Norsk Titanium (OTCQX:NORSF) AS reported significant progress has been made towards its 2022 milestones as the group continues to drive towards its revenue target of $15 million in 2023 and $150 million in 2026.
In a third quarter update the company said it had maintained 100% on-time deliveries to tier-one Boeing supply chain customers on the Boeing 787 program, while focusing on qualification and testing programs for additional Commercial Aerospace, Defense and Industrial customers.
It said strong progress had been made towards its 2022 milestones, pointing out that since the quarter end, the company has received its first commercial serial production order from an Industrial customer, Hittech, ticking one of the three targeted milestones for this year off the list.
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Revenue from parts was $470,000 in the third quarter, while the average monthly cash burn rate of $1.89 million fell from $2.16 million in the same period last year, the company said.
With a cash balance of $6 million at the end of the quarter the company said it could fund operations to the end of 2022 but it announced it will seek to raise additional capital in the fourth quarter to allow it to continue to evaluate other strategic alternatives.
“We are on track to strengthen our cash position, targeting a capital raise in the fourth quarter backed by our major shareholders” the company said.
Michael Canario, CEO told shareholders: “Our progress in the third quarter gives us a clear line of sight to the transition into serial production with several customers in 2023.”
“In addition to continuing material qualification testing for Airbus, we initiated serial production industrial trials of our first two A350 parts.”
“Successful completion of testing and the industrial manufacturing trial will allow us to work directly with Airbus tier-one suppliers to transition additional parts to our RPD technology,” he added.
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