Fourth Quarter 2024 Update

Key Points

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

Superior Value Proposition

Rapid Plasma Deposition® vs. Conventional forging

Timeline for transitioning parts into production remains consistent with the 6-12 month framework outlined

USD 2.3 million in revenue in Q4, up from USD 0.9 million in Q3 2024
USD 0.9 million of revenue missed in Q4 due to bottlenecks in Norsk Titanium's supply chain which are being resolved
Successfully raised NOK 145 million (USD ~13 million)
Continuing to work with customers to transition parts into serial production
Several parts awaiting final purchase orders

Preliminary full-year 2024 invoiced sales totalled USD 4.8 million, up 118% from 2023
- − Recognized Revenue: Approximately USD 4.4 million
- − Deferred Revenue: Approximately USD 0.4 million
Ending cash balance of USD 22.8 million

	H1 2023	YE 2023	H1 2024	YE 2024
Parts in serial production	8	11	26	54
Annual recurring revenue of parts in serial production	\$2.5m	\$4.0m	\$7.4m	\$12.2m

Engaging corporate and program teams at Airbus and Boeing supporting projected increased aircraft build rates
- o Moving focus from material development teams to supply chain
Growing Safran relationship
Directed campaigns towards specific applications not previously pursued
Strategic machine placement
Expand Hittech relationship for additional parts in semiconductors
Semiconductors industry has announced significant increases in production
Marketing inclusion in 2025 MMPDS1 release
- o Dramatically reduces qualification timelines
- o Opens new markets with lower barriers to entry
Expanding sales team to enter identified opportunities in new markets

Positioned as secure second source for critical armament replenishment
Located first turbine engine component for transition
Broadening Tier 1 customer base
- o Using OEM, and MMPDS specifications with the defense Tier-1 supply chain
Opening defense spares and repairs market with maintenance depots