Amaero Releases Quarterly Activities Report for the Period Ending March 2026
MCDONALD, Tenn., April 21, 2026 (GLOBE NEWSWIRE) -- Amaero Ltd (ASX:3DA, OTCX:AMROF) ("Amaero" or the "Company"), a leading producer of high-value refractory and titanium alloy powders for additive and advanced manufacturing, and a leader in PM-HIP (Powder Metallurgy Hot Isostatic Pressing) manufacturing, is pleased to provide an overview of its operations to accompany the Appendix 4C for the quarter ending March 31, 2026.
Amaero continued to execute on its manufacturing scale-up and commercial programs during the March quarter, making solid progress in production capacity, customer qualification, and corporate initiatives. Entering Q4 FY2026, the Company is well positioned to deliver a strong finish to FY2026, supported by A$8.4 million in contracted revenue for Q4 FY20261 and additional capacity coming online, while also building momentum into FY2027.
HIGHLIGHTS
Financial Performance
- Q3 FY2026 revenue of A$2.6 million (+301% vs Q3 FY2025), in line with A$2.5 million in contracted revenue disclosed in January2
- A$8.4 million of contracted revenue for Q4 FY2026, compared to A$7.2 million disclosed in January,2 supporting near-term revenue visibility
- A$18+ million of FY2026 revenue is contracted, underpinning confidence in guidance of A$18-20 million (up 372%-425% vs FY2025)2
Capital Investment Execution
- The Company's three-year capital investment program remains on track and within budget for completion by June 30, 2026, supporting the continued expansion of production capacity
- The Company will continue with incremental capital investments for argon gas recycling plant which is expected to be commissioned by end calendar year and for EIGA #4 which is expected to be commissioned in June 20273
- Ongoing manufacturing optimization across operational atomizers with a focus on process safety, quality controls and throughput improvement
Disciplined Management of G&A Expenses
- Trailing 12 Months (TTM) revenue increased 347% year-over-year (YoY). TTM General & Administrative (G&A) expenses increased 18% YoY for same period4
Strong Balance Sheet
- Ending cash balance of A$38.3 million, includes A$4.9 million of restricted cash. EXIM Bank disbursement equal to A$5.8 million for previously incurred capital expenses is expected to be received in April. Proforma cash balance after EXIM disbursement equals A$44.1 million
Operational and Strategic Progress
- Continued to scale production with expected 100% YoY increase in titanium powder production in FY2027
- Announced intention to re-domicile to the United States, progressing corporate structure aligned with priority policy initiatives in the U.S. Department of War contracting requirements, Tennessee-based operations and domestic customer base5
- Governance strengthened with the proposed appointment of experienced US public company director, Tim ‘TJ' Johnson, as Non-Executive Director and prospective Chair of the Audit and Risk Committee6
- Eric Bono will simultaneously transition from Executive Director to a board advisory role and continue in senior executive role as Chief Technology Officer6
Commercial Progress
- Secured titanium powder revenue in Q4 FY2026 reflects 62% increase over Q3 FY2026 and reflects full capacity utilization for current quarter
- Commenced powder shipments to Titomic Limited (ASX:TTT) under the A$4.6 million purchase order received in December 2025,7 representing initial deliveries under the parties' five-year exclusive supply and development agreement, in support of Titomic's program with a leading US defense prime contractor
- Contracts to atomize 14 different refractory alloys that include Niobium, Molybdenum, Tungsten, Tantalum, Rhenium and Zirconium
- Continued advancement of multiple PM-HIP first article qualification programs with US Department of Defense Prime Contractors
- 14 active contracts for PM-HIP manufactured components
Pipeline Development and Market Activity
- Continued to advance a diversified pipeline of commercial opportunities across defense, aerospace space, medical and industrial markets
- End of federal government shut down and approved FY2026 defense budget have resulted in signed contracts and increased contracting activities
- Ongoing engagement supported by a prior US Navy Letter of Support for PM-HIP manufacturing process8
Hank J. Holland, Amaero's Chairman and CEO, commented:
"The March Quarter represents more steady and measurable progress. The decision to re-domicile to the United States is a natural culmination of our strategy to be recognized, valued and funded as an essential enabler of America's defense industrial base and sovereign manufacturing and supply chain ecosystem. We commenced powder shipments to Titomic under our exclusive agreement, continued to advance PM-HIP qualifications with major defense prime contractors, commenced installation of the third EIGA atomizer, and strengthened our board with the nomination of TJ Johnson - who brings deep US public-company governance expertise that will be invaluable as we pursue a potential US listing. The Scheme booklet will be dispatched to shareholders in early May 2026, and we look forward to a shareholder vote in June 2026. With contracted Q4 revenue of A$8.4 million, resolution of the federal budget headwinds, and our 3-year capital investment program on track for completion by June 30, our focus is unequivocal: disciplined execution, scaling production, securing strategic commercial contracts and converting the world-class manufacturing platform we have built into sustainable long-term value for our shareholders."
