Norsk Titanium AS, headquartered in Oslo, Norway, has released its second half of 2021 report and presentation noting key successes. The company generated revenue of USD $1 million from the sale of additively manufactured 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 spend during the second half of 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. Referring to its Rapid Plasma Deposition® (RPD) technology for additively manufactured parts for the Boeing 787, Norsk Titanium builds on a strong manufacturing foundation as it expands into other industries. During the second half of 2021, the company continued to progress with testing for the defence 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 capitalised on the slow-down in the commercial aerospace market to expand our reach to the defence sector and other industries, which has allowed us to further develop our product design capabilities,” stated Michael J Canario, CEO of Norsk Titanium.
“In the second half of 2021, we achieved a major milestone by delivering the first part designed with our RPD Builder™ Software Development Kit. 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.”