Buy Or Sell Opportunity • Jun 01
Now 21% undervalued Over the last 90 days, the stock has risen 31% to €0.099. The fair value is estimated to be €0.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 4.8%. Revenue is forecast to grow by 1,538% in 2 years. Earnings are forecast to grow by 86% in the next 2 years. Breakeven Date Change • May 25
Forecast to breakeven in 2028 The 2 analysts covering Norsk Titanium expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 62% per year to 2027. The company is expected to make a profit of US$19.0m in 2028. Average annual earnings growth of 89% is required to achieve expected profit on schedule. Board Change • May 25
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Mimi Berdal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Feb 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €73.1m (US$86.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (23% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$17m net loss in 2 years). Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (€73.1m market cap, or US$86.2m). Breakeven Date Change • Nov 19
No longer forecast to breakeven The analyst covering Norsk Titanium no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of US$2.99m in 2027. New forecast suggests the company will make a loss of US$3.00m in 2027. Board Change • Nov 15
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Mimi Berdal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Sep 25
Norsk Titanium AS has completed a Follow-on Equity Offering in the amount of NOK 40.7268 million. Norsk Titanium AS has completed a Follow-on Equity Offering in the amount of NOK 40.7268 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 40,726,800
Price\Range: NOK 1
Transaction Features: Rights Offering New Risk • Aug 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (US$6.1m net loss in 2 years). Buy Or Sell Opportunity • Aug 27
Now 38% undervalued The stock has been flat over the last 90 days, currently trading at €0.066. The fair value is estimated to be €0.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 1,578% in 2 years. Earnings are forecast to grow by 82% in the next 2 years. Reported Earnings • Aug 25
First half 2025 earnings released: US$0.08 loss per share (vs US$0.06 loss in 1H 2024) First half 2025 results: US$0.08 loss per share (further deteriorated from US$0.06 loss in 1H 2024). Revenue: US$1.98m (up 57% from 1H 2024). Net loss: US$40.1m (loss widened 49% from 1H 2024). Revenue is forecast to grow 90% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Aerospace & Defense industry in Germany. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Aug 22
Norsk Titanium AS has filed a Follow-on Equity Offering. Norsk Titanium AS has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 133,320,621
Transaction Features: Subsequent Direct Listing New Risk • Aug 21
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$32m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$32m free cash flow). Shares are highly illiquid. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$6.1m net loss in 2 years). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (€70.7m market cap, or US$82.1m). Breakeven Date Change • Aug 21
Forecast breakeven date pushed back to 2027 The analyst covering Norsk Titanium previously expected the company to break even in 2026. New forecast suggests losses will reduce by 15% per year to 2026. The company is expected to make a profit of US$3.01m in 2027. Average annual earnings growth of 72% is required to achieve expected profit on schedule. Tillkännagivande • May 06
Norsk Titanium AS Announces Executives Appointments Norsk Titanium AS at its Annual general meeting held on May 6, 2025, elected Bettina Weber and Nicole Clement as board members with an election term until the ordinary general meeting in 2027. Board Change • Apr 11
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mimi Berdal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 17
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mimi Berdal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Mar 04
Norsk Titanium AS Appoints Boyd Adams as Chief Commercial Officer Norsk Titanium AS announced appointment of Boyd Adams as Chief Commercial Officer. Mr. Adams joins Norsk Titanium from FRISA, where he was Vice President, FRISA Aerospace/FRISA Precision. Prior to his 14-year tenure at FRISA, Mr. Adams held various roles in operations, engineering, procurement, program management and commercial with Carlton Forge a PCC Company, Rolls-Royce and Lucas Aerospace. As a member of the Norsk Titanium Leadership Team and reporting to CEO Carl Johnson, Mr. Adams will bring valuable insight into its target markets and be instrumental in guiding strategy and driving growth. As the leader of the Company’s Commercial organization, Mr. Adams will strengthen the Company’s relationships with existing customers and expand sales into new markets and new products. Mr. Adams holds a Bachelor of Science in Materials Technology, and a Diploma in Management Studies from the University of Wolverhampton and is a Chartered Engineer. Board Change • Dec 31
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mimi Berdal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Oct 25
Norsk Titanium AS to Report Q3, 2024 Results on Oct 30, 2024 Norsk Titanium AS announced that they will report Q3, 2024 results at 7:30 AM, Central European Standard Time on Oct 30, 2024 Board Change • Oct 17
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mimi Berdal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Jun 07
Forecast breakeven date pushed back to 2026 The 2 analysts covering Norsk Titanium previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of US$31.6m in 2026. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Tillkännagivande • May 15
Norsk Titanium AS Elects Members to the Nomination Committee Norsk Titanium AS at the ordinary general meeting held on 14 May 2024, the following persons are elected as members of the nomination committee: Linda Helland, chairperson; Jørn Aage Johansen, member, with an election term until the ordinary general meeting in 2026. Tillkännagivande • May 01