Financial Performance and Revenue Visibility
Amaero delivered strong revenue growth in Q3 FY2026, with revenue of A$2.6 million, representing a 301% increase vs. Q3 FY2025. Trailing twelve-month revenue increased 347% year-over-year, reflecting accelerating commercial traction and the successful conversion of customer demand into revenue. The Q3 revenue was in line with A$2.5 million contracted revenue guidance in January. Powder revenue growth continues to be driven by exclusive supplier agreements and secured customer programs, while PM-HIP revenue is expected to scale over time as longer sales cycles, qualification processes, and manufacturing lead times progress.
Contracted revenue of A$8.4 million for Q4 FY2026 provides clear visibility into near-term revenue and reflects an increase to the A$7.2 million contracted revenue guidance in January. Q4 FY2026 contracted revenue underpins Amaero's reaffirmed FY2026 revenue guidance of A$18 million to A$20 million, with over A$18 million already contracted. The Company continues to build a robust commercial pipeline.
Capital Deployment and Financial Position
Amaero continues to execute its capital investment program in line with its production ramp, with tangible assets reaching A$72.0 million. Capital deployment remains focused on enabling production capacity and supporting revenue delivery, while mitigating supply chain and input cost risks.
The Company reported a cash balance of A$38.3 million, including A$4.9 million of restricted cash. Proforma cash balance after EXIM Bank disbursement for previously incurred capital expenses is A$44.1 million. The balance sheet strength positions Amaero to execute on its near-term growth initiatives while maintaining financial flexibility.
Manufacturing & Operational Progress
Amaero's manufacturing activities during the March 2026 quarter were focused on progressing the third EIGA Premium atomizer, progressing equipment on order through their build phases, advancing manufacturing optimization across operational assets, and maintaining disciplined execution of the three-year capital investment program.
Manufacturing optimization initiatives continued across Atomizer #1 and #2 during the quarter, with a focus on process safety, quality control and throughput improvement to support consistent production output. Installation of Atomizer #3 commenced during quarter and is expected to be commissioned by end of June.
The Company's argon recycling plant, contracted in the December 2025 quarter9 at a materially reduced cost, is expected to deliver significant operating cost savings upon commissioning.
EXIM Bank financing drawdowns continue in line with equipment delivery and commissioning milestones, with the capital investment program remaining on schedule for completion by June 2026.
Strategic Repositioning: US Re-Domiciliation
On February 24, 2026, Amaero announced its intention to re-domicile the Amaero Group from Australia to the United States by way of a Scheme of Arrangement (Scheme) with its shareholders and option holders under Part 5.1 of the Corporations Act 2001 (Cth). Under the Scheme, a newly formed Delaware corporation- Amaero Inc., will become the ultimate parent company of the Amaero Group. The Board unanimously recommends shareholders vote in favour of the Scheme, subject to the Independent Expert concluding it is in the best interest of shareholders.
