Oslo, 5 November 2026: 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, today
provides an operational update for the third quarter and first nine months of
2026.

Key events and highlights:
-	Revenue and other income totalled USD 2.1 million in the third quarter,
compared with USD 0.7 million in the same period last year. Revenue and other
income for the first nine months was USD 5.0 million, compared with USD 2.8
million during the same period last year.
-	Average monthly cash burn of USD 2.2 million in the third quarter, down from
USD 2.4 million in the same period in 2025, with a cash balance of USD 27.2
million at 30 September.
-	Increased serial production deliveries to Airbus and Hittech.
-	Started deliveries under previously announced USD 4.2 million development
contract for submarine applications.
-	Received a purchase order from Rolls-Royce for a titanium component being
explored for use across current civil aerospace engine programs.
-	Installed first RPD® machine at Airbus in Varel, Germany, under a Cooperation
and Research Agreement to industrialize RPD® within the Airbus production
environment.
-	In the process of receiving a qualification order from a U.S. defense prime
contractor, the first step toward supplying parts on a high-rate missile defense
program, with potential for significant sales revenue in 2027 and further growth
in 2028.
-	Norsk Titanium expects continued revenue growth in the fourth quarter.
Full-year revenue and other income is expected to reach approximately USD 8
million, around a doubling of 2025 levels, and establishing a strong base for
2027.

"The third quarter showed real momentum, with serial production deliveries and
customer funded development both increasing. We are making clear progress on our
key milestones, with the first RPD® machine installed at Airbus and a landmark
qualification order from a U.S. defense prime for a program with high production
rates now being finalized. In addition, our first order for a development
component from Rolls-Royce is an important first step into aerospace engines, a
market where we see a large opportunity for RPD®. Together, these developments
reflect our continued transition from an engineering organization to a
commercially driven manufacturing business," says Fabrizio Ponte, CEO of Norsk
Titanium. 

Core OEM programs in Defense, Aerostructures, and Engines
In Defense, Norsk Titanium is finalizing a qualification order from a U.S.
defense prime contractor for structural titanium components on a missile defense
program. The order is expected shortly and includes both the production of
qualification parts and engineering activities to prepare Norsk Titanium's
facility for high-rate production. The program itself operates at high
production rates, and successful qualification is expected to lead to a
production order, with potential for significant sales revenue from as early as
2027 and further growth in 2028.
 
During the quarter, the Company also commenced work under the USD 4.2 million,
18-month development contract previously awarded under the Defense Industrial
Base Expansion, Development and Growth Enterprise (DIB-EDGE) initiative. The
contract funds development and qualification activities to support U.S. maritime
and submarine industrial capacity.

In addition, Norsk Titanium has been selected for its first America Makes
project, JAQS-SQ (Joint Additive Qualification for Sustainment - Supplier
Qualification). Upon completion, the project is expected to qualify the Company
as a supplier of titanium alloy products across U.S. Department of Defense
services. Norsk Titanium is also a member of the Edison Welding Institute (EWI)
team awarded the America Makes INSITE (Integrated System for In-situ Testing &
Evaluation) project, which aims to reduce inspection costs and accelerate the
manufacture of critical defense additive components. Drawing on its depth of
experience, Norsk Titanium is leading the nondestructive testing of titanium
parts within the project.

These developments build on earlier progress across several defense programs in
2026, including successful parts qualification and transition to serial
production with General Atomics Aeronautical Systems, Inc. (GA-ASI) in the first
quarter, and Norsk Titanium's first recurring production contract with Northrop
Grumman in the second quarter. 

Aerostructures remains Norsk Titanium's largest long-term market opportunity,
with Airbus as the leading strategic customer. Serial deliveries to Airbus
increased during the quarter, and the Company also continued part deliveries to
Boeing, Leonardo and other Tier 1 suppliers. Development work continued with
Safran Landing Systems on landing gear applications. 

Norsk Titanium progressed discussions with Airbus toward a third production
order under the 2024 Master Supply Agreement, working closely with Procurement,
Manufacturing and Program on the technical and commercial case for RPD®
adoption.

In Engines, Norsk Titanium was approved as a supplier of parts for Rolls-Royce
development activities and received a purchase order from Rolls-Royce for a
titanium component being explored for use across current civil aerospace engine
programmes. The order marks an important milestone in Norsk Titanium's
engagement with Rolls-Royce, demonstrating the potential application of RPD®
technology within an aerospace engine environment. The companies will use the
experience gained through this project to assess potential future applications
for RPD® technology.

Engines are a priority growth platform for Norsk Titanium, with RPD®
manufacturing of large titanium structural components offering opportunities to
reduce material waste and lead-times compared with traditional metal forging.
Current work is focused on technical validation and establishing a qualified
route toward production.

Short-cycle opportunities
Norsk Titanium continued deliveries of titanium carrier trays to Hittech during
the quarter, under a previously disclosed purchase order of approximately USD
1.5 million covering deliveries through the first quarter of 2027. Hittech has
now indicated that 2027 revenue for Norsk Titanium is likely to exceed the
previously communicated forecast of USD 2.8 million, with forecast volumes
expected to convert into firm purchase orders on a rolling quarterly basis. The
collaboration supports growing demand for semiconductor manufacturing equipment
used in advanced lithography and AI applications, as accelerating AI investment
drives capacity expansion across the semiconductor industry.

