Amaero Achieves Record A$7.8 Million Q4 Revenue, Secures Key U.S. Defence Contracts and Expands Production Capacity

Record Revenue Surge Fueled by Titanium and Refractory Powder Demand

Amaero achieved its highest-ever quarterly revenue with A$7.8 million in Q4 FY2026, a 417% increase over Q4 FY2025. Full-year FY2026 revenue totaled A$18.1 million, up 376% from A$3.8 million in FY2025, aligning with the company’s forecast range of A$18–20 million. The company noted that A$1.3 million of titanium powder orders were deferred to Q1 FY2027 due to a six-week operational pause, indicating that revenue could have been significantly higher without this timing effect.

This revenue growth reflects strong demand for Amaero’s titanium alloy and refractory alloy powders used in aerospace, defence, medical, and industrial sectors. The reported exchange rate was 0.7049 AUD:USD, reflecting the substantial U.S. dollar revenue portion. The company did not disclose the revenue split between titanium alloy powders, refractory alloy powders, and PM-HIP services.

Backlog of A$23.1 Million Provides Clear Growth Visibility for FY2027

Amaero’s commercial backlog increased from A$14.6 million at 30 June 2026 to A$23.1 million by 22 July 2026 after adding approximately A$8.5 million in contracts. Of this backlog, A$12.9 million is scheduled for completion by 31 December 2026, ensuring strong revenue visibility for H1 FY2027. This backlog growth stems from strategic wins including a Master Purchasing Agreement with a minimum A$7.8 million commitment for FY2027 titanium alloy powder deliveries, and a three-year exclusive Master Purchasing Agreement with United Performance Metals, LLC (UPM), appointing UPM as distribution partner with an initial 4,000 kg purchase order.

Bechtel Submarine Piping Contract Signals Transition to Defence-Scale Production

Amaero secured a Low-Rate Initial Production (LRIP) order from Bechtel Plant Machinery Inc. (BPMI) for submarine piping components, announced post-quarter. This contract confirms the U.S. Department of Navy’s December 2025 Letter of Support and marks Amaero’s move from PM-HIP validation to production-scale manufacturing for critical defence applications. The LRIP status indicates successful qualification and validation, paving the way for larger follow-on orders.

The submarine industrial base is a strategic U.S. Department of Defense priority, and Amaero’s selection evidences its compliance with strict quality, security, and capability standards. The company collaborated closely with BPMI over two years to develop this relationship. This first production order utilizing PM-HIP manufacturing in defence sets a precedent for scaling revenue within the U.S. defence industrial base.

U.S. Department of War Awards A$6.5 Million Contract for Refractory Alloy Powder Development

Following the quarter, Amaero received a A$6.5 million (US$4.5 million) contract from the U.S. Department of War to develop alternative refractory alloy powders. This contract validates Amaero’s advanced materials expertise and aligns with key defence modernisation initiatives, focusing on developing and qualifying new refractory alloy powder compositions beyond current offerings.

This award positions Amaero as a leading innovator in high-temperature defence materials and a trusted partner for critical capability development. Refractory alloys are vital for extreme-temperature aerospace and propulsion uses, and Amaero’s development of alternative compositions supports supply chain resilience. This contract complements the BPMI submarine order, diversifying defence revenue streams.

Third EIGA Premium Atomizer Doubles Titanium Powder Capacity Ahead of Schedule

Amaero commissioned its third EIGA Premium Atomizer during the quarter, completing its A$72 million three-year capital investment program on budget and ahead of schedule. The third atomizer is the company’s second unit dedicated to titanium, doubling titanium alloy spherical metal powder production capacity. As of FY2027, Amaero operates three EIGA atomizers: one for refractory alloys and two for titanium alloys, with annual capacities of approximately 200 metric tonnes for refractory and 480 metric tonnes for titanium powders.

