Thor Medical (Trmed)

Why you should keep an eye on Trmed - Thor Medical ASA and consider adding it to your portfolio!

Key milestones that strengthen the case right now

First batch of ultra-high-purity Pb-212 delivered to a major pharmaceutical customer for preclinical use

In 2025, Thor Medical delivered the first batch of ultra-high purity Pb-212 from its pilot plant to a major pharmaceutical company (big pharma) for preclinical studies. This marked the company’s first revenue (albeit modest) and confirmed that the technology delivers the high quality customers demand. This opens the door to further volume and potential commercial agreements as production scales up.

Strategic sales agreement for thorium-228 signed with an undisclosed global leader in targeted alpha therapy

In June 2025, Thor Medical entered into a five-year strategic agreement to supply Th-228 to a global leader in TAT. The partner has an extensive portfolio of TAT programs targeting solid tumors. The agreement helped significantly expand the order book and triggered a capacity expansion of the AlphaOne facility (approx. 40% greater capacity). This is one of several multi-year agreements that together have built an order book of around NOK 850 million.

These two milestones, along with several other agreements (including those with ARTBIO, AdvanCell, Oncoinvent, Telix, NucliThera, RadioMedix, and most recently Node Pharma in March 2026), demonstrate strong commercial momentum and validation from both big pharma and leading TAT companies.

Short position from Qube + low willingness to sell

Qube Research & Technologies has a reported short position of 0.61% (as of March 27, 2026). This is a typical quantitative/model-driven short position that often reacts to technical movements rather than fundamental news.

At the same time, there is low willingness to sell among many long-term owners (including Scatec Innovation and Kistefos, which have demonstrated loyalty through previous rounds and incentive schemes). The stock often trades on low volume, and there are few signs of heavy selling. A technical rally (e.g., a break above key levels) could therefore force Qube to cover its short position—which historically can trigger rapid short-squeeze effects in small/mid-cap stocks like this one.

Major operational catalyst: AlphaOne plant nearing completion

AlphaOne at Herøya Industrial Park is the company’s first full-scale commercial production facility. Construction is on track:

• Mechanical completion is expected in Q2 2026 (April–June).

• Production start-up planned for Q3 2026.

The facility will deliver significantly higher volumes of high-purity Th-228, Ra-224, and Pb-212, and is fully financed (including an equity raise and a loan from Innovation Norway). The order book of ~NOK 850 million is positioned to be realized as production ramps up, with expected revenue growth starting in H2 2026 and positive cash flow toward the end of 2027.

Q3 2026 is fast approaching

We are just months away from Q3—the period when AlphaOne is set to begin commercial production. This is a clear milestone that the market often prices in ahead of time. The latest reports (H2/FY 2025 from February 2026 and the annual report from March) confirm that everything is on track, with strong commercial momentum. In addition, the annual general meeting on April 23, 2026, will bring extra attention to the company.

Financial figures and key metrics (as of April 2026)

• Share price: Approx. NOK 5.35 (the latest available quotes show a level of around NOK 5.2–5.35 following an uptick in recent days).

• Market capitalization: Approx. NOK 1.9–1.93 billion.

• Order backlog: ~NOK 850 million in multi-year framework agreements.

• Cash and cash equivalents: NOK 180.6 million at the end of 2025 (the company is well-financed through equity raising totaling approx. NOK 300 million + NOK 90 million in loans from Innovation Norway/DNB).

• Financial results for 2025: Operating revenue of NOK 0.8 million (first revenue from Pb-212), EBITDA of -NOK 48.7 million, EBIT of -NOK 69.7 million, loss before tax of approximately -NOK 62 million. The company is still in the build-up phase with monthly costs of approximately NOK 4–5 million.

• Expectations: Revenue growth starting in H2 2026 (when AlphaOne launches), with the goal of achieving positive cash flow by the end of 2027. Analyst estimates project revenues of approximately NOK 49 million in 2026, NOK 168 million in 2027, and NOK 184 million in 2028. AlphaOne has the capacity to deliver up to 21,000 patient doses annually after three years, with potential annual revenue exceeding NOK 350 million at full capacity.

The company trades at low to moderate volume, and there are limited signs of heavy selling among long-term owners.