Highlights

  • Amaero shares rose 9.62% to AUD 0.28 during the morning session on 22 July 2026 following its June-quarter update.
  • Q4 FY2026 revenue reached a record AUD 7.8 million, representing growth of 417% over Q4 FY2025.
  • FY2026 revenue increased 376% to AUD 18.1 million and remained within the company’s AUD 18–20 million guidance range.
  • Amaero’s total backlog increased to AUD 23.1 million by 22 July 2026, including AUD 12.9 million scheduled through December 2026.
  • The company commissioned its third premium atomizer, doubling titanium alloy powder capacity and completing its AUD 72 million investment program.

Amaero Limited (ASX:3DA) shares advanced 9.62% to AUD 0.28 during the morning session on 22 July 2026 after the company released its activities report for the quarter ended 30 June 2026. Despite the daily rise, the stock remained 40.63% lower over the previous year. The latest market movement followed an update featuring record quarterly and annual revenue, additional customer contracts, a higher commercial backlog and the completion of a major manufacturing expansion program. The announcement was favourable overall, although it also outlined a temporary production pause, sizeable operating expenditure and continued cash usage.

About Amaero

Amaero is an ASX-listed advanced manufacturing company headquartered in Tennessee, United States. It produces high-value refractory and titanium alloy powders used in additive and advanced manufacturing applications across the defence, space, aviation and medical industries.

The company also manufactures large, near-net-shape components using powder metallurgy hot isostatic pressing, commonly referred to as PM-HIP. This production process is intended to provide material properties and microstructures comparable with forged components and is being used to address constrained domestic supply chains for large castings and forgings.

Amaero’s operations include advanced gas atomisation technology for producing spherical metal powders. Its manufacturing platform now comprises three Electrode Induction Melting Inert Gas premium atomizers, including two dedicated to titanium and one to refractory alloys.

Record Revenue Marks a Step-Up in Commercial Activity

Amaero reported Q4 FY2026 revenue of AUD 7.8 million, representing growth of 417% compared with Q4 FY2025. The result was the company’s highest quarterly revenue to date.

For the full year, revenue reached AUD 18.1 million, up 376% from AUD 3.8 million in FY2025. The outcome was within Amaero’s previously stated FY2026 guidance range of AUD 18 million to AUD 20 million.

The quarterly result was supported by deliveries across multiple parts of the business. Amaero shipped 30 PM-HIP components during the reporting period, together with titanium and refractory alloy powders.

Revenue could have been higher without the temporary disruption to titanium manufacturing. Approximately AUD 1.3 million of contracted titanium powder orders originally expected in Q4 FY2026 were deferred to Q1 FY2027 because of the six-week production pause.

Excluding this timing impact, the company estimated that Q4 FY2026 revenue would have reached approximately AUD 9.1 million, while full-year revenue would have been around AUD 19.5 million.

The deferred orders were not cancelled and are expected to be shipped during the first quarter of FY2027.

Backlog Expands to AUD 23.1 Million

Amaero’s order position increased further after the end of the quarter.

The company reported a backlog of AUD 14.6 million as of 30 June 2026. Since then, approximately AUD 8.5 million of additional contracts were secured, taking the total backlog to AUD 23.1 million as of 22 July 2026.

Of this total, AUD 12.9 million relates to work currently scheduled for completion by 31 December 2026.

The post-quarter additions included a contract worth approximately AUD 6.5 million, or US$4.5 million, from the United States Department of War for the development of alternative refractory alloy powders. Amaero also secured AUD 1.8 million in additional refractory powder orders.

The 13-month Department of War program is expected to be completed by August 2027. Its objective is to lower the cost of refractory alloy powders while reducing reliance on foreign sources of critical raw materials. Payments will be made as specified project milestones are achieved.

Amaero said its backlog now covers 26 separate customers and includes demand across powder manufacturing and PM-HIP production. The company has also contracted more than 28 metric tonnes of titanium powder for the third quarter of calendar year 2026.

New Titanium Agreement Supports FY2027 Demand

During the quarter, Amaero secured a Master Purchasing Agreement containing a minimum commitment of AUD 7.8 million for titanium alloy powder deliveries in FY2027.

The company also entered a three-year exclusive agreement with United Performance Metals, under which the distributor will market Amaero’s titanium alloy powders to customers across defence, aerospace, space, medical and industrial sectors.

Amaero will serve as United Performance Metals’ exclusive supplier of titanium alloy powders under the arrangement. The agreement is supported by an initial purchase order for 4,000 kilograms and includes a minimum inventory requirement intended to support on-demand sales.

The company continued to progress qualification programs and commercial supply discussions across titanium powders, refractory powders and PM-HIP manufacturing during the quarter.

These programs are aimed at converting customer testing and validation activity into recurring production contracts. Commercial engagement also continued across defence, space, aviation and medical applications.

Submarine Program Moves From Validation to Production

After the quarter ended, Amaero received its first Low-Rate Initial Production order from Bechtel Plant Machinery Inc. for piping components connected with the United States submarine industrial base.

The contract, announced on 1 July 2026, was valued at US$344,000.

Amaero said the order marked its progression from PM-HIP validation work into production. The company had previously completed work with Bechtel Plant Machinery across development, demonstration and first-article stages.

A total of six earlier contracts had been awarded by Bechtel Plant Machinery. The latest order extends that relationship into low-rate initial production and supports Amaero’s efforts to qualify additional submarine-related components.

The order also follows a letter of support issued by the United States Department of the Navy in December 2025.

Third Atomizer Doubles Titanium Capacity

Amaero commissioned its third EIGA premium atomizer during the June quarter, ahead of schedule.

