快速等离子沉积（RPD）3D打印开发人员的股票Norsk Titanium（NOK）尽管公司揭开了新的扩张计划，但仍下降了30.6％。
正如其最近的财务报道所揭示的那样，诺尔斯克钛（Norsk Titanium）在H2 2021期间产生了100万美元的收入，比它超过H1 2021的300,000美元高出233.3％，但在无法签订合同之后，但仍低于预期的$ 250,000至500,000美元。客户波音，由于其787架飞机周围的监管问题造成的延误。
In light of this, the company’s CEO Michael Canario unveiled plans on its earnings call to diversify its addressable markets, moving into the industrial and defense sectors, with the aim of hitting $150 million in revenue by 2026. However, investors haven’t reacted well to the news, with the firm’s shares diving between the run-up to the results’ release on March 1, 2022, and the 24 hours since their publication.
“Although our largest opportunity continues to be in commercial aerospace structural parts, we capitalized on the slow-down in the commercial aerospace market to expand our reach to the defense sector and other industries,” explained Michael Canario, CEO of Norsk Titanium. “I am excited to see this expansion of our capabilities into new markets as we continue our progress in commercial aerospace.”
“我们正在迅速采取行动，试图跨越适合我们个人资料的邻接，我们对这些机会感到非常兴奋。”
Norsk Titanium的H2 2021结果
Given that Norsk Titanium’s earnings come from both manufacturing and commercial R&D projects, with the latter often arriving in the form of grants, it reports them across two separate divisions: Revenue and Other Income. H2 2021 saw a shift in the firm’s reliance on its Revenue income, which brought in $700,000 more than it had done in H1 2021, as its Other Income fell $1.2 million over the period.
On Norsk Titanium’s earnings call, Canario explained how its business had been affected by delays to Boeing’s aircraft deliveries during the period that “impacted the entire commercial aerospace market.” However, citing the projections of Boeing and the firm’s other main client空中客车, that aviation may not fully recover from the impact of COVID-19 until 2025, Canario said delays have given it more R&D time.
因此，在变成以开发为重点的H2 2021的过程中，Norsk Titanium能够使用其RPD构建器工具设计第一部分。据该公司称，该软件能够将组件的交货时间从几周减少到数小时，并且通过为半导体供应商Hittech生产120公斤的演示器来证明这一点，该供应商Hittech现在正在进行测试。
同时，当涉及到诺斯克钛（Norsk Titanium）股价下跌背后的原因时，投资者可能会对其H2 2021的利润/亏损结果负面看法。尽管该公司在2021财年设法筹集了3300万美元，但其现金燃烧率仍然约为每月180万美元，其H2 2021的EBITDA为-850万美元。
Although the business’ VP of Corporate Finance Ashar Ashary clarified on the earnings call that this took its FY 2021 figure to -$16.8 million, a 62.5% rise on the -$27.3 million it reported in FY 2020, and it was committed to becoming “cash-neutral” by 2026, it’s possible that a lack of short-term profitability has affected its investors’ confidence.
| 财务（$） | H1 2021 | H2 2021 | Difference (%) | 2020财年 | 2021财年 | Difference (%) |
| Revenue | 0。3m | 1m | +233.3 | 0。4m | 1.3m | +225 |
| Other Income | 2.6m | 1.4m | -46.2 | 0。6m | 4m | +566.7 |
| 全部的 | 2.8m | 2.4m | -14.3 | 1m | 5.3m | +430 |
| EBITDA | -8.2m | -8.5m | -3.7 | -27.3m | -16.8m | +62.5 |
| 净利润/损失 | -8.6m | -7.3m | +15.1 | -42.9m | -16m | +168.1 |
垂直扩展计划
传统上，Norsk Titanium试图通过其DED技术来解决航空航天用例，以前3D打印了结构机身部分为精神航空系统, before going on to become recognized as part of波音’s Material Allowables Program。
但是，在公司的收益电话中，Canario透露，合格此类零件的过程可能需要多年的时间，因此它正在寻求在工业和国防市场中扩展。据说Norsk Titanium正在与两个合作国防部承包商在其Plattsburgh建筑群中获得材料资格，这可能导致其在国防申请中的使用。
Canario在通话中说：“我们的第一个工业组成部分现在正在进行客户测试，我们在国防行业的资格上取得了重大进展。”“我们对过去6个月的进步感到非常满意，我们非常期待在我们前进的过程中发表一些重要的公告。”
更广泛地说，Canario还强调了采用其技术的成本，交付时间和效率收益如何使其对制造商有吸引力，并且其美国和挪威设施有能力支持高达3亿美元的收入。在接下来的4年中，该公司的首席执行官补充说，它的目标是朝着这一数字迈进，在2023年首先达到1500万美元，然后在2026年到达1.5亿美元。
绘制盈利之路
On Russia’s invasion of Ukraine, an issue that has cropped up in numerous earnings calls recently, Canario expressed his wish that fighting would end soon, but said the conflict won’t impact Norsk Titanium short-term, and while he admitted that much of the world’s titanium is Russian, he emphasized the longstanding stability of the alloy’s pricing.
Addressing the firm’s upcoming income and run rate in the call’s Q&A, Ashary added that it’s expecting to gain a Norway Innovation grant worth up to $3 million in FY 2022, and while it finished FY 2021 with $22.9 million in cash, at its current rate of spending, it’ll require $35 million to $40 million more to make it to 2026, capital it’s still looking to raise, and it has left the door open to doing so via equity or debt.
然而，在这次问答结束时，卡纳里奥（Canario）被从这种流动性事项中汲取灵感，回到了诺斯克·钛（Norsk Titanium）垂直扩张的主题。有趣的是，该首席执行官明确表示，尽管他相信RPD在工业和国防环境中的潜力，但他坚持认为其最有利可图的应用仍在航空航天中，因此该公司现在将继续将其研发集中在这一领域。
Canario总结道：“我们对采用工业和国防技术的信心非常有信心，并认为进入连续产量的速度会更快，但是我们在这些细分市场中看到的个人机会不会迅速达到两位数的数百万美元。”“商业航空航天的机会为每次申请30至400万美元。这就是为什么我们走上漫长的资格途径。”
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特色图像显示了Norsk Titanium Plattsburgh工厂的生产地板。通过Norsk Titanium的照片。
