Good morning and welcome to Norsk Titanium's Presentation for the First Half 2025 Results. My name is Carl Johnson, and with me is Norsk's CFO, Ashar Ashary. Moving straight into the numbers, we report revenue of $2 million for the first half, up from $1.3 million in the same period last year, a year-over-year increase of 54%. This is lower than we had anticipated and primarily reflects continued delays in part transitions in aerospace. As you can see from the table, the number of parts in serial production remained unchanged at 54% and now stands at 56%, following contracts for two new parts with the U.S. Department of Energy contractor. The plateau in the number of parts in serial production doesn't mean that we aren't engaging with our customers. Our engagement with Airbus remained high in the first half, with continued deliveries of parts under contract and qualification of additional machines for expanded production. Also, discussions about a third larger production contract in which we anticipate in the second half of the year. Two more machines have been qualified, and we are ready to expand production. Operationally, we are also progressing in our efforts to capture market opportunity and diversify our customer base. We have significantly strengthened our commercial organization under the leadership of Boyd Adams, with a sales team of over 100 years' experience in aerospace, defense, and industrial markets. We're also developing an external network of sales reps to broaden the reach into industrial markets. We have continued to strengthen our supply chain by adding new suppliers and securing raw material. We have expanded our operational capabilities with in-house machining and quality testing equipment to speed up part development. We have increased production efficiency by designing workstations enabling one operator to handle multiple machines. I am proud to see us becoming the first ever additive manufacturing company to prepare material specs for the standardization under MMPDS, which will unlock broader applications and accelerate adoption in new markets. Summing up, we are working to accelerate parts transition, increase manufacturing capacity and readiness, and expand to other markets. With that, I'll leave the floor to Ashar. He'll take you through the financials for the first half. Thank you, Carl. Good morning, and thank you for joining us this morning. As Carl said, we had $2 billion in revenue with operating expenses of approximately $17 million. We report an EBITDA loss of $15 million in the first half of 2025. This compares to the EBITDA loss of approximately $12 million in the same period last year. The H1 2025 OpEx increase reflects investments in our sales force expansion, industrial engineering capabilities, and our supply chain readiness for the orders' growth. Net financial expenses amounted to $24.2 million. This is an unrealized foreign exchange loss on an intercompany loan between the Norwegian parent and the U.S. subsidiary. However, the impact of this unrealized expense is reversed in the comprehensive income for a net total comprehensive loss of $14.5 million. Turning our attention to cash flow, we have had an increase in our monthly cash burn rate to $2.9 million. This reflects an increase in commercial and operational activity as we drive customer engagement. This cash burn rate was offset by a $5 million drawdown on the term loan facility that we entered into earlier this summer. That net effect was $4.7 million. We also realized a foreign exchange gain of approximately $1.7 million. Overall, this means our cash holding was reduced from approximately $23 million to $12 million during the first half of this year. With delayed revenue ramp-up, the current cash burn rate, and this development in the cash position, it is obvious that we need to revise our business plan going forward. I'll hand the mic back to Carl to talk you through these revisions. Thank you, Ashar. Before we discuss a commercial outlook in more detail, let's take a look at the foundation for our value proposition. We have set out to transform metal manufacturing with our RPD technology. We offer an efficient manufacturing process with shorter lead times, less final machining, and less cost. Our process is clean, with less waste and less energy consumption. It is better for the environment. We are the only qualified supplier of structural additive titanium parts in commercial aerospace and have a significant first-mover advantage. We have machines in place to scale production. As we have shown you before, we've spent more than a decade establishing material specifications and qualifying our technology. Our processes and our machines for serial production with the toughest and most quality-conscious customers in the world, the aerospace and defense markets. All prospective competitors need to go through this same process, and I am sure that we have created a significant competitive advantage. We are now in the execution phase where we are seeking to move more critical parts into serial production. We need to acknowledge that this process is taking longer than we anticipated for the first parts. We do not expect, as we move to additional parts, that this will be the norm. We are working with both customers and regulatory authorities to resolve any outstanding issues and speed up the transition of these processes. The market opportunity remains intact with the same TAM numbers that we have shown you before. This time around, we have also sought to illustrate the serviceable obtainable market, or SOM, that we can capture with our current capability. We see a SOM of around $3 billion in both commercial aerospace and industrials, and $1 billion in defense, backed by very clear investment cycles in all areas. Both Airbus and Boeing are ramping up aircraft production. Semiconductors are in the midst of an AI-driven upcycle, and defense spending is increasing across the U.S. and across NATO. The commercial aerospace market remains intact. Looking deeper into commercial aerospace, we see clear commitments from both Airbus