u/Allinnwithgin

In recent weeks, Thor Medical has evolved from a construction project into a commercially active company. AlphaOne is in production, the first shipment has been made, and the biggest uncertainty has been virtually eliminated.
The stock continues to trade at around 6.08 NOK, which corresponds to a market capitalization of approximately 2.2 billion. I still consider this to be undervalued.

The company produces highly radioactive alpha emitters (Th-228, Ra-224, and Pb-212) that are used in the next generation of targeted cancer treatment, known as “Targeted Alpha Therapy.” Instead of irradiating large areas, the drug binds directly to the cancer cells and releases extremely high energy over a very short distance. This kills the cancer cells while largely sparing healthy tissue. Many view this as a revolution in cancer treatment, especially for patients in whom conventional radiation or chemotherapy has only limited effectiveness.
Thor Medical stands out because the company produces these isotopes without reactors or cyclotrons. The company uses natural thorium and a proprietary process (AlphaCycle) that is scalable and cost-efficient. This makes it a key supplier in an industry where the availability of pure alpha isotopes remains a bottleneck.
The numbers:
For AlphaOne, 21,000 patient doses are planned after three years.
21,000 × 16,000 NOK = approx. 336 million NOK in annual revenue.
For AlphaTwo, a capacity roughly 10 times greater has been announced.
210,000 × 16,000 NOK = approx. 3.36 billion NOK in annual revenue.
The company already has an order backlog of around 850 million and supplies companies such as AdvanCell, which collaborates with Eli Lilly. The demand for Pb-212 is real.
The half-year report will be released on August 28. It will likely be more of a status update than a major news release, but it may provide important information on the pace of deliveries and management’s assessment of the next steps. Many are also eagerly awaiting new price targets from analysts.

The risk has decreased significantly, production is underway, and the potential for scaling up is substantial. I believe the stock remains undervalued, and therefore more investors should keep an eye on Thor Medical now.

Thor Medical producerer de afgørende isotoper (thorium-228 → bly-212), der ligger til grund for den nye bølge af målrettede alfa-terapier. Det drejer sig om yderst præcise strålebehandlinger, der leverer enorm energi til kræftcellerne over en meget kort afstand og ødelægger dem, samtidig med at det sunde væv i vid udstrækning skånes. Tænk på det som en langt smartere og mere effektiv version af traditionel stråle- eller kemoterapi.
I modsætning til de fleste former for isotopproduktion har de ikke brug for atomreaktorer eller partikelacceleratorer. De udvinder isotoperne fra naturligt forekommende thorium ved hjælp af en egenudviklet, renere proces. Det gør forsyningen mere pålidelig og skalerbar – hvilket har været en af de største flaskehalse inden for hele dette felt.
De har netop taget deres første kommercielle anlæg (AlphaOne) i Herøya i brug og gennemført deres første levering til en kunde. Kapaciteten vil blive øget til 21.000 patientdoser i løbet af de næste par år, og de planlægger allerede det næste, langt større anlæg (AlphaTwo).
Siden denne kommercielle milepæl er interessen fra private investorer eksploderet. Alene hos Nordnet er over 700 nye aktionærer kommet til, og der er blevet handlet for ca. 320 mio. NOK på kort tid. Aktien er steget med mere end 40 % siden slutningen af juli.
Teknisk set ser det også stærkt ud – en opadgående tendens, et gennembrud fra et rektangulært mønster, og Investtech udsender et stærkt købssignal med kursmål, der ligger betydeligt højere.
Produktionsrisikoen er stort set væk. De producerer, leverer og har en solid ordrebog. Nu handler det om at gennemføre opskaleringen og skalere den teknologi, der kan være med til at åbne op for en helt ny generation af kræftbehandlinger.
Det er stadig tidligt, men dette føles som et af de tilfælde, hvor det fundamentale skift (fra projekt til faktisk produktion) er begyndt at vække opmærksomhed.
Er der andre, der holder øje med dette?

Thor Medical

AlphaOne is in commercial production, and they have already delivered the first batch of Thorium-228 to a customer. That’s a big difference.

The risk that previously hung over the stock, that the factory wouldn’t be completed, or that they wouldn’t be able to deliver—is, in practice, gone. Now the focus is on ramping up production, more deliveries, and eventually revenue. Jasper Kurth has stated that they are fully funded to reach cash breakeven by the end of next year. That provides reassurance.

The numbers remain promising. AlphaOne is projected to reach 21,000 patient doses after three years. At a price of around 16,000 kroner per dose, we’re looking at potential annual revenue of over 330 million from that plant alone.