The new unit is the company’s second atomizer dedicated to titanium alloy powder production. Its commissioning completed Amaero’s original three-year capital investment program, which involved total expenditure of AUD 72 million.

The program was completed on schedule and within budget.

Amaero entered FY2027 with three operating atomizers: one producing refractory alloys and two producing titanium alloy powders. The installed platform provides annual capacity of approximately 200 metric tonnes of refractory alloy powders and 480 metric tonnes of titanium alloy powders.

The additional titanium unit effectively doubled the company’s titanium alloy powder production capacity.

Amaero is also progressing the next phase of its manufacturing expansion. This includes a fourth EIGA premium atomizer, which remains scheduled for June 2027, and an argon gas recycling plant targeted for commissioning in the first quarter of calendar year 2027.

The recycling plant is expected to support manufacturing efficiency, while the fourth atomizer would add further production capacity.

Titanium Production Resumes After Safety Review

The company’s manufacturing progress was affected by two operational incidents at its Tennessee facility during May 2026.

On 13 May, a flash fire occurred during production activity and injured two employees. Amaero said the incident was confined to a limited area and did not damage the facility or its manufacturing equipment.

A separate flash fire later occurred within the facility’s exhaust system. No injuries or equipment damage were reported from the second incident.

Following the events, Amaero paused titanium powder manufacturing for approximately six weeks and conducted a review of its facility design, engineering controls, systems and production processes.

The review was undertaken with Jensen Hughes, an independent safety and risk-based engineering consultant. Amaero said it implemented enhancements arising from the assessment before restarting titanium production after the end of the quarter.

Refractory powder manufacturing and PM-HIP operations continued during the pause. This included completion of the AUD 4.6 million Titomic refractory powder order.

The company reported no customer order cancellations and no employee attrition during the temporary shutdown.

Adjusted G&A Remains Broadly Stable

Reported general and administrative expenditure increased to AUD 9.2 million in Q4 FY2026 from AUD 6.6 million in Q3 FY2026.

The quarterly figure included AUD 2.8 million of non-recurring costs associated with the company’s proposed initial public offering and its redomiciliation to the United States. Q3 FY2026 had included AUD 0.8 million of comparable non-recurring expenses.

Q4 also included AUD 0.4 million of non-recurring costs linked to the May manufacturing incidents.

After excluding these items, adjusted general and administrative expenditure was AUD 6.0 million, compared with AUD 5.9 million in the previous quarter.

Cash Falls as Investment and Operating Spending Continue

Amaero ended the quarter with AUD 19.43 million in cash and cash equivalents, compared with AUD 33.42 million at the beginning of the period.

Operating activities used AUD 10.90 million during the quarter. Customer receipts totalled AUD 4.20 million, while product manufacturing and operating payments amounted to AUD 8.73 million.

Staff payments were AUD 2.90 million, and administration and corporate payments totalled AUD 3.16 million.

Investing activities used AUD 9.38 million, including AUD 8.52 million spent on property, plant and equipment. A further AUD 856,000 was transferred to a restricted account connected with EXIM Bank loan drawdowns.

Financing activities provided AUD 6.72 million, primarily from AUD 6.86 million in net borrowing proceeds.

Amaero reported total available funding of AUD 24.84 million, comprising AUD 19.43 million of cash and AUD 5.41 million of unused financing facilities. Based on quarterly operating cash outflow, the company estimated that this represented 2.28 quarters of funding.

EXIM Facility Increased to US$26.1 Million

During June 2026, Amaero amended its Export-Import Bank credit agreement to increase the total commitment from US$22.8 million to US$26.1 million.

The US$3.3 million increase provides approximately US$2.9 million in additional net cash after the applicable exposure fee.

The facility carries a fixed interest rate of 5.36% per annum and an estimated effective rate of approximately 8%. Interest payments are due to begin on 30 September 2026.

Principal repayments are scheduled across 28 quarterly instalments, starting on 30 September 2027 and ending on 30 June 2034.

During the June quarter, Amaero completed two drawdowns totalling AUD 7.72 million, comprising AUD 6.86 million of net cash proceeds and an AUD 862,000 non-cash exposure fee.

U.S. Redomiciliation and Proposed Listing Progress

Amaero completed its redomiciliation from Australia to the United States during the quarter, making Amaero Inc. the new parent entity.

Its CHESS Depositary Interests continue to trade on the ASX on a one-for-one basis.

The company said the new structure better aligns with its United States-based operations, customers and growth strategy. It is also intended to address foreign ownership considerations when pursuing classified federal and defence contracts.

After the quarter, Amaero confidentially submitted a draft Form S-1 registration statement to the United States Securities and Exchange Commission in connection with a proposed initial public offering.

The number of shares and proposed price range have not yet been determined. The transaction remains dependent on market conditions, completion of the SEC review and other requirements.

Amaero is targeting a potential United States listing in late calendar year 2026 or early calendar year 2027.

What This Means for Investors

Amaero’s June-quarter report was favourable in terms of revenue growth, customer contracting and manufacturing capacity.

Record Q4 revenue, a backlog of AUD 23.1 million, the AUD 7.8 million titanium supply commitment and the Department of War contract provide visibility over part of the company’s near-term commercial activity.

The completion of the third atomizer also gives Amaero materially higher production capacity as it enters FY2027.

However, investors also need to consider the operating cash outflow, lower quarter-end cash balance and the disruption caused by the Tennessee incidents. The company has restarted titanium production, but future performance will depend on manufacturing execution, delivery of contracted orders and conversion of customer programs into recurring revenue.

The 9.62% share price increase on 22 July 2026 followed the release of these developments, although the stock remained down 40.63% over the previous year.