TR TRMED.OL Thor Medical ASA Loading... : Bullish and Bearish Analyst Opinions

Thor Medical extracts Th-228, Ra-224 and Pb-212 from natural thorium without a reactor, and its AlphaOne plant is in commercial production with self-scaling feedstock and first deliveries done. The author sees NOK 330–350m revenue potential at 21k patient-dose equivalents and positive EBITDA around 2027, with a cited NOK 850m backlog and named customers including AdvanCell, Oncoinvent, RadioMedix, Telix, NucliThera, Eckert & Ziegler and Minerva. Catalysts include AdvanCell's updated phase 1b data at ESMO in October, Alpha Tau's FDA PMA top-line late 2026 or early 2027, and Oncoinvent's phase 2 interim late 2026. Main stated risks are dilution from the NOK 300m raise at NOK 4.80, a disclosed Two Sigma short, a pending subsequent offering, and the fact that drug/device approvals do not guarantee Thor wins every kilo.

Author argues Thor Medical is a Norwegian thorium isotope supplier whose AlphaOne plant is complete and in commercial production, with first deliveries done, self-scaling output, and a cited ~NOK 850m backlog from named radiopharma customers. The author sees revenue potential around NOK 330–350m at 21k patient-dose equivalents and positive EBITDA targeted around 2027, with a NOK 300m raise funding a US expansion called AlphaGlobal. The stock is viewed as cheap because plant risk is largely behind, cash is in, and the market gives little credit to a ~NOK 677m tax-loss carryforward from the old Nordic Nanovector shell. Main stated risks include dilution, a disclosed Two Sigma short, an ongoing subsequent offering, and the fact that drug or device approvals do not guarantee Thor wins every isotope kilo.