Norsk Titanium (OTCQX:NORSF) said it remains on track to meet its 2025 production and recurring revenue goals, despite hitting a few snags during the first quarter.
The Oslo-based company reiterated its year-end targets of 120 parts in serial production and annual recurring revenue (ARR) of $70 to $90 million.
During the first quarter of 2025, the additive manufacturing firm reported Q1 revenue of $0.6 million, up from $0.4 million a year earlier.
CEO Carl Johnson said customer engagement remains strong across commercial aerospace and defense, with momentum expected to build in the second half of the year. Norsk has transitioned 54 parts into serial production to date, with an estimated ARR of $12.2 million.
The company continues discussions with Airbus Aerostructures over a third production order for A350 components under a Master Supply Agreement. While a decision on that order is now expected in the second half of 2025, Norsk anticipates it will significantly boost ARR through 2026.
Longer term, the company is banking on broader aerospace adoption of its Rapid Plasma Deposition (RPD) technology. Airbus reaffirmed plans to deploy titanium wire additive manufacturing across all aircraft programs by 2026, following successful integration of Norsk’s components.
Norsk is also pursuing growth with Boeing and Safran, though efforts have been slowed by procurement delays and restructuring. In the industrial segment, semiconductor market weakness has paused orders, with deliveries expected to resume in late 2025.
The company ended the quarter with $15.8 million in cash and is negotiating up to $15 million in new credit facilities. While recent delays add timing risks to its $150 million revenue target for 2026, Norsk said it remains confident in its long-term growth outlook.