and Boeing to transition parts into production using wired DED technology. Airbus is expecting to ramp up monthly production of the single aisle A320 to 75 aircraft per month by 2027, and production rate of the wide body A350 to 12 aircraft per month in 2028. Boeing is progressing towards its goal of increasing the 787 production rate to 10 aircraft/ month in next year. On the right hand of this chart, you see Airbus's own global plan for replacing forged titanium parts with additive titanium manufacturing across all of its aircraft programs. This is a game changer that we have been working towards. This year has shown us that we need to broaden our customer base and demonstrate the applicability of our technology across a broader industry base. Under the direction of our new CCO, our sales teams have performed a competitive, comprehensive market entry assessment, prioritizing markets that have applications offering high volume, high value, and short cycle opportunities. Ranging from space and satellites to military system maintenance, oil and gas, and longer-term automotive and robotics, we see a wide range of growth opportunities to build a sales volume. With this as a backdrop, we revised our business plan and revenue targets and now look for revenue of $70 million in 2026, anchored in firm contracts and mature commercial discussions. This will consist of a balanced mix of commercial and defense aerospace contracts and diversified industrial sales. Around 2/3 of projected sales are covered by firm contracts and mature discussions. Our previous revenue ambition of $150 million has shifted to 2028, reflecting delays we have seen and a more cautious ramp to the opportunities in commercial aerospace. Although these numbers represent a major step up from current revenue levels, it should be noted that they still represent only a fraction of our serviceable obtainable market opportunity. Ashar? Thank you. Thank you, Carl. As I mentioned before, the delays in the revenue ramp and the revised business plan mean we require additional growth capital. The cash flow break-even has shifted to early 2027, and the current cash reserves, therefore, are not sufficient to support us through this revised timeline. We're planning to raise $15 million in new equity in the third quarter, and combined with working capital facilities, which we've established relationships with during the first half of 2025, we expect to break- even by early 2027. We're also glad to say our three largest shareholders have committed to support the capital requirement of approximately $15 million. I'm going to hand it back to Carl to sum up the presentation. Thank you. Thanks, Ashar. Quickly summarizing, our market opportunity remains intact. Revenues have been delayed but not lost. We have a competitive first-mover advantage. Due to extended aerospace sales cycles, we are increasing our focus on broadening our customer base and building more diversified revenue streams. We expect revenues next year of $70 million, anchored in firm contracts and mature commercial discussions, with a $150 million revenue ambition shifted to 2028. As Ashar mentioned, cash flow break-even has moved to early 2027, and we are planning for an equity range raise of $15 million, which is supported by our three largest shareholders. With that, we're open for questions. Danielle from Capient will pose the questions for us. Okay. The first question we have, you revised your 2026 revenue forecast to $70 million. Why are you confident in this forecast now? If I may, this forecast is based on extensive research that we've done in the industrial markets, on the addition of four seasoned professionals in sales, on continuing operations with our current customer base. 2/3 of our forecast are currently anchored in contracts and mature discussions with our customers. You look at this, this is the most bottoms-up sales forecast that we have done. While it does not meet the original intent for this year, we really believe that this is an achievable, committed sales forecast. Okay. Next question. The timing of cash flow break-even has been delayed about 12 months. How dependent are you on Airbus and commercial aerospace? The market space that we're looking at is a pretty even mix between industrial sales and commercial aerospace. Of the commercial aerospace, we have added new customers, as you can see in the chart on the screen, that will spread the revenue streams beyond just Airbus. We've taken a factored approach to Airbus revenue and have plans for additional revenue streams in this forecast. Can you comment on the size of the Airbus third production order and its criticality to 2025 and 2026 revenue? I think all I can say about the size of the opportunity is it's fairly large. We have not taken it at a large value. We have been cautious in our approach for 2026, and therefore, it represents a portion of the $70 million, but is not the largest portion of the $70 million. Just to confirm, the third Airbus order is still on track? Yes, we have been in discussions with the commercial side of Airbus. We believe it is imminent, but we have, quite honestly, been unable to predict the exact timing, as our investors know. We believe that with the forecast we have, we've accounted for some delays in getting the award, and we do anticipate it in the second half of 2025. Okay. Is the forecast of $70 million in revenue next year based on your expected reported revenue, or is this a forecast of baseline ARR? It's a combination of multiple revenue streams, including industrial, which is more transactional, and the commercial, which is stickier and longer term. The transactional activity in industrial, it doesn't make sense to use ARR as a metric. We're not giving guidance on ARR. We're looking at our revenue target as the metric that we're trying to achieve in 2026. That $70 million revenue target for 2026, that is a revenue recognition target. Can you give an indicative level of your current net operating loss carryforwards? In the event the company began to show profitability, what proportion of