Thor Medical reported FY 2025 revenue of NOK 0.8 million, with EBITDA of NOK -48.7 million and EBIT of NOK -69.7 million. Loss before tax was NOK -62.3 million (profit/loss for the period: NOK -58.0 million; basic and diluted EPS: NOK -0.17). Cash and cash equivalents were NOK 180.6 million at 31 December 2025, with total assets of NOK 708.6 million and equity of NOK 456.0 million (equity ratio: 64.3%). Net cash flow for FY 2025 was NOK 57.2 million, including operating cash flow of NOK -47.5 million, investing cash flow of NOK -66.5 million and financing cash flow of NOK 171.2 million. In 2H 2025, revenue was NOK 0.8 million (including about NOK 0.4 million in product sales), EBITDA was NOK -25.7 million, EBIT was NOK -36.4 million, and loss before tax was NOK -30.5 million. Cash flow from operating activities was NOK -14.5 million in 2H 2025. For the period, Thor Medical advanced AlphaOne, its first commercial-scale plant at Herøya Industrial Park, following the final investment decision on 25 March 2025 and began construction; the company later decided to expand AlphaOne capacity by about 40%, with planned output of around 21,000 patient doses annually after three years of operation and revenue capacity of up to NOK 350 million. AlphaOne is expected to be fully operational by end of Q3 2026, with commissioning targeted in Q2 2026 and ramp-up from Q3 2026. Thor Medical said it ended 2025 with an order backlog of about NOK 850 million across eight radiopharmaceutical customers after signing five-year supply agreements with Oncoinvent, Telix Pharmaceuticals, NucliThera, RadioMedix and an undisclosed targeted alpha therapy leader, and expanding an existing agreement with AdvanCell (contracted volumes increased by about 50%). The company also signed a three-year strategic supply agreement for thorium-232 feedstock with a major European chemical manufacturing group and shipped its first batch of ultra-high purity lead-212 for preclinical use to a big pharma customer.
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