Norsk Titanium (OTCQX:NORSF) strengthened its financial position in 2024, more than doubling its full-year sales year-over-year.
The company, a global leader in metal 3D printing, reported preliminary full-year sales of US$4.8 million, up 118% from 2023.
Delays at Norsk’s downstream supply partners negatively impacted revenue by US$0.9 million, resulting in full-year sales falling short of guidance of US$6 million.
Fourth quarter revenue grew to US$2.3 million from US$0.9 in the third quarter.
During the fourth quarter, the company said it focused on customer deliveries and expanding parts in serial production.
Norsk exited Q4 with 54 parts in serial production, with an expected annual recurring revenue (ARR) of US$12.2 million.
The company expects parts in serial production to exceed 120 and an estimated ARR of US$70 million to $90 million by the end of 2025.
It reiterated its goal of achieving US$150 million in revenue in 2026 and an EBITDA margin of 30%.
“The fourth quarter brought both challenges and opportunities as we continued to scale operations and reinforced Norsk Titanium’s position as a critical partner in the aerospace, defense, and industrial markets,” Norsk Titanium CEO Carl Johnson said in a statement.
“While we maintained on-time deliveries to our customer schedules, we identified bottlenecks in our downstream supply chain which meant we did not meet our internal schedule.”
Johnson added that the company is well-positioned for “significant” growth in 2025.
“We have strengthened our financial position in 2024 and expect an increase in parts transitioning from our main aerospace customers, while expanding pipeline in other sectors,” the CEO said.
“Although customers were slower to issue purchase orders for additional serial production parts developed during 2024, we expect those orders in 2025 and remain confident we will achieve our ambitious growth targets.”