenced work under the USD 4.2 million, 18-month development contract previously awarded under the Defense Industrial Base Expansion, Development and Growth Enterprise (DIB-EDGE) initiative. The contract funds development and qualification activities to support U.S. maritime and submarine industrial capacity.
In addition, Norsk Titanium has been selected for its first America Makes project, JAQS-SQ (Joint Additive Qualification for Sustainment - Supplier Qualification). Upon completion, the project is expected to qualify the Company as a supplier of titanium alloy products across U.S. Department of Defense services. Norsk Titanium is also a member of the Edison Welding Institute (EWI) team awarded the America Makes INSITE (Integrated System for In-situ Testing & Evaluation) project, which aims to reduce inspection costs and accelerate the manufacture of critical defense additive components. Drawing on its depth of experience, Norsk Titanium is leading the nondestructive testing of titanium parts within the project.
These developments build on earlier progress across several defense programs in 2026, including successful parts qualification and transition to serial production with General Atomics Aeronautical Systems, Inc. (GA-ASI) in the first quarter, and Norsk Titanium's first recurring production contract with Northrop Grumman in the second quarter.
Aerostructures remains Norsk Titanium's largest long-term market opportunity, with Airbus as the leading strategic customer. Serial deliveries to Airbus increased during the quarter, and the Company also continued part deliveries to Boeing, Leonardo and other Tier 1 suppliers. Development work continued with Safran Landing Systems on landing gear applications.
Norsk Titanium progressed discussions with Airbus toward a third production order under the 2024 Master Supply Agreement, working closely with Procurement, Manufacturing and Program on the technical and commercial case for RPD® adoption.
In Engines, Norsk Titanium was approved as a supplier of parts for Rolls-Royce development activities and received a purchase order from Rolls-Royce for a titanium component being explored for use across current civil aerospace engine programmes. The order marks an important milestone in Norsk Titanium's engagement with Rolls-Royce, demonstrating the potential application of RPD® technology within an aerospace engine environment. The companies will use the experience gained through this project to assess potential future applications for RPD® technology.
Engines are a priority growth platform for Norsk Titanium, with RPD® manufacturing of large titanium structural components offering opportunities to reduce material waste and lead-times compared with traditional metal forging. Current work is focused on technical validation and establishing a qualified route toward production.
Short-cycle opportunities Norsk Titanium continued deliveries of titanium carrier trays to Hittech during the quarter, under a previously disclosed purchase order of approximately USD 1.5 million covering deliveries through the first quarter of 2027. Hittech has now indicated that 2027 revenue for Norsk Titanium is likely to exceed the previously communicated forecast of USD 2.8 million, with forecast volumes expected to convert into firm purchase orders on a rolling quarterly basis. The collaboration supports growing demand for semiconductor manufacturing equipment used in advanced lithography and AI applications, as accelerating AI investment drives capacity expansion across the semiconductor industry.
Separately, the Company has delivered the first production parts for a U.S. Department of Energy prime contractor and expects to complete delivery of the remaining production order in the fourth quarter. The Company is focusing on opportunities in energy and other industrial markets, leveraging its established RPD® technology and production platform to accelerate commercialization. These markets typically offer a shorter path to revenue, with qualification and commercial conversion cycles of three to twelve months, compared with multi-year qualification programs in aerospace and defense.
RPD® Ecosystem Norsk Titanium's first Merke IV® RPD® machine is now installed at Airbus in Varel, Germany, following completion of Site Acceptance Testing in September. The installation forms part of the Cooperation and Research Agreement signed in June, which covers industrial process validation. Together, the agreement and the installed machine establish the framework for qualifying RPD® for structural titanium parts and expanding the adoption of additive manufacturing across Airbus aircraft programs.
Under the RPD® Ecosystem model, the customer operates the machine within their own manufacturing facilities, while Norsk Titanium retains control of the core process technology, software and qualification framework. The Airbus collaboration also supports the transition from part-specific qualification toward broader process-level qualification, with the aim of reducing the work required to introduce additional parts over time.
Building on the first Airbus deployment, Norsk Titanium is developing a scalable commercial model for future placements, potentially including machine sales or leasing, technology licensing and supporting services. The Company sees significant opportunities to expand the RPD® Ecosystem with selected OEMs and industrial customers, enabling broader adoption of RPD® and new sources of recurring revenue.
Financial Review and Outlook Revenue and other income totaled USD 2.1 million in the third quarter of 2026, compared with USD 0.7 million in the same period of 2025. Revenue from part sales and development programs was USD 1.8 million, compared with USD 0.6 million.
Serial production revenue was USD 0.6 million, including increased deliveries to Airbus and Hittech, together with deliveries to Boeing and Leonardo. Development revenue and services was USD 1.2 million, largely driven by the start of work under the DIB-EDGE contract for submarine applications, alongside ongoing development programs with Bechtel, Airbus machine placement, and with other major OEMs. Other income was USD 0.3 million, including a grant awarded from the Norwegian Space Agency.
For the first nine months of 2026, revenue and other income was USD 5.0 million, compared with USD 2.8 million in the same period of 2025.
Average monthly cash burn in Q3 2026 was USD 2.2 million, down from USD 2.4 million in Q3 2025, and slightly above the USD 2.1 million average in the first half of 2026. Cash burn may vary between quarters with the timing of material procurement and investments in new product introductions to support upcoming customer programs.
The private placement in June and July and the subsequent offering raised gross proceeds of NOK 272 million (approximately USD 27.5 million), of which USD 14.3 million was received in Q3 2026. The Company ended September with a cash balance of USD 27.2 million, compared with USD 19.6 million at the end of June.
Norsk Titanium expects continued revenue growth in the fourth quarter, driven by higher production volumes and funded development activities. Full-year revenue and other income is expected to reach approximately USD 8 million, doubling 2025 revenues. The expected fourth-quarter performance reflects continued commercial progress and provides a stronger foundation for revenue growth in 2027 and beyond.
Overall market demand continues to strengthen across the Company's key markets. Aerospace and defense manufacturers are accelerating efforts to expand production capacity, reduce lead times and strengthen critical supply chains, while rising AI investment is driving demand for advanced semiconductor manufacturing equipment. With RPD® already demonstrated in qualified serial production applications and significant available production capacity, Norsk Titanium is well positioned to meet this demand across defense, aerostructures, engines, and new industrial and energy applications.
Norsk Titanium remains focused on converting qualified programs into recurring production revenue and improving unit economics as volumes grow. These priorities underpin the longer-term roadmap and ambitions, targeting breakeven in 2028 and approximately 30% EBITDA margin at around 50% utilization of installed capacity by 2030.
Invitation to presentation and Q&A session Management will host a webcast presentation and Q&A session today at 13.00 CET (07.00 EST). Please use the following link to access the session:
Teams link: https://teams.microsoft.com/meet/3534585355938365?p=6FIEOKB0BdMDgoSfWg
Meeting ID: 353 458 535 593 836 5 Passcode: 7og6zW2Y
The webcast will be recorded and made available after the event on the Company's IR website.
The operational update and presentation will be made available at NewsWeb and the Company's IR-web: https://www.norsktitanium.com/investors
For more information, please contact: 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 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Anne Lene Gullen Bråten, Vice President Finance of Norsk Titanium, at the time and date stated above in this announcement.
About Norsk Titanium: 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 installed production capacity to generate annual revenues of approximately USD 300 million, 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 prime defense contractors and industrial customers. For the latest news, go to www.norsktitanium.com or follow us on LinkedIn.
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.