This expansion removes previous production constraints, enabling larger customer order fulfillment and customer base growth. EIGA (Electrode Induction Melting Gas Atomization) technology produces high-quality spherical metal powders essential for additive manufacturing and PM-HIP. Completing this program demonstrates disciplined execution and operational strength, supporting FY2027 titanium powder supply agreements and market share gains in defence and aerospace.

Manufacturing Remediation Completed After Operational Incidents

During the quarter, Amaero faced operational incidents at its Tennessee facility, leading to a six-week titanium powder production pause. The company conducted a thorough review with independent safety expert Jensen Hughes, implementing enhancements to improve manufacturing safety and controls. Titanium powder production resumed post-remediation with no order cancellations or employee losses.

Throughout the pause, refractory alloy powder and PM-HIP manufacturing continued, including completion of a A$4.6 million Titomic refractory powder order. The independent safety review adds credibility to remediation efforts, and the absence of order cancellations highlights strong customer trust and operational resilience.

Redomiciliation to U.S. Enhances Capital Market Access and Defence Contracting

Amaero finalized its redomiciliation from Australia to the United States during the quarter, establishing Amaero Inc. as the parent company. This move deepens access to U.S. capital markets, broadens investor reach, and improves eligibility for classified U.S. Department of War and federal contracts by addressing foreign ownership concerns. The redomiciliation aligns with the company’s strategic focus on U.S. defence, aerospace, and advanced manufacturing growth.

Following redomiciliation, Amaero confidentially submitted a draft Form S-1 registration statement to the U.S. SEC for a proposed IPO. Share quantity and pricing remain undetermined, subject to market conditions and SEC review. The company also completed PCAOB audits of its 2024 and 2025 U.S. GAAP financial statements, included in the Form S-1, signaling readiness for U.S. public markets.

Expanded EXIM Bank Financing Supports Growth Initiatives

In June 2026, Amaero amended its Export-Import Bank of the United States (EXIM) Credit Agreement, increasing the commitment from US$22.8 million to US$26.1 million, a US$3.3 million boost. EXIM financing supports U.S. manufacturing exports, and the expanded facility reflects lender confidence in Amaero’s growth and debt servicing capabilities.

This enhanced financing capacity will support operational investments, working capital, and equipment purchases to meet growing customer demand. Specific uses of the increased commitment were not disclosed.

Disciplined G&A Expense Control Amid IPO and Redomiciliation Costs

Q4 FY2026 general and administrative expenses totaled A$9.2 million, up from A$6.6 million in Q3 FY2026. However, this included non-recurring IPO and redomiciliation costs of A$2.8 million and A$0.4 million related to May manufacturing incidents. Excluding these items, adjusted G&A was stable at A$6.0 million versus A$5.9 million in Q3 FY2026, reflecting disciplined expense management despite significant corporate and operational activities.

Stable underlying G&A amid redomiciliation and SEC registration efforts indicates potential margin improvement as revenue scales. Clear separation of one-time costs enhances transparency of financial results.

Diversified Strategic Engagement Across Defence, Space, Aviation, and Medical Sectors

Amaero advanced customer qualification and commercial supply agreements across titanium alloy powders, refractory powders, and PM-HIP services. The company broadened engagement in defence, space, aviation, and medical markets, reducing customer concentration risk and showcasing the versatility of its powder and manufacturing capabilities.

Ongoing efforts to convert manufacturing capabilities into commercial contracts demonstrate Amaero’s competitive advantage in aligning technical expertise with customer needs. Cross-industry market presence positions Amaero as a key supplier in multiple high-value sectors.

Board Appointment and Strengthened Corporate Governance

Effective 1 June 2026, Amaero appointed Mr. Tim "TJ" Johnson as Non-Executive Director and Chairman of the Audit and Risk Committee. This governance enhancement aligns with best practices for companies preparing for public listing, emphasizing financial oversight and risk management. The company also transitioned share registry services to Computershare Investor Services, supporting public company infrastructure.