Amaero Reports Third Quarter 2026 Results, Provides Fourth Quarter 2026 Revenue Guidance
Revenue growth accompanied a wider gross loss as titanium production restarted and the new sieving system underwent optimization.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Amaero (AMRO) reported third-quarter 2026 revenue of $4.1 million, up 35% year over year, while its net loss widened. Net loss attributable to stockholders was $9.1 million, or $0.38 per share, versus $4.1 million, or $0.20 per share, a year earlier. Gross loss widened to $4.4 million as titanium production restarted and sieving-system optimization reduced throughput and yields.
Nine-month revenue rose 170% to $11.5 million. Backlog reached $13.4 million at September 30, up 96% from year-end 2025. Amaero expects fourth-quarter revenue of $4.5 million to $5.0 million, implying full-year revenue of $16.0 million to $16.5 million, up 154% to 162%. Its October U.S. IPO generated $17.0 million in aggregate net proceeds. Cash and cash equivalents were $19.3 million at October 31. Planned equipment spending includes up to approximately $10.0 million of IPO proceeds over the next 12 months.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter revenue rose 35% year over year to $4.1 million.
- Moderate pointBacklog reached $13.4 million, up 96% from year-end 2025 and 180% year over year.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 implied revenue of $16.0 million to $16.5 million represents expected growth of 154%–162%.
- Moderate pointDoW development contract awarded in July totals $4.5 million; the 13-month program is expected to finish August 2027. 2.8% of market cap
- Moderate pointU.S. IPO and subsequent underwriter option exercise generated $17.0 million in aggregate net proceeds. 11% of market cap
- Moderate pointEXIM pledged collateral requirement fell from 20% to 10% of outstanding loans, releasing approximately $2.1 million restricted cash. 1.3% of market cap
15 minor points
- Minor pointNine-month revenue increased 170% year over year to $11.5 million.
- Minor pointTrailing twelve-month revenue increased 191% to $13.5 million versus the twelve months ended September 30, 2025.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter revenue guidance of $4.5 million to $5.0 million represents expected year-over-year growth of 121%–146%.
- Minor point. Forward-looking: it has not happened yet and may not happen.Second-half 2026 revenue, including guidance, is $8.6 million to $9.1 million, up 69%–79% year over year.
- Minor pointPM-HIP components revenue more than doubled to $0.9 million from $0.4 million in third-quarter 2025.
- Minor pointMetal powders revenue increased 19% to $3.2 million from $2.7 million in third-quarter 2025.
- Minor pointFirst low-rate initial production contract with Bechtel Plant Machinery totals $0.3 million, with initial revenue recognized.
- Minor pointTitanium production resumed in late July 2026, with no purchase order cancellations or employee attrition during the pause.
- Minor pointThird atomizer commissioning brought annual production capacity to approximately 680 metric tons in June 2026.
- Minor pointAugust sieving-system commissioning, together with the third atomizer, expanded titanium throughput capacity by approximately 100%.
- Minor point. Forward-looking: it has not happened yet and may not happen.Argon recycling commissioning remains planned for Q1 2027; fourth atomizer commissioning remains planned for June 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Capital equipment purchases are planned using up to approximately $10.0 million of IPO proceeds over the next 12 months.
- Minor pointEXIM minimum liquidity covenant first testing date moved to September 30, 2028 from September 30, 2027.
- Minor pointResearch and development expense declined to $0.1 million from $0.3 million in third-quarter 2025.
- Minor point. Forward-looking: it has not happened yet and may not happen.Amaero expects future revenue growth to improve gross margin, with fixed production costs not increasing proportionately.
Negative
- Moderate pointThird-quarter stockholder net loss widened to $9.1 million, or $0.38 per share, from $4.1 million, or $0.20.
- Moderate pointTitanium production paused for approximately six weeks following safety incidents; restart and optimization reduced throughput and yields.
- Moderate pointIPO issued 4,705,883 shares at $4.25; underwriters purchased another 306,814 shares at that price, diluting holders.
- Moderate pointEXIM collateral expanded to substantially all company assets, subject to certain exceptions.
- Minor pointThird-quarter gross loss widened to $4.4 million from $0.1 million a year earlier.
3 minor points
- Minor pointThird-quarter adjusted EBITDA loss widened to $7.1 million from $3.1 million a year earlier.
- Minor pointSelling, general and administrative expenses rose to $4.3 million from $3.7 million in third-quarter 2025.
- Minor pointCertain PM-HIP component contracts permit termination for convenience, generally with payment for work performed and costs incurred.
News Explained
The completed IPO and partial option exercise added
AI-generated analysis. How Rhea-AI works. Not financial advice.
Third quarter revenue of
Backlog of
Completed U.S. IPO and Nasdaq listing in October 2026
Fourth quarter 2026 revenue guidance of
MCDONALD, Tenn., Nov. 09, 2026 (GLOBE NEWSWIRE) -- Amaero Inc. (Nasdaq: AMRO) (ASX: 3DA) (“Amaero” or the “Company”), a leading U.S.-based producer of high-value refractory and titanium alloy spherical powders for additive manufacturing (“AM”) and advanced manufacturing, and a pioneer in Powder Metallurgy Hot Isostatic Pressing (“PM-HIP”) manufacturing of large near-net-shape components, today announced financial results for the third quarter ended September 30, 2026. Results are presented in U.S. dollars in accordance with U.S. GAAP; see “Basis of Presentation” below.