Norsk Titanium AS has filed a Follow-on Equity Offering in the amount of NOK 220 million. Norsk Titanium AS has filed a Follow-on Equity Offering in the amount of NOK 220 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 53,703,630
Price\Range: NOK 2.5
Security Name: Shares
Security Type: Common Stock
Securities Offered: 34,296,370
Price\Range: NOK 2.5
Transaction Features: Subsequent Direct Listing Reported Earnings • Apr 25
Full year 2023 earnings released: US$0.10 loss per share (vs US$0.043 loss in FY 2022) Full year 2023 results: US$0.10 loss per share (further deteriorated from US$0.043 loss in FY 2022). Revenue: US$2.50m (up 150% from FY 2022). Net loss: US$26.7m (loss widened 185% from FY 2022). Revenue is forecast to grow 60% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Aerospace & Defense industry in Germany. Board Change • Apr 19
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mimi Berdal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (115% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Revenue is less than US$5m (US$1.8m revenue). Market cap is less than US$100m (€35.6m market cap, or US$38.7m). New Risk • Mar 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 115% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (115% increase in shares outstanding). Minor Risks Revenue is less than US$5m (US$1.8m revenue). Market cap is less than US$100m (€35.7m market cap, or US$38.9m). Breakeven Date Change • Mar 04
Forecast to breakeven in 2025 The analyst covering Norsk Titanium expects the company to break even for the first time. New forecast suggests the company will make a profit of US$1.11m in 2025. Average annual earnings growth of 112% is required to achieve expected profit on schedule. Board Change • Mar 04
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mimi Berdal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Feb 22
Norsk Titanium AS has completed a Follow-on Equity Offering in the amount of NOK 188.327143 million. Norsk Titanium AS has completed a Follow-on Equity Offering in the amount of NOK 188.327143 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 229,038,787
Price\Range: NOK 0.82225
Security Features: Attached Warrants
Transaction Features: Rights Offering Tillkännagivande • Jan 04
Norsk Titanium AS Expands Production Capabilities for Rapid Part Development Norsk Titanium AS announced that it is expanding its rapid part development and qualification capabilities to shorten the lead-time and meet accelerated customer part verification needs. The new capabilities include heat treatment, ultrasonic non-destructive testing (NDT), finish machining operations, and coordinate measuring (CMM), and will allow for Norsk Titanium to perform all tasks needed to design, develop, and qualify parts without adding any lead time required by the supply chain. The additional capital investments have been made as part of Norsk Titanium’s continued cooperation with the State of New York. The expanded capabilities will also allow Norsk Titanium to deliver limited production rapid prototypes to customer who have urgent needs. Rapid part development and prototyping are critical capabilities needed to meet Norsk Titanium’s objective of developing a ‘part-in-a-day’ operation and transitioning the number of parts needed to meet the company’s long-term goals. Breakeven Date Change • Dec 11
Forecast to breakeven in 2025 The analyst covering Norsk Titanium expects the company to break even for the first time. New forecast suggests the company will make a profit of US$1.11m in 2025. Average annual earnings growth of 112% is required to achieve expected profit on schedule. Board Change • Dec 11
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mimi Berdal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Dec 05
Norsk Titanium AS has filed a Follow-on Equity Offering in the amount of NOK 2.312578 billion. Norsk Titanium AS has filed a Follow-on Equity Offering in the amount of NOK 2.312578 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,812,500,000
Price(maximum): NOK 0.82225
Security Features: Attached Warrants
Transaction Features: Rights Offering Tillkännagivande • Nov 08
Norsk Titanium AS Announces Appointment of Carl Johnson as Interim Chief Executive Officer Norsk Titanium AS announced the appointment of its Chief Technology Officer and industry veteran Carl Johnson as Interim Chief Executive Officer effective immediately. Carl Johnson has been the Chief Technology Officer of Norsk Titanium since 2016 and has been closely involved in developing RPD, the company’s proprietary additive manufacturing process that delivers structural titanium parts to aerospace, defense and other industries. Carl was instrumental in getting the first RPD® parts on the Boeing 787 program and continues to play a leading role in the ongoing qualification efforts with Airbus and other customers. Prior to joining Norsk Titanium, Carl had a distinguished 30+ year career at Northrop Grumman a leading global aerospace and defense technology company. He is a two-time recipient of the prestigious Robert J. Collier Trophy, presented to those who have made The greatest achievement in aeronautics or astronautics in America. Carl holds a BSME from Northern Arizona State University, an MSME from Colorado State University, and an MBA from the University of California, Los Angeles. Tillkännagivande • Aug 31
Norsk Titanium as Revises Revenue Guidance for 2023 Norsk Titanium AS revised revenue guidance for 2023. The company announced that delays in commercial deliveries to Hittech and final qualification approval from Airbus have pushed anticipated revenues from 2023 into 2024 and reduced expected revenues for 2023 below the previously published revenue range of USD 7-15 million. This delay, however, does not impact the Company's revenue target of USD 150 million in 2026. Board Change • Aug 22
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mimi Berdal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Dec 21
Norsk Titanium AS to Report Q2, 2023 Results on Aug 30, 2023 Norsk Titanium AS announced that they will report Q2, 2023 results on Aug 30, 2023 
