Amaero Secures US$4.5M Department of War Contract Amid Record FY2026 Revenue

Record Revenue and Production Scale-Up

Amaero Inc. (ASX:3DA) delivered a striking 376% revenue jump for FY2026, reaching A$18.1 million, in line with its guidance. The company’s Q4 haul of A$7.8 million marked a 417% year-on-year surge, despite a six-week titanium powder production pause that deferred A$1.3 million in orders to the next quarter. This quarter’s growth was propelled by shipments of 30 PM-HIP components alongside titanium and refractory powders, underscoring a strong execution against contracted demand.

The company now boasts a backlog of A$23.1 million, including A$8.5 million in contracts secured post-June 30, with A$12.9 million slated for completion by year-end. This backlog spans 26 customers and reflects broadening commercial traction across defense, space, aviation, and medical sectors.

Completion of Capital Expansion and Operational Resilience

Amaero completed its original three-year A$72 million capital investment program on schedule and budget, commissioning its third Electrode Induction Melting Inert Gas (EIGA) Premium Atomizer ahead of plan. This addition doubled titanium alloy powder production capacity, bringing total annual capacity to approximately 680 metric tonnes, 200 MT for refractory alloys and 480 MT for titanium powders. The company is also progressing the commissioning of a fourth atomizer and an argon gas recycling plant, both expected in 2027.

Following two flash fire incidents at its Tennessee facility in May, Amaero paused titanium powder production for six weeks to conduct a comprehensive safety review with independent experts Jensen Hughes. The company maintained refractory powder and PM-HIP manufacturing throughout this period and resumed titanium production without any purchase order cancellations or employee attrition, reflecting operational discipline and customer confidence.

Strategic Commercial Wins and US Market Positioning

Commercial momentum accelerated with a new Master Purchasing Agreement securing a minimum of A$7.8 million in titanium alloy powder deliveries for FY2027. Amaero also inked a three-year exclusive supply and distribution deal with United Performance Metals (UPM), supported by an initial 4,000 kg purchase order, expanding its reach into defense and aerospace markets.

Post-quarter, Amaero secured a low-rate initial production contract worth US$344,000 from Bechtel Plant Machinery Inc. (BPMI) for submarine piping components. This contract builds on a series of six prior awards, positioning Amaero as a key supplier to the US submarine industrial base and benefiting from recent US Navy endorsements of PM-HIP manufacturing technology.

A$6.5 Million US Department of War Contract Advances Refractory Alloy Development

In a major strategic boost, Amaero was awarded a A$6.5 million (US$4.5 million) contract by the US Department of War to develop alternative refractory alloy powders over a 13-month program ending August 2027. The initiative aims to reduce costs and reliance on volatile foreign supply chains for critical raw materials, focusing on alternatives interoperable with the aerospace-grade C103 alloy, an established niobium-based material essential for hypersonic and space propulsion systems.

The contract includes milestone-based monthly payments, with approximately 40% of revenue expected in the second half of 2026 and 50% in the first half of 2027. Amaero will leverage its advanced gas atomization technology and PM-HIP manufacturing process, collaborating with strategic partners to down-select and test promising alloy candidates. This award cements Amaero’s role as a thought leader in next-generation refractory powders critical to US defense and aerospace capabilities.

Corporate Restructuring and US IPO Prospects

Amaero finalized its redomiciliation from Australia to the United States, establishing Amaero Inc. as the ultimate parent company while maintaining its ASX listing via CHESS Depositary Interests. This move aligns the corporate structure with its US-centric operations and customer base, easing eligibility for classified defense contracts by addressing foreign ownership concerns.

The company also completed a PCAOB audit of its 2024 and 2025 US GAAP financials, underpinning its confidential Form S-1 registration statement filed with the US Securities and Exchange Commission. The proposed US IPO is targeted for late 2026 or early 2027, pending market conditions and regulatory review.

Financially, Amaero increased its EXIM Bank credit facility by US$3.3 million to US$26.1 million, providing additional non-dilutive capital to support ongoing expansion and operations.