Norsk Titanium AS provided operational & financial update after the signing of a landmark sales agreement with Airbus Aerostructures. Norsk Titanium now has 21 parts in serial production with multiple customers, increasing annual recurring revenue to approximately USD 6 million. At the end of 2023 the company had 11 parts in serial production, representing an annual recurring revenue of approximately USD 4 million per year.

By the end of the first half of 2024, the number of parts in serial production is expected to increase to approximately 30, representing an annual recurring revenueof approximately USD 10 million at full rate. At the end of 2024, more than 60 parts are expected to be in serial production, securing an annual recurring revenue of approximately USD 50 million. The expected growth in annual recurring revenue offers increasing visibility toward the longer-term revenue target of USD 150 million by 2026.

The company is currently printing and delivering parts to four large tier-1 suppliers (Leonardo, Spirit Aerosystems, Airbus Aerostructures, and GKN Aerospace) who manufacture assemblies for major commercial aerospace OEMs. Average part mass for delivery to commercial aerospace customers continues to increase with new part transitions, doubling to 17 kg in the first half of 2024. Delivery to industrial customers is also growing consistently with the delivery of approximately 15 units per month by the end of the first quarter. The company targets revenue of USD 15 million in 2024.

Delays experienced early in the year in contract negotiations and product development timelines have impacted initial delivery schedules, but the company remains engaged on a growing pipeline of customer-funded development activities. Norsk Titanium is still in the early stages of commercialization of its leading RPD®? metal 3D printing technology.

Reported revenue for the full year 2023 was USD 2.5 million, with an EBITDA-loss of USD 23.3 million and a loss before tax of USD 26.7 million for 2023. With commercial progress already achieved so far this year the company expects to be reaching a commercial inflection point in 2024. The company's annual report for 2023 will be published on 24 April.

In February 2024, Norsk Titanium completed a rights issue which provided the company with approximately USD 18 million in gross proceeds. Shareholders subscribing for shares in the rights issue were also granted warrants to be exercised between 10 - 21 June and 18 - 29 November. Subject to all relevant warrants being exercised at the maximum subscription price, the company may receive additional proceeds of approximately USD 17 million.