Norsk Titanium reports H1 growth as Airbus and defence programmes advance
Norsk Titanium, headquartered in Oslo, Norway, has reported revenue and other income of $2.9 million for the first half of 2026, up 38% from $2.1 million in the first half of 2025.
Revenue from part sales and development contracts totalled $2.8 million, with other income of $0.1 million. Serial production revenue increased 29% year-on-year to $1.1 million, driven by higher part deliveries to Airbus and a recovery in semiconductor demand at Hittech. Development revenue increased 50% to $1.7 million, primarily driven by Boeing development programmes, with Safran contributing a further $0.2 million.
Operating expenses were $15.0 million, resulting in an EBITDA loss of $12.1 million, compared with a loss of $15.1 million in the first half of 2025. The net loss for the period was $12.5 million, compared with $40.1 million in the first half of 2025. Norsk Titanium attributed the year-on-year change primarily to lower net financial expenses following the classification of the intercompany loan as part of the net investment in Norsk Titanium US Inc.
Norsk Titanium raised $27.3 million (NOK 260 million) through a two-tranche private placement at NOK 1.00 per share, with support from its largest shareholders. Tranche 1, completed in June 2026, raised $13.2 million through the issue of 130,460,200 shares. The June 30 cash balance included these proceeds but excluded Tranche 2 and a subsequent offering, both completed after period end. Including Tranche 2 and subsequent offering proceeds, the pro forma cash position was approximately $35 million.
“When we presented the outcome of our strategic review in February, we set a clear objective to move Norsk Titanium from engineering-led development to accountable commercial execution,” stated Fabrizio Ponte, CEO of Norsk Titanium. “In the first half, we demonstrated that this strategy is translating into customer commitments, contract awards and concrete steps toward broader commercial adoption.”
During the first half, Norsk Titanium expanded its relationship with Airbus through agreements to develop, industrialise and qualify its RPD technology for high-criticality structural titanium parts. It also progressed deployment of the first RPD machine at Airbus’ facility in Varel, Germany.
The company also secured its first serial production contract with Northrop Grumman following a multi-year qualification process and received a $4.2 million contract from the US Department of Defense to advance Additive Manufacturing for submarine applications.
Norsk Titanium also extended its partnership with Hittech through 2027 to support demand from the AI-driven semiconductor sector. The company expects volumes to increase significantly in 2026 and forecasts revenue from the partnership of approximately $2.8 million in 2027.
Ponte added, “These advances come as aerospace and defence demand is rising and qualified titanium supply remains constrained, reinforcing the relevance of our technology. The recent capital raise strengthens our balance sheet and gives us the flexibility to execute the commercial milestones ahead.
“While the timing of the ramp remains customer-dependent, our priorities are clear: progress further Airbus production orders, advance high-rate defence programmes, convert short-cycle opportunities and improve unit economics,” he continued. “By scaling our already installed production platform, we estimate breakeven at approximately 25% capacity utilisation in 2028 and an EBITDA margin of approximately 30% at around 50% utilisation by 2030. Our ambition is to establish RPD as a scaled production platform for critical global industries and convert our installed capacity and intellectual property into durable earnings and significant long-term shareholder value.”
Outlook
Norsk Titanium expects demand for qualified titanium components to increase, supported by higher aircraft production, defence requirements, supply-chain resilience efforts, and investment in AI and advanced computing infrastructure. The company said limited qualified forging capacity and long lead times are also increasing demand for Additive Manufacturing alternatives.
The company estimates that approximately 25% utilisation of its installed production capacity would support breakeven in 2028. By year-end 2030, it aims to reach 50% capacity utilisation, generating $150 million in revenue and achieving an EBITDA margin of approximately 30%. At full utilisation, its current installed annual production capacity of 700 tonnes is estimated to support approximately $300 million in annual revenue.
Norsk Titanium expects increased serial production, higher-margin RPD Ecosystem revenue and lower unit costs to support these targets, although qualification, contract and production schedules remain customer-dependent. Proceeds from its private placement and subsequent offering are intended to support progress towards breakeven, with priorities for the second half of 2026 including further Airbus production orders, high-rate defence programmes, short-cycle opportunities and improved unit economics.
