Norsk Titanium: Q1 2022 update – Progressing as planned

Norsk Titanium: Q1 2022 update - Progressing as planned

19 May 2022 07:00 CEST

May 19, 2022: Norsk Titanium AS (Norsk Titanium) continue to maintain 100%
on-time deliveries for production programs while completing qualification and
testing programs for Commercial Aerospace, Defense and Industrial customers
remained Norsk Titanium's top priorities in the first quarter.

Progress towards 2022 goals to achieve revenue targets:

1) Commercial Aerospace: Complete Airbus machine qualification and material
qualification
• Test material produced for machine qualification. Testing to commence in
second quarter 2022
• Production parts in development for customer qualification

2) Defense: Qualification programs with US DoD prime contractors and first
production order
• Completed full scale article testing with General Atomics and another US DoD
prime contractor
• DDTC registration completed to support US DoD production

3) Industrial: Hittech industrialization part and first production order
• Hittech continues to evaluate full scale article performance
• Ongoing development to optimize part of recurring production

"We continue to execute on our 2022 business plan with significant progress in
our key focus areas in the first quarter. Commercial air traffic continued to
rebound during the quarter, pointing towards a sustained recovery. We expect our
ongoing commercial aircraft part deliveries to recover in-line with industry
forecasts. In addition, our Airbus qualification program continues as planned
and our capacity is fully capable of meeting Airbus demand for 2022 and beyond,"
says Michael Canario, CEO of Norsk Titanium. "Similarly, we are full steam ahead
on US Department of Defense (US DoD) qualifications. Full scale testing of the
material with General Atomics and another US DoD prime contractor yielded
positive results in the first quarter of 2022. With our recent Directorate of
Defense Trade Controls (DDTC) registration we have the necessary infrastructure
in place to support production for use in defense programs. We expect to begin
production for US DoD contractors this year. In the industrial market, testing
with Hittech continues on schedule in the first quarter and we expect to be in
recurring production in 2022."

In the first quarter 2022, Norsk Titanium generated revenue from parts of USD
0.03 million. Collection of USD 2.0 million of the Innovation Norway grant
contributed to a decreased monthly cash burn rate to USD 1.3 million in the
first quarter 2022, in line with our projections and on track with our target
burn rate.

For further information, please contact:
Ashar Ashary
VP Finance
[email protected]
+1 (518) 556-8966

ABOUT NORSK TITANIUM
Norsk Titanium is a global leader in metal 3D printing, innovating the future of
metal manufacturing by enabling a paradigm shift to a clean and sustainable
manufacturing process. With its proprietary Rapid Plasma Deposition® (RPD®)
technology and 700 MT of production capacity, Norsk Titanium offers
cost-efficient 3D printing of value-added metal parts to a large addressable
market. The RPD® technology uses significantly less raw material, energy, and
time than traditional energy-intensive forming methods, presenting customers
with an opportunity to better manage input costs, logistics, and environmental
impact. RPD® printed parts are already flying on commercial aircraft, and Norsk
Titanium has gained significant traction with large defense and industrial
customers.www.norsktitanium.com

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act. This stock exchange release was
published by Anne Lene Bråten, Director Finance, on 19 May 2022 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

562578_NTi Q122 Trading Update.pdf

Source

Norsk Titanium AS

Provider

Oslo Børs Newspoint