Norsk Titanium (OTCQX:NORSF), a global leader in 3D printing through its Rapid Plasma Deposition (RPD) technology, said it continues to achieve operational development with significant progress in three core segments: commercial aerospace, defense, and industrial, in the first half of 2022.
The company said development part deliveries and testing with its main customers were on schedule, and that it was confident this would enable a transition to serial production in 2023, which in turn would open the door to other markets with large, long-term potential for value creation.
Highlights from the first half of 2022 included the development of initial Airbus A350 parts in preparation for an industrial manufacturing trial starting in 3Q, 2022, and the completion of full-scale testing with General Atomics and another US Department of Defense prime contractor.
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Norsk CEO Michael Canario said the company continued to build on its strong technical foundation for further growth and expansion using its RPD technology.
“We are in the early stages of commercialization, and our key focus for 2022 is to engage target markets in material qualification and part-specific development programs to drive serial production,” he said.
“Development part deliveries and testing is showing significant progress, and we are confident in transitioning to serial production in 2023.”
Norsk finished the first half of 2022 with a cash balance of US$12.13 million, which the company said is expected to fund its operations until the end of 2022, with a plan to raise more capital before year end to fund its future growth ambitions.
The company reported revenue of US$0.05 million in the first half of the year from the sale of printed parts and US$0.87 million in other income, specifically grants from the Norwegian government through Innovation Norway.
Norsk also reduced its average monthly cash burn during the first half of the year to US$1.56 million, US$0.17 million lower than the first half of 2021.
Norsk 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.
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