Oslo, 4 February 2024: Norsk Titanium AS (Euronext: NTI, OTCQX: NORSF), a global
leader in additive manufacturing for aerospace-grade structural titanium
components using its patented Rapid Plasma Deposition® (RPD®) technology,
provides an operational update summarizing fourth quarter developments.

o	USD 2.3 million in revenue in Q4, up from USD 0.9 million in Q3 2024
o	Preliminary full-year 2024 sales totalled USD 4.8 million, up 118% from 2023
o	54 parts remained in serial production at year-end 2024, with an expected ARR
of  USD 12.2 million.
o	Delay in Q4 part transitions due to longer than anticipated customer internal
approval cycles
o	Significant growth expected in 2025, with parts in serial production projected
to exceed 120 and estimated ARR of USD 70-90 million by year-end
o	Reiterating longer-term objective of achieving USD 150 million in revenue in
2026

During Q4 2024, Norsk Titanium focused on customer deliveries and expanding
parts in serial production. The company generated approximately USD 2.3 million
in revenue, up from USD 0.9 million in Q3 2024. For the full year, sales
totalled USD 4.8 million, with approximately USD 4.4 million recognized as
revenue and approximately USD 0.4 million as deferred revenue. This was below
the USD 6 million guidance owing to delays at Norsk Titanium's downstream supply
chain partners that negatively affected revenue by USD 0.9 million.

Carl Johnson, CEO of Norsk Titanium, remarked, "The fourth quarter brought both
challenges and opportunities as we continued to scale operations and reinforced
Norsk Titanium's position as a critical partner in the aerospace, defense, and
industrial markets. While we maintained on-time deliveries to our customer
schedules, we identified bottlenecks in our downstream supply chain which meant
we did not meet our internal schedule." The company has taken proactive measures
to expand its vendor base to ensure a more efficient and reliable delivery
schedule.

Johnson continued, "Looking ahead, we are well-positioned for significant growth
in 2025. We have strengthened our financial position in 2024 and expect an
increase in parts transitioning from our main aerospace customers, while
expanding pipeline in other sectors. Although customers were slower to issue
purchase orders for additional serial production parts developed during 2024, we
expect those orders in 2025 and remain confident we will achieve our ambitious
growth targets." 

Throughout 2024, Norsk Titanium demonstrated an expanded range of potential
applications for its RPD® technology, with an increasing the number of titanium
parts transitioned into serial production, validation of higher-value and more
complex parts, demonstration of development and production capabilities with new
metals, and an expanding number of use cases in new areas such as the energy
industry. Norsk Titanium also expanded its funded development work with Boeing
and Safran Landing Systems, highlighting its broadening portfolio of
capabilities and access to large markets.

As of December 31, 2024, Norsk Titanium and its customers had successfully
transitioned 54 parts into serial production, with an expected ARR of USD 12.2
million. While the company aimed to exceed 60 parts with an expected ARR of USD
15.0 million by year-end, customer transition timelines have led to a slight
delay. The company continues to work with customers to transition parts with
several parts now awaiting only the formal purchase order before being moved
into serial production.

The company's cash balance stood at USD 22.8 million as of December 31, 2024, up
from USD 20.3 million at the end of the third quarter 2024. The company
strengthened its financial position through final exercise of warrants in
November of 2024, raising approximately NOK 145 million (USD approximately 13
million). Approximately USD 1.3 million of the capital raised was used to repay
the remaining shareholder debt, as part of the structure agreed in late 2023 in
connection with the rights issue. Norsk Titanium's average net monthly cash burn
in the fourth quarter was USD 2.6 million, in line with expectations.
Additionally, the cash flow report reflects a USD 1.3 million unrealized loss
due to the strengthening US Dollar against the Norwegian Kroner.

Guidance & Outlook
The company anticipates strong growth in 2025, reaffirming its target of
transitioning over 120 parts into serial production with estimated ARR of USD
70-90 million. The company's expansion plan is supported by long-term demand
growth as global aircraft production ramps up in 2025 and beyond, as well as the
increasing applications of RPD® technology in other industries. The company is
also in the process of strengthening its commercial team and sales capabilities
in both the aerospace and industrial sectors.

The company continues to evaluate alternatives for working capital financing to
provide more financial flexibility as operations scale during 2025. With
available cash on hand and a working capital facility alongside continuous cost
and supply chain optimization, the Board and management assess that Norsk
Titanium will be funded to cash flow breakeven. 

Norsk Titanium reaffirms its longer-term revenue target of USD 150 million and
an EBITDA margin of 30% by 2026.



For more information, please contact: 
Carl Johnson, CEO Norsk Titanium AS 
Email: carl.johnson@norsktitanium.com 
Tel: +1 518 324 4010 

Ashar A Ashary, CFO Norsk Titanium AS 
Email: Ashar.Ashary@norsktitanium.com 
Tel: +1 518 324 4010

Important notice: 
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock
exchange announcement was published by Anne Lene Gullen Bråten, VP Finance of
Norsk Titanium AS, at the time and date stated above in this announcement. 

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 installed production capacity to generate annual revenues of
approximately USD 300 million, Norsk Titanium offers cost-efficient 3D printing
of value-added metal parts to a large addressable market. 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. 

For the latest news, go to www.norsktitanium.com or follow us on LinkedIn. 

Forward Looking Statements:
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date and are
subject to change without notice, and the Company and its affiliates expressly
disclaim any obligation or undertaking to update, review or revise any statement
contained in this announcement whether as a result of new information, future
developments or otherwise.