On 9 October 2026, Amaero Inc (ASX:3DA) released an ASX announcement titled Update on U.S. Initial Public Offering and Amendment to EXIM Loan. The company said it has filed Amendment No. 3 to its Registration Statement on Form S-1 (File No. 333-298612) with the US Securities and Exchange Commission (SEC) for a proposed initial public offering of its common stock in the United States.

Preliminary unaudited estimates for the September quarter

The registration statement includes preliminary unaudited estimates for the quarter ended 30 September 2026, expressed as a range in thousands of Australian dollars. Revenue is estimated at A$5,607 to A$5,833 thousand and cash and cash equivalents at A$7,095 to A$7,109 thousand. Backlog is estimated at A$19,249 to A$19,263 thousand, and net cash used in Operating Activities at A$8,991 to A$9,260 thousand.

Revenue and Operating Cash Flow reflect an average USD:AUD rate of 1.4158 for the quarter, while cash and backlog reflect a rate of 1.4333 at 30 September. The company stated that the figures are based on currently available information, are the responsibility of management and have not been audited, reviewed, examined or compiled by any firm.

Amendment to the EXIM Credit agreement

Amaero amended its credit agreement with the Export-Import Bank of the United States (EXIM) to reduce the amount required in the pledged Collateral account from 20% to 10% of the outstanding Loan balance. The change resulted in the immediate release of A$2,961,000 of restricted cash to the company. After this release, estimated cash and cash equivalents would have increased to A$10,056,000 to A$10,070,000 at 30 September 2026.

As part of the amendment, EXIM’s asset collateral was expanded to include substantially all Assets of the borrower, the company and the other guarantors. The first test date for the Liquidity covenant was deferred from 30 September 2027 to 30 September 2028.

Status of the offering

The company stated that the registration statement has not yet been declared effective and that securities may not be sold, nor offers to buy accepted, before that time. The announcement does not state the offering size, price or timing, and it says it does not constitute an offer to sell or a solicitation to buy. It notes that underwriters may engage in stabilising actions in connection with the offering.

Sector backdrop

Companies listed on the ASX sometimes pursue a US listing to access a different investor base, and a US IPO requires a registration statement to be filed with and declared effective by the SEC. Amendments to the filing are common as the process progresses, and updated financial information is frequently added.

Government-backed export finance, such as EXIM facilities, often includes collateral accounts and financial covenants. Changing those terms can alter a company’s accessible cash without changing its overall indebtedness.

Risks shareholders should weigh

The IPO is not complete, and the registration statement has not been declared effective. Whether, when and on what terms an offering proceeds is unknown, and market conditions may affect it.

The quarterly figures are preliminary estimates and unaudited, and are presented as ranges. Net cash used in operating activities was estimated at A$8,991 to A$9,260 thousand against cash of A$7,095 to A$7,109 thousand before the collateral release, so funding is a consideration the announcement does not address in detail.

The EXIM amendment expands lender collateral to substantially all assets of the borrower and guarantors. The liquidity covenant test has been deferred rather than removed, to September 2028, and the loan remains outstanding. Exchange Rate movements between the US and Australian dollars affect the figures as presented in Australian dollars.

What’s next

The next step is for the registration statement to be reviewed by the SEC and, if it proceeds, declared effective before any securities can be sold. Further details are in the registration statement on the SEC website. Shareholders may wish to watch for further ASX announcements on the offering and on the audited results.