Separately, the Company has delivered the first production parts for a U.S.
Department of Energy prime contractor and expects to complete delivery of the
remaining production order in the fourth quarter. The Company is focusing on
opportunities in energy and other industrial markets, leveraging its established
RPD® technology and production platform to accelerate commercialization. These
markets typically offer a shorter path to revenue, with qualification and
commercial conversion cycles of three to twelve months, compared with multi-year
qualification programs in aerospace and defense. 

RPD® Ecosystem
Norsk Titanium's first Merke IV® RPD® machine is now installed at Airbus in
Varel, Germany, following completion of Site Acceptance Testing in September.
The installation forms part of the Cooperation and Research Agreement signed in
June, which covers industrial process validation. Together, the agreement and
the installed machine establish the framework for qualifying RPD® for structural
titanium parts and expanding the adoption of additive manufacturing across
Airbus aircraft programs.

Under the RPD® Ecosystem model, the customer operates the machine within their
own manufacturing facilities, while Norsk Titanium retains control of the core
process technology, software and qualification framework. The Airbus
collaboration also supports the transition from part-specific qualification
toward broader process-level qualification, with the aim of reducing the work
required to introduce additional parts over time.

Building on the first Airbus deployment, Norsk Titanium is developing a scalable
commercial model for future placements, potentially including machine sales or
leasing, technology licensing and supporting services. The Company sees
significant opportunities to expand the RPD® Ecosystem with selected OEMs and
industrial customers, enabling broader adoption of RPD® and new sources of
recurring revenue. 

Financial Review and Outlook
Revenue and other income totaled USD 2.1 million in the third quarter of 2026,
compared with USD 0.7 million in the same period of 2025. Revenue from part
sales and development programs was USD 1.8 million, compared with USD 0.6
million.

Serial production revenue was USD 0.6 million, including increased deliveries to
Airbus and Hittech, together with deliveries to Boeing and Leonardo. Development
revenue and services was USD 1.2 million, largely driven by the start of work
under the DIB-EDGE contract for submarine applications, alongside ongoing
development programs with Bechtel, Airbus machine placement, and with other
major OEMs. Other income was USD 0.3 million, including a grant awarded from the
Norwegian Space Agency.

For the first nine months of 2026, revenue and other income was USD 5.0 million,
compared with USD 2.8 million in the same period of 2025.

Average monthly cash burn in Q3 2026 was USD 2.2 million, down from USD 2.4
million in Q3 2025, and slightly above the USD 2.1 million average in the first
half of 2026. Cash burn may vary between quarters with the timing of material
procurement and investments in new product introductions to support upcoming
customer programs. 

The private placement in June and July and the subsequent offering raised gross
proceeds of NOK 272 million (approximately USD 27.5 million), of which USD 14.3
million was received in Q3 2026. The Company ended September with a cash balance
of USD 27.2 million, compared with USD 19.6 million at the end of June.  

Norsk Titanium expects continued revenue growth in the fourth quarter, driven by
higher production volumes and funded development activities. Full-year revenue
and other income is expected to reach approximately USD 8 million, doubling 2025
revenues. The expected fourth-quarter performance reflects continued commercial
progress and provides a stronger foundation for revenue growth in 2027 and
beyond.

Overall market demand continues to strengthen across the Company's key markets.
Aerospace and defense manufacturers are accelerating efforts to expand
production capacity, reduce lead times and strengthen critical supply chains,
while rising AI investment is driving demand for advanced semiconductor
manufacturing equipment. With RPD® already demonstrated in qualified serial
production applications and significant available production capacity, Norsk
Titanium is well positioned to meet this demand across defense, aerostructures,
engines, and new industrial and energy applications.

Norsk Titanium remains focused on converting qualified programs into recurring
production revenue and improving unit economics as volumes grow. These
priorities underpin the longer-term roadmap and ambitions, targeting breakeven
in 2028 and approximately 30% EBITDA margin at around 50% utilization of
installed capacity by 2030. 


Invitation to presentation and Q&A session
Management will host a webcast presentation and Q&A session today at 13.00 CET
(07.00 EST). Please use the following link to access the session: 

Teams link:
https://teams.microsoft.com/meet/3534585355938365?p=6FIEOKB0BdMDgoSfWg

Meeting ID: 353 458 535 593 836 5
Passcode: 7og6zW2Y

The webcast will be recorded and made available after the event on the Company's
IR website.

The operational update and presentation will be made available at NewsWeb and
the Company's IR-web: https://www.norsktitanium.com/investors


For more information, please contact:
Fabrizio Ponte, CEO Norsk Titanium AS
Email: Fabrizio.Ponte@norsktitanium.com
Tel: +1 404 426 2270

Ashar A. Ashary, CFO Norsk Titanium AS
Email: Ashar.Ashary@norsktitanium.com
Tel: +1 518 556 8966


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 of the Norwegian Securities Trading Act. The stock
exchange announcement was published by Anne Lene Gullen Bråten, Vice President
Finance of Norsk Titanium, 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 prime defense contractors 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.
ation\, 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.\