Norsk Titanium increased serial-production revenue by 29% during the first half of 2026 as higher Airbus deliveries and recovering semiconductor demand moved more work through its Rapid Plasma Deposition additive-manufacturing platform.
Serial-production revenue reached $1.1 million, while development revenue increased by 50% to $1.7 million. Total revenue and other income rose 38% year on year to $2.9 million. The absolute numbers remain modest for an industrial production business, but the shift towards repeat part deliveries is more relevant than percentage growth alone.
Norsk Titanium uses wire-fed Rapid Plasma Deposition, or RPD, to manufacture near-net-shape structural titanium components. The process is intended to reduce reliance on conventional forged feedstock and the extensive machining required to turn large titanium billets or forgings into finished aerospace structures.
The material-utilisation argument is straightforward: if a component can be deposited closer to its final geometry, less expensive titanium has to be purchased and subsequently machined away. Commercial aerospace adoption is considerably less straightforward because structural parts require a qualification system covering material properties, process control, repeatability, inspection, documentation, machine configuration, and final customer approval.
The first half produced several steps beyond development. Norsk Titanium expanded its strategic relationship with Airbus through agreements covering development, industrialisation, and qualification of RPD for higher-criticality structural titanium parts. It is also progressing deployment of the first RPD machine at Airbus’s Varel operation in Germany.
Installing equipment at a customer facility changes the commercial model. Norsk Titanium has historically produced parts through its own manufacturing network, while placing an RPD system inside Airbus creates the possibility of a distributed production architecture in which qualified processes can be operated closer to the point of use.
That model will depend heavily on process consistency. Moving a qualified additive process between sites requires control of machine condition, feedstock, atmosphere, deposition parameters, inspection, digital records, maintenance, and operator procedures. The engineering question is not simply whether two machines can make similar shapes, but whether both can produce material and parts within the same approved process envelope.
The company also secured its first recurring serial-production contract with Northrop Grumman following a multi-year qualification programme. The award is important because it moves another customer relationship from technical evaluation into repeat production rather than adding another demonstration part to the development pipeline.
Defence work is expanding alongside commercial aerospace. Norsk Titanium received a $4.2 million US contract to advance additive manufacturing for submarine applications, exposing the technology to a different set of procurement, security, qualification, and supply-chain requirements.
The semiconductor market provides a third production route. Norsk Titanium extended its partnership with Hittech through 2027 to support demand linked to AI and advanced computing infrastructure, with volumes expected to grow during 2026 and the company forecasting around $2.8 million of Hittech-related revenue in 2027.
That mix reduces dependence on a single aircraft programme, but diversification does not remove the industrial execution problem. Aerospace, defence, maritime, and semiconductor customers all use different specifications and procurement cycles, meaning each programme has to be qualified and converted into repeat factory loading separately.
Norsk Titanium reported an EBITDA loss of $12.1 million for the half, compared with a $15.1 million loss a year earlier. Average monthly cash burn fell to $2.1 million, while cash stood at $19.6 million at the end of June. The company also raised $27.3 million through a private placement completed in two tranches.
Chief executive Fabrizio Ponte said the first half showed the company moving “from engineering-led development to accountable commercial execution”, citing Airbus, production awards, higher semiconductor volumes, and the first RPD machine deployment at Varel. He added that the timing of the production ramp remains dependent on customers.
That qualification is important. Norsk Titanium estimates it could reach breakeven at approximately 25% utilisation of its installed production platform in 2028 and is targeting substantially higher utilisation by 2030. Those are company objectives rather than contracted production volumes, and the gap between present serial revenue and those utilisation levels remains considerable.
The company’s own current production webpage describes 650 metric tonnes of installed RPD capacity across three facilities, while its latest first-half investor material has used a higher figure for the production platform. That inconsistency remains in the internal verification record and should not be converted into an unqualified capacity figure in the published copy until the company reconciles it.
The more dependable indicators are therefore customer programmes rather than theoretical plant utilisation. Airbus is increasing part deliveries and deploying an RPD machine, Northrop Grumman has moved into recurring production, submarine work is under contract, and Hittech volumes are recovering.
Additive manufacturing has spent years producing technically impressive qualification parts. Norsk Titanium’s next industrial test is less photogenic: recurring orders running repeatedly through qualified equipment at enough volume to absorb a production base that remains well below full utilisation.