McGrathNicol has been appointed as Independent Expert. Norton Rose Fulbright Australia and Wilson Sonsini Goodrich & Rosati, P.C. have been engaged as Australian and US legal advisors, respectively. BDO USA, P.C. has been retained as PCAOB-registered independent auditor in connection with the anticipated re-domiciliation and potential US capital markets listing.
Key Rationale
The proposed re-domiciliation aligns Amaero's corporate structure with its operations, customer base and long-term growth strategy, while positioning the Company within capital markets aligned to end markets. The transaction is expected to expand access to institutional investors, while supporting strategic flexibility for future growth and corporate activity. The Company will retain its ASX listing via CDIs, preserving existing shareholder interests, and establish a pathway to a potential US listing, subject to market conditions.
Board & Governance Strengthening
On March 10, 2026, Amaero announced the nomination of Tim ‘TJ' Johnson as a Non-Executive Director, subject to satisfying requisite regulatory requirements. Upon appointment, Mr. Johnson is expected to assume the role of Chairman of the Audit and Risk Committee.
Mr. Johnson brings extensive experience as a Chief Financial Officer and director of US-listed companies, strengthening Amaero's financial governance and public company capability as the Company progresses its proposed re-domiciliation.
His prior roles include CFO of Victoria's Secret (NYSE:VSCO), and Big Lots, Inc., and current directorships at Dollar Tree (NASDAQ:DTLR), Brinker International (NYSE:EAT) and Driven Brands (NASDAQ:DRVN).
Concurrent with Mr. Johnson's appointment, Eric Bono will transition from Executive Director to a board advisory role and continue in senior executive role as Chief Technology Officer.
Following these changes, Amaero's seven-member Board will comprise one Executive Director and six Non-Executive Directors.
Commercial Progress
Amaero continued to advance commercial execution during the March 2026 quarter, marked by the commencement of powder shipments to Titomic under the exclusive supply agreement and ongoing progress in customer qualification programs. The Company continued to engage closely with a major U.S. defense prime contractors to advance PM-HIP qualifications, representing a critical step toward long-term, recurring production programs. These milestones reflect increasing customer validation of Amaero's differentiated capabilities in advanced powder production and complex near-net-shape manufacturing.
Commercial momentum is supported by a growing pipeline of opportunities across defense, aerospace, and industrial applications, underpinned by increasing demand for domestically sourced, high-performance materials. With over A$18 million of FY2026 revenue already contracted, the Company has strong visibility into its full-year guidance range of A$18–20 million. As production capacity scales and qualification activities convert into recurring revenue streams, Amaero is well positioned to expand its role as a strategic supplier within the US defense industrial base and broader critical manufacturing ecosystem.
Titomic Limited (ASX: TTT) – Powder Shipments Commenced
Refractory powder shipments commenced during the quarter under the A$4.6 million purchase order received from Titomic Limited in December 2025. This order was placed under the parties' five-year exclusive supply and development agreement, executed in September 2025, under which Amaero serves as the sole supplier of refractory and titanium spherical powders to Titomic for cold spray applications.
These shipments are scheduled across Q3 and Q4 FY2026 in support of Titomic's program with a leading US defense prime contractor.
US Department of Defense – PM-HIP First Article Qualification
Amaero continued to advance multiple PM-HIP first article qualification programs with US Department of Defense Prime Contractors. Completion of first article qualification is a prerequisite to receiving a production contract and would represent a significant step in converting Amaero's PM-HIP capabilities into a recurring, high-value revenue.
Commercial activity continues to be supported by the US Navy's Letter of Support received in December 2025, which formally recognizes Amaero's PM-HIP process as a mature, viable and scalable alternative to traditional casting and forging supply chains.
