OSLO, Norway — (BUSINESS WIRE) — March 3, 2022 — Norsk Titanium AS (Norsk Titanium), 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, today releases 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,” says 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.”
2021 Second Half Highlights:
- Maintained 100% delivery to all customers
- Expanded product reach beyond commercial aerospace
- Developed and delivered the first industrial-scale part using RPD Builder™ to industrial partner Hittech
- Delivered test material to two major U.S. Department of Defense (DoD) prime contractors supporting their material specification development
- 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
- 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.
ABOUT NORSK TITANIUM
Norsk Titanium AS was founded in 2007 in Norway and has pioneered the use of its patented additive manufacturing process, Rapid Plasma Deposition® (RPD®). It has been supplying flight qualified structural components since 2017, and today the company operates manufacturing facilities in the State of New York and Norway. The company is distinguished in the aviation industry by its proprietary RPD® technology that transforms titanium wire into complex components suitable for structural and safety-critical applications. Norsk Titanium is a supplier to commercial aerospace tier-one manufacturers and is committed to cost-reducing aerostructures and jet engines for the world’s premier aerospace companies. RPD® is an NTI proprietary process for manufacturing 3D-printed, structural titanium, delivering substantial lead-time and cost savings for aerospace, defense and commercial customers. For more information, visit www.norsktitanium.com.
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Contact:
Ashar Ashary
VP Finance
ashar.ashary@norsktitanium.com
+1 (518) 556-8966