But it doesn’t stop there. Thanks to the self-scaling production process (AlphaCycle), capacity continues to increase without major additional investments:

After approximately 5 years: around 35,000 doses, with a potential of approximately 560 million in annual revenue

After 10 years: around 60,000 doses, with a potential of approximately 960 million in annual revenue

And that’s before AlphaTwo, which is expected to have about ten times the capacity.

They are already supplying AdvanCell, which is collaborating with Eli Lilly. This demonstrates that the demand is real. Several Pb-212 programs are in clinical trials, and isotope availability remains a bottleneck. Thor Medical is one of the few companies that can actually deliver on an industrial scale without a reactor.

The stock is still trading at levels that do not fully reflect the fact that production is underway and that the first delivery has been completed. There are still short positions in the stock, but that does not change the fundamentals: they are now producing, they are delivering, and they have a clear path toward positive cash flows.

For those who have followed the company for a long time, it feels as though concrete results are finally starting to materialize instead of just plans. And for new investors, that is precisely what makes it interesting, that you can now invest in a company that is actually engaged in commercial operations, not just construction.

Look at the video how steady this guy is.

https://www.youtube.com/watch?v=G7N\_DWUxLXw

S19
https://cdn.prod.website-files.com/68adaf9cf868cdcb5fb4d517/68adaf9cf868cdcb5fb4d6b4\_Thor%20Medical%20Interim%202H%20and%20FY%202024%20Presentation.pdf

https://finance.yahoo.com/quote/TRMED.OL/?guce\_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce\_referrer\_sig=AQAAAGt\_FP0WEVaeKAJminLO8U4ustDKNJzmhTgk1h9HWfGIhdi86dyOl8zo34CbNG2qWhxgF3py82IlIcxanESBXwsuTbOG9jf-dTn8LNd0Isb\_wIzRHvr3KS\_a0TCCgmSo\_-ZXVjGHjdurI2CqKeoCpsDZy5ttaqukXjPJiXkDj-4o&guccounter=2

The production facility in Herøya has now begun commercial operations. Pb-212, Th-228, and Ra-224 are produced there; the first shipments to customers are already expected in August 2026. Capacity is to be gradually increased to 21,000 patient doses over the next three years.
CEO Jasper Kurth explains that the company now holds a leading position in the commercial supply of critical isotopes to the radiopharmaceutical industry.
I still believe it’s possible to get in on this. The fact that AlphaOne is already in production and deliveries are set to begin next month is a major step. However, the real potential could lie with AlphaTwo, which is expected to have a capacity about ten times greater.

Trmed - Thor Medical

https://www.thormedical.com/artikler/thor-medical-asa-alphaone-starts-commercial-production

The time has come to revolutionize cancer treatment!

Hi everyone,
I’ve been following Thor Medical (TRMED) for a while now, and I think things are starting to look really exciting right now. Let me explain why I think this could be huge:
They produce Thorium-228 and Lead-212—two important alpha-emitting isotopes used in next-generation cancer treatment (Targeted Alpha Therapy). Think of it as a precision weapon against cancer cells that delivers a high dose of radiation directly to the tumor, with minimal damage to healthy tissue. This is a field that’s growing extremely fast.
The main catalyst right now:
The AlphaOne facility at Herøya is complete (mechanical completion in April 2026) and is in the commissioning phase. They plan to start commercial production in Q3 2026—in other words, very soon. This is their first major commercial facility, and it is built on patented technology that is both environmentally friendly and cost-effective (no reactor required).
Strong contracts and partners:
They already have several multi-year agreements in place. The most exciting one is with AdvanCell—an Australian clinical-stage company developing Lead-212 therapies for prostate cancer. The agreement has been extended to approximately 150 million kroner over five years.
And the best part? AdvanCell has entered into a strategic partnership with Eli Lilly (yes, the pharmaceutical giant) to develop more such therapies. When Lilly brings its resources and expertise to the table, it validates the entire platform. That means increased demand for exactly what Thor Medical delivers.
They also have agreements with other players such as RadioMedix and Telix, so they’re building a solid portfolio of customers.

The market is crying out for a reliable supply of these isotopes.

Thor Medical is an early mover with a scalable facility.

Production will start soon, and revenue is expected to take off in the second half of 2026.

Their technology addresses a real bottleneck in a market that many believe will explode as more therapies come to market.
We’re talking about a Norwegian company that sits at the heart of the value chain for something that could revolutionize cancer treatment. With AlphaOne soon to be operational, strong contracts, and interest from Big Pharma through its partners, it feels like we’re on the cusp of something big.

Thor Medical ASA (TRMED) is awaiting final commissioning

Key reasons to invest now or keep an eye on the stock!

