Amaero Ltd

Amaero reported Q3 FY26 revenue of $2.6 million, up 301% year over year, with $1.8 million from powder sales and $0.7 million from PM-HIP. Trailing 12-month revenue reached $11.8 million, up 347% year over year. Trailing 12-month G&A expense increased 18% year over year. The company ended Q3 with $38.3 million in cash, including $4.9 million restricted cash; pro forma cash is $44.1 million after expected receipt of a $5.8 million EXIM Bank disbursement. FY26 revenue guidance was reaffirmed at $18 million to $20 million, with over $18 million said to be fully contracted. For Q4, management said it has $8.4 million in contracted revenue and expects a significant inflection in quarterly revenue. Management also said the EXIM Bank loan commitment was increased from USD 22.8 million to USD 26.1 million, a USD 3.3 million increase.

Hank Holland framed the quarter as proof that Amaero is reaching an inflection point, with revenue scaling rapidly while G&A growth remains restrained. He emphasized the company’s shift from building capability to scaling it, citing long-term contracts, full utilization of the titanium atomizer this quarter, and strong visibility into FY27. His tone was confident and strategic, centered on Amaero’s role in U.S. defense industrial base, critical minerals, and sovereign manufacturing.

No separate CFO spoke; Hank Holland covered the financials. He cited Q3 cash of $38.3 million including $4.9 million restricted cash, net cash used in operations of $7.1 million, inventory purchases of $0.6 million, CapEx of $5.4 million, and an FX impact of $1.2 million. He also highlighted the $5.8 million EXIM draw request, the increase in EXIM loan commitment to USD 26.1 million, and the contrast between 347% trailing 12-month revenue growth and 18% trailing 12-month G&A growth as evidence of operating leverage.

Analysts focused on how Amaero converted pipeline into contracted revenue, and management said contracting accelerated after the U.S. government reopened, with further visibility coming from a $7.8 million FY27 titanium contract and a planned refractory development contract. Questions also covered energy costs, where management said it is insulated by a 10-year subsidized electricity agreement at $0.058/kWh, and supply chain resilience, where management said titanium is secure but pricing remains a concern, while niobium is not a worry. Other questions addressed FOCI requirements and government support; Holland said multiple programs are advancing with multiple defense primes and that U.S. re-domiciliation supports access to classified contracts, but he was careful not to speculate on government equity stakes.