Developments Since the End of Q3 FY2026
Amaero announced a Master Purchasing Agreement that includes a A$7.8 million minimum commitment for titanium alloy powders, with equal quarterly shipments scheduled from July 2026 to June 2027, providing meaningful revenue visibility for FY2027 and reflecting continued commercial traction in the Company's powder materials business. The customer, a private equity-backed manufacturing technology and advanced materials business, may increase volumes above the minimum commitment through additional purchases orders, and customer expects FY2027 orders to exceed the contracted minimum.10
Amaero executed a three-year exclusive Master Purchasing Agreement with United Performance Metals, LLC (UPM), under which UPM will act as a distribution partner, expanding Amaero's commercial reach. UPM is a leading distributor of specialty metals and advanced alloy powders to defense, aerospace, space, medical and industrial customers. Amaero will be the exclusive supplier of titanium alloy powders to UPM. The agreement is supported by an initial 4,000 kg purchase order included in FY2026 revenue and a contracted minimum inventory to be maintained for "on demand" sales.
Amaero received a commitment from EXIM Bank to increase its credit agreement from US$22.8 million to US$26.1 million, reinforcing EXIM Bank's continued support for the Company's platform and growth strategy. The expanded agreement further aligns Amaero with EXIM Bank's Make More in America initiative and provides additional non-dilutive capital for the Company's capital investment program.
Outlook
Amaero enters Q4 FY2026 with the re-domiciliation process underway, a proposed strengthened Board, and A$11.0 million of contracted second-half revenue. With federal budget conditions improving and commissioning of additional capacity targeted for June 2026, the Company's focus remains on disciplined commercial execution, completion of the capital investment program and progression of the Scheme to shareholder vote.
Related Party Payments
Pursuant to ASX Listing Rule 4.7C.3 and as disclosed in Item 6.1 of the Appendix 4C for the Quarter ended March 31, 2026, payments to related parties during the Quarter comprised remuneration, directors' fees and consulting fees paid to entities associated with Directors. These payments were made on normal commercial terms.
This announcement has been authorized for release by the Board of Directors.
For further information, please contact:
| Amaero Ltd Hank J. Holland Chairman and CEO [email protected] |
| Media & Investor Enquiries in Australia Jane Morgan Director [email protected] |
| Media & Investor Enquiries in United States Shannon Devine MZ Group [email protected] |
About Amaero
Amaero Ltd ((ASX:3DA, OTC:AMROF) is a dual-listed ASX and OTC-listed Company with manufacturing and corporate headquarters located in Tennessee, U.S. Amaero is a leading U.S. domestic producer of high-value refractory and titanium alloy powders for additive and advanced manufacturing of components utilized by the defense, space, aviation, and medical industries. The technical and manufacturing team brings decades of experience and know-how with pioneering work in gas atomization of refractory and titanium alloys. The Company has commissioned advanced gas atomization technology with an industry leading yield of AM powder. The Company is also a leader in PM-HIP (Powder Metallurgy Hot Isostatic Pressing) manufacturing of complex, near-net-shape powder parts with forged-equivalent material properties and microstructure for a variety of alloys. PM-HIP manufacturing is helping alleviate the strained domestic supply chain for large scale castings and forgings.
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1 Reflects AUD:USD exchange rate equal to $0.6845 as of 31 March 2026.
2 ASX Announcement, 15 January 2026, Updated FY2026 Financial Guidance and December Quarter Activity.
3 ASX Announcement, 11 December 2025, Amaero Accelerates Growth Initiatives with Major Equipment Orders.
4 General and administrative expenses from continuing operations excluding non-cash share-based compensation and non-recurring US Listing & Redomicile expenses.
5 ASX Announcement, 24 February 2026, Amaero announces intention to re-domicile to the United States.
6 ASX Announcement, 10 March 2026, Tim Johnson Nominated to Join Amaero Board.
7 ASX Announcement, 19 December 2025, Amaero Receives A$4.6 Million Refractory Powder Order from Titomic.
8 ASX Announcement, 15 December 2025, United States Nave Issues Letter of Support.
9 ASX Announcement, 11 December 2025, Amaero Accelerates Growth Initiatives with Major Equipment Orders.
10 ASX Announcement, 10 April 2026, Amaero Signs Supplier Agreement With A$7.8 Million Order For Titanium Powders.
