Amaero Ltd, (ASX:3DA) (OTCQX: AMROF), a producer of refractory and titanium alloy spherical powders and manufacturer of near-net-shape components including Powder Metallurgy Hot Isostatic Pressing (PM-HIP) services, reported revenue of A$7.76 million for the half-year ended 31 December 2025. Revenue increased 367% from A$1.66 million in the prior corresponding period. Revenue comprised A$6.74 million from powder sales and A$1.02 million from PM-HIP manufacturing services.
Despite higher sales, the company recorded a comprehensive loss of A$17.49 million for the half-year. Results included foreign currency translation losses of A$2.15 million, attributed to the weakening of the U.S. dollar relative to the Australian dollar during the period.
Continuing activities included production of refractory and titanium alloy spherical powders and manufacture of near-net-shape parts for mission-critical applications across defense, space, aviation, medical, and industrial markets.
Operational output increased during the reporting period, with higher powder shipments and atomization volumes. Amaero entered binding purchase contracts for a dedicated Argon recycling plant and a fourth advanced EIGA Premium atomizer. Company disclosures state that the recycling system, once commissioned, is expected to reduce Argon costs by approximately 80%. Filings also indicate that the plant was secured at roughly 60% below earlier cost estimates. The additional atomizer is intended to expand powder production capacity.
Strategic agreements progressed during the half-year. The company entered exclusive long-term supplier and development agreements with Titomic Limited and Knust-Godwin. In December, Titomic issued a A$4.6 million purchase order for refractory powders under a five-year exclusive supply and development agreement, with shipments scheduled for FY2026.
Technical qualification milestones also advanced. The United States Department of the Navy issued a Letter of Support recognizing Amaero’s PM-HIP manufacturing capability as a viable and technically mature alternative to traditional casting and forging methods. Company filings state that the recognition followed extended technical engagement and addresses supply chain constraints affecting the maritime and defense industrial base. Collaboration activities with aerospace and defense counterparties also expanded during the period.
Capital activity included issuance of 126,175,000 fully paid ordinary shares under a A$50 million Placement and follow-on Share Purchase Plan (SPP), generating gross proceeds of approximately A$50.5 million at A$0.40 per share. Amaero also commenced trading on the OTCQX Best Market and implemented changes to its executive and technical leadership team.
On 15 January 2026, the Tennessee-based powder producer revised FY2026 revenue guidance to A$18 million to A$20 million. Management attributed timing delays in contract awards and revenue recognition to extended U.S. continuing resolution funding uncertainty and a temporary 43-day federal government shutdown.
Hank J. Holland, Chairman and CEO, said the December quarter marked a transition from commissioning to scaled commercial activity. “The December Quarter represented a continuing transition from the build out and commissioning phase to commercialization and scaling revenue phase,” he stated, adding that capital investments and the Navy’s validation support expanded U.S. manufacturing capability and commercial conversion efforts.
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