these net operating loss carryforwards would then be recognized as deferred tax assets? Yeah, we do carry a significant amount of tax loss carryforwards, both in the U.S. and in Norway. I don't have the exact number off the top of my head, and I can report that. Those do convert into deferred tax assets, and in our forecasting, we do take credit for those tax loss carryforwards and project that into our cash flows as well. Okay. What caused ASML to stop ordering trees, and why do you expect these orders to resume by the end of the year? Our direct customer is Hittech. They had given us a forecast and provided orders that created an inventory within their shop. They are burning down that inventory, and we expect that, given that their demand from ASML hasn't changed and they're burning down their backlog, our orders will resume in the fourth quarter. Okay. Are the parts in your backlog building up your revenue targets all fully qualified for RPD, with remaining uncertainties mainly tied to customer contract timing and production volumes? As we get the purchase orders, we can begin the qualification of individual parts. Machine qualification and process qualification, we've gone through with our customers, but each individual part number will require some qualification level, and we depicted that in the short cycle part qualification and transition. Earlier, you have said your cash flow break-even revenue estimate is around $80 million. What is your current estimate of cash flow break-even revenue? We've earlier said it's between $70 million and $80 million. That hasn't changed. Even though it has shifted forward about 12 months, we don't see that changing. The operating leverage of the company is in place today. We are carrying the organization that we need to deliver the growth, and we expect that operating expense to be absorbed by margins as we scale to $70 million- $80 million in revenue. What is driving the delay in Airbus's order decision? Is there anything new to report since the last presentation? No. What's driving their delay, if you will, is the content of these parts are more critical than some we have delivered in the past. Increasing the number of additive parts that are critical is forcing them to spend more time with the regulation authorities, making sure they're comfortable with the package and the application. We have qualified all of the process, all of the parts that we are looking at. We anticipate a fairly straightforward path towards qualification. The position we're in right now is we expect that any outstanding questions that remain will be resolved in the next 30 days, and we'll see Airbus begin to make progress on the next procurement order. Who bears the risk of titanium price fluctuations during a multi-year production contract? You, your customers, or your suppliers? For titanium plate, we have the ability to purchase from our customers. In the case of Boeing and Airbus, our wire price is fairly fixed with long-term agreements for supply. The volatility of titanium is actually in our pricing, is the same problem that all of the suppliers, the forging houses, and others will have. For us, I think we're much more flexible because of our shorter lead times. We're able to buy our titanium on different markets, which is beneficial to us. Yeah. I would also add, in terms of long-term customer contracts, there is language there that we can fluctuate pricing in the long term. When we look at industrial markets, we look at the more transactional and short cycle customers. We're able to play with the pricing as we see the raw material pricing developing. It is important to note, though, that if raw material pricing is increasing, we're affected by it less than what legacy processes are affected by this pricing. Obviously, they procure more of the expensive material than we have to procure in order to deliver the same. On a like-for-like basis, we become even more attractive in that scenario. How should we expect working capital to fluctuate going forward? Yeah, that's a good question. Today, when we look at working capital today, there tends to be a bit of a lead time that we are planning towards because of the impending growth in revenue. We're carrying a bit of inventory on our balance sheet today, which is tying up our working capital. We do expect that to smoothen out as we scale, and as a percentage of sales, expect working capital to come down as we grow revenue. In the short term, what we see right now is probably the highest level, but as growth comes through, we will see that number going down as a percentage of revenue. We are planning for that. That's in the cash flow projections that we are presenting. We plan for that increase and decrease, and we also discuss that with our working capital credit providers, and they understand that position as well. Is the pace of expansion into industrial and defense markets fast enough to make up for a smaller than expected order from Airbus? We've taken in our forecast for next year, we've taken Airbus at a factored level in terms of both quantity and the number of parts. While they're important to us, we are emphasizing the industrial short cycle transactional activity as part of a broader set of revenue streams. In the past, we have had basically two revenue streams. We're anticipating that with the work we're doing right now, we will have multiple revenue streams, especially in the industrial area. That was actually all the questions that have come through. Excellent. Is there anything you'd like to conclude with? I think it's important to recognize that the process we've gone through to create our forecast for next year's $70 million in revenue has been a bottoms-up revenue forecast based on research that has been done for the industrial side, based on comments that we've had in our meetings with our current aerospace and defense customers, and the opportunity space that we have today. We have a commitment from our sales team that this is achievable to them, and we look forward to showing our actual performance in 2026. Thank you. Thank you.