The biggest risk has already been eliminated

Mechanical Completion has been confirmed (April 17). The plant is physically complete, on schedule, and within budget.

We are now in the commissioning phase—the final major technical phase before production. Once this is complete, the biggest construction risk will be gone.

Good entry point while the market is calm

• The stock has been trading sideways for a while (around the NOK 4.4–5.5 range).

• Qube still has an active short position of 0.80%, which is weighing on the share price.

• At the same time, there is very little willingness to sell among large, long-term owners (Scatec, Kistefos, and others).

This presents a relatively attractive entry point ahead of the next catalysts.

Clear and imminent timeline

• Commissioning is currently underway (April–July/September).

• Production start is guided for Q3 2026 (just 2–5 months away).

• First commercial deliveries will begin to fulfill parts of the solid order book of ~NOK 850 million.

Strong foundation and unique position

• The company is fully funded through to positive cash flow by the end of 2027.

• Thor Medical is currently the only company near commercial scale with reactor-free production of alpha emitters (Pb-212, Ra-224, Th-228).

• Demand is growing rapidly, and they already have several strategic agreements (including with ARTBIO and an undisclosed big pharma customer).

Asymmetric upside

While awaiting the completion of commissioning, the market still does not fully price in commercial production. If commissioning goes well, we could see:

• Several positive updates in May/June

• A new Arctic FLASH

• Increased short-covering as momentum picks up

Realistic outlook

Commissioning is the phase where most industrial projects face the risk of minor delays. But by investing now, you get:

• An entry point before the big “production news”

• Potential for a technical rally and short squeeze

• Time to monitor progress

Key assumptions for valuation

• Order book: ~850 MNOK (multi-year agreements)

• AlphaOne capacity: Originally 15,000 doses/year, expanded to ~21,000 doses/year

• Price per dose: Estimated 12,000–20,000 NOK (depending on customer and volume)

• Potential revenue at full capacity: NOK 250–400 million per year

• Margins: Expected high gross margins (60–80%) once production is scaled up, typical for isotope suppliers

Possible valuation methods once production is underway

EV/Sales multiple

• At NOK 300 million in annual revenue (2027 estimate):

• 10x → NOK 3 billion market value (~NOK 8.3 per share)

• 15x → NOK 4.5 billion (~NOK 12.5 per share)

Thor Medical ASA (TRMED) is awaiting final commissioning

Key reasons to invest now or keep an eye on the stock!

The biggest risk has already been eliminated

Mechanical Completion has been confirmed (April 17). The plant is physically complete, on schedule, and within budget.

We are now in the commissioning phase—the final major technical phase before production. Once this is complete, the biggest construction risk will be gone.

Good entry point while the market is calm

• The stock has been trading sideways for a while (around the NOK 4.4–5.5 range).

• Qube still has an active short position of 0.80%, which is weighing on the share price.

• At the same time, there is very little willingness to sell among large, long-term owners (Scatec, Kistefos, and others).

This presents a relatively attractive entry point ahead of the next catalysts.

Clear and imminent timeline

• Commissioning is currently underway (April–July/September).

• Production start is guided for Q3 2026 (just 2–5 months away).

• First commercial deliveries will begin to fulfill parts of the solid order book of ~NOK 850 million.

Strong foundation and unique position

• The company is fully funded through to positive cash flow by the end of 2027.

• Thor Medical is currently the only company near commercial scale with reactor-free production of alpha emitters (Pb-212, Ra-224, Th-228).

• Demand is growing rapidly, and they already have several strategic agreements (including with ARTBIO and an undisclosed big pharma customer).

Asymmetric upside

While awaiting the completion of commissioning, the market still does not fully price in commercial production. If commissioning goes well, we could see:

• Several positive updates in May/June

• A new Arctic FLASH

• Increased short-covering as momentum picks up

Realistic outlook

Commissioning is the phase where most industrial projects face the risk of minor delays. But by investing now, you get:

• An entry point before the big “production news”

• Potential for a technical rally and short squeeze

• Time to monitor progress

Key assumptions for valuation

• Order book: ~850 MNOK (multi-year agreements)

• AlphaOne capacity: Originally 15,000 doses/year, expanded to ~21,000 doses/year

• Price per dose: Estimated 12,000–20,000 NOK (depending on customer and volume)

• Potential revenue at full capacity: NOK 250–400 million per year

• Margins: Expected high gross margins (60–80%) once production is scaled up, typical for isotope suppliers

Possible valuation methods once production is underway

EV/Sales multiple

• At NOK 300 million in annual revenue (2027 estimate):

• 10x → NOK 3 billion market value (~NOK 8.3 per share)

• 15x → NOK 4.5 billion (~NOK 12.5 per share)