Amaero Posts Record Quarter on Increased Commercial Demand

Amaero (ASX: 3DA) generated record Q426 revenue of A$7.8 million, up 417% year-on-year, as scaled production and commercial demand lifted full-year revenue to A$18.1m.

The quarter included shipments of 30 powder metallurgy-hot isostatic pressing (PM-HIP) components and titanium and refractory powders to 19 unique customers, while A$1.3m of titanium powder orders shifted into 1Q27 after a six-week production pause.

FY26 revenue increased 376% to sit within Amaero’s A$18m to A$20m guidance, comprising A$15.6m from powder sales and A$2.6m from PM-HIP activities.

Backlog reached A$23.1m by 22 July after Amaero secured A$8.5m of contracts following the end of June, with A$12.9m of work currently scheduled for completion by 31 December 2026.

Powder contributed 89% of Q4 revenue and PM-HIP supplied the remaining 11%, with the deferred titanium shipments taking adjusted quarterly revenue to A$9.1m.

Safety Review Completed

Amaero resumed titanium powder production after completing a process, system, and facility safety review and implementing remediation measures, with no purchase order cancellations or employee attrition recorded during the pause.

Refractory powder production and PM-HIP manufacturing continued throughout the interruption, supporting delivery against contracted demand across both product categories.

The backlog spans 26 customers and includes more than 28 tonnes of titanium powder contracted for the third quarter of CY26, alongside continued PM-HIP contracting supported by submarine industrial base demand.

Commissioning of a third atomiser ahead of schedule lifted annual powder capacity to about approximately 200t of refractory powder and 480t of titanium powder.

A fourth atomiser scheduled for commissioning in June 2027 is expected to lift annual capacity to 920t, while an argon recycling plant is on track to begin operating in early 2027.

Production And Revenue Growth

Amaero had deployed about A$80m into tangible assets by the end of June—including its Tennessee facility, atomisation equipment, and inventory—as it moved from capacity development into production and revenue growth.

The group completed its redomiciliation to the US during the quarter and submitted a draft Form S-1 registration statement to the US Securities and Exchange Commission (SEC).

Amaero is targeting a potential US listing in late CY26 or early CY27, subject to market conditions and completion of the SEC review process, while retaining its ASX listing.

While Delaware-based Amaero Inc. is now the ultimate parent company, shareholders retain equivalent economic ownership, and the company’s operations, strategy, and management remain unchanged.

DoW Alloy Powder Contract

Commercial momentum was reinforced by a US Department of War (DoW) contract worth approximately A$6.5m (US$4.5m) for a 13-month program to develop lower-cost alternative high-temperature refractory alloy powders and reduce reliance on foreign critical raw material sources.

Amaero will select two development alloys, atomise the materials through its gas atomisation technology, and manufacture test parts through PM-HIP.

The company will work with strategic suppliers to produce three-dimensional printed coupons for testing.

The program is scheduled for completion in August 2027, with Amaero expecting to recognise about 40% of the revenue in the second half of CY26 and about 50% in the first half of CY27.

“We appreciate being selected as a trusted and strategic partner with unique technical and production capabilities and we look forward to collaborating with DoW to advance the next generation refractory alloy powders,” chief executive officer Hank J. Holland said.