Norsk Titanium (OTCQX:NORSF) has released its financial results for the first half of the year, a period where the leader in additive manufacturing saw significant commercial momentum and market adoption of its proprietary Rapid Plasma Deposition technology.
Revenue for the first half was $1.3 million compared to $0.9 million for the same period in 2023.
Notably, revenue from parts in serial production surged to $0.9 million from $0.2 million.
Monthly cash burn was $2.3 billion compared to $1.9 billion for the full year 2023 which Norsk attributed to higher commercial activity, procurement of raw materials for ongoing production orders, and pre-production activities in anticipation of final customer orders.
Operational highlights included Norsk signing a strategic Master Supply Agreement with Airbus, securing a defense contract with the U.S. Department of Defense, and receiving a full-rate production order from Hittech for semiconductor equipment.
It expanded its parts in serial production to 26 and achieved an annual recurring revenue (ARR) of $7.4 million by June 30. As of the time of writing, the company had 28 parts in serial production generating $11 million in ARR.
Norsk reiterated its target of transitioning 60 parts into serial production by the year-end.
CEO Carl Johnson also expressed confidence in increasing recurring revenue in the coming quarters, driving the company toward its 2026 revenue goal of $150 million.
“As we begin to penetrate our large target markets, our focus on efficiently transitioning parts from development to serial production is vital for generating revenue growth, meeting long-term market demands, and delivering on our company objectives,” Johnson said.
He added that Norsk is at a “critical inflection point” where scaling up production will take months instead of years.
“After a decade of rigorous qualification with some of the world's most demanding customers and markets, we’ve established a significant competitive advantage that others will find difficult to replicate,” Johnson said.