Norsk Titanium generates revenue of USD $5.3 million in FY 2021

Norsk Titanium AS, a global leader in metal 3D printing through its Rapid Plasma Deposition (RPD) technology and ongoing part sales to the highly regulated Commercial Aerospace industry, has released its second half of 2021 report and presentation noting key successes.

With RPD printed parts in production for the Boeing 787, Norsk Titanium builds on a strong manufacturing foundation as they expand into other industries. During the second half of 2021, Norsk Titanium continued to progress with testing for the defense industry and delivered its first industrial-scale part using its Software Development Kit, RPD Builder.

“Although our largest opportunity continues to be in commercial aerospace structural parts, we capitalized on the slow-down in the commercial aerospace market to expand our reach to the defense sector and other industries, which has allowed us to further develop our product design capabilities. In the second half of 2021, we achieved a major milestone by delivering the first part designed with our RPD Builder Software Development Kit,” said Michael J. Canario, CEO of Norsk Titanium. “We closed 2021 actively working with global, tier-one customers across a variety of industries and part complexities, all in different stages of RPD technology adoption. I am excited to see this expansion of our capabilities into new markets as we continue our progress in commercial aerospace and look forward to building on these efforts in 2022 and beyond.”

Among the key 2021 second half highlights, the company maintained 100% delivery to all customers
and expanded product reaches beyond commercial aerospace, developed and delivered the first industrial-scale part using RPD Builder to industrial partner Hittech and delivered test material to two major U.S. Department of Defense (DoD) prime contractors, supporting their material specification development. Norsk Titanium also completed full-scale article testing with one U.S. DoD prime contractor (and received a contract for follow-on development), delivered a 700mm part to an Airbus tier-one supplier for machining trials and
commenced printing of Airbus qualification parts for delivery in 2022.

In the second half of 2021, Norsk Titanium generated revenue of USD $1.0 million from the sale of printed parts and $USD 1.4 million in other income, namely grants from the Norwegian government through Innovation Norway and Skattefunn. Total revenue and other income for the full year 2021 was USD $5.3 million. The average monthly cash burn during the second half 2021 was slightly higher than in the first half of 2021 at USD $1.9 million. Norsk Titanium ended the period with a cash balance of USD $22.9 million.