THIRD QUARTER 2026 HIGHLIGHTS
- Revenue for the third quarter ended September 30, 2026 of
$4.1 million , a35% increase versus revenue of$3.1 million for the third quarter ended September 30, 2025. - Revenue for the nine months ended September 30, 2026 of
$11.5 million , a170% increase versus$4.3 million for the nine months ended September 30, 2025; trailing twelve-month revenue of$13.5 million versus$4.7 million for the twelve months ended September 30, 2025, an increase of191% . - Backlog of
$13.4 million as of September 30, 2026, up96% from$6.9 million as of December 31, 2025, and up180% from$4.8 million as of September 30, 2025; backlog as of September 30, 2026 includes$4.4 million attributable to the U.S. Department of War (“DoW”) refractory alloy powder development contract. - Awarded a
$4.5 million contract in July 2026 from the DoW for the development of alternative refractory alloy powders to reduce cost and dependence on foreign sources of critical raw materials; two high-temperature alloys have been down-selected and produced on the Company’s gas atomization technology, and the 13-month program is expected to be completed in August 2027. - Secured the Company’s first Low-Rate Initial Production (“LRIP”) contract from Bechtel Plant Machinery, Inc. (“BPMI”) in July 2026, valued at
$0.3 million , supporting the U.S. submarine industrial base – moving PM-HIP from development into low-rate initial production. - Resumed titanium powder production in late July 2026 following a pause of approximately six weeks, during which the Company concluded a comprehensive process, system and facility safety review with Jensen Hughes, a leader in safety and risk-based engineering, and implemented the resulting improvements and remediations; there were no purchase order cancellations during or following the production pause, and no employee attrition during the pause.
- Commissioned the Company’s third EIGA Premium atomizer in June 2026; the Company now operates three EIGA Premium atomizers (two titanium and one refractory) with annual production capacity of approximately 680 metric tons, comprising approximately 480 metric tons of titanium powder and approximately 200 metric tons of refractory powder.
- Commissioned a custom-designed and fabricated titanium powder sieving system in August 2026, which, together with the third EIGA Premium atomizer, expanded titanium throughput capacity by approximately
100% . - Argon gas recycling plant remains on track for commissioning in Q1 2027, and the fourth EIGA Premium atomizer remains on track for commissioning in June 2027.
FOURTH QUARTER 2026 REVENUE GUIDANCE
For the fourth quarter of 2026, Amaero expects revenue of
| (US$ in millions) | Current Period | Prior Period | Y/Y Growth | |
| Fourth Quarter 2026 (Oct.–Dec.) – Guidance | ||||
| Second Half 2026 (Jul.–Dec.) – Includes Q4 guidance | ||||
| Full Year 2026 (Jan.–Dec.) – Includes Q4 guidance | ||||
Hank J. Holland, Amaero’s Chairman and CEO, commented:
“We are pleased to report our first results as a Nasdaq-listed company. In the third quarter, revenue increased
Commercially, we are seeing the value of the work we have invested in over the past several years. Our PM-HIP capability has moved into production for the submarine industrial base, our refractory alloy powder technology is being applied to critical U.S. defense supply chain needs, and our backlog continues to build across the business.
In October, we listed our common stock on the Nasdaq Capital Market, a milestone that aligns our capital markets presence with our U.S. operations and customer base and strengthens our ability to invest in the next phase of our growth.
With the introduction of fourth quarter 2026 revenue guidance, we are giving investors greater visibility into the trajectory of the business. Looking ahead, we remain focused on bringing our next wave of capacity online, deepening our partnerships with defense and aerospace customers, and converting our backlog into revenue.”
Third Quarter 2026 Financial Results and Business Updates
Revenue for the three months ended September 30, 2026 was
Cost of revenue was
Total operating expenses were
Net loss attributable to Amaero Inc. stockholders was
On October 16, 2026, the Company completed the U.S. initial public offering of its common stock (the “IPO”), in which it issued and sold 4,705,883 shares of its common stock at a public offering price of
The Company’s common stock began trading on the Nasdaq Capital Market under the symbol “AMRO” on October 15, 2026, and its CHESS Depositary Interests (“CDIs”) continue to be quoted on the Australian Securities Exchange (the “ASX”) under the symbol “3DA.” Amaero intends to use up to approximately
On October 7, 2026, the Company amended its EXIM Bank Credit Agreement to reduce the pledged collateral requirement from
As of October 31, 2026, the Company had cash and cash equivalents of
Conference Call Details
Amaero will host its inaugural earnings conference call and webcast as a Nasdaq-listed company today, Monday, November 9, 2026, at 4:30 p.m. Eastern Time (8:30 a.m. AEDT on Tuesday, November 10, 2026) to discuss its third quarter 2026 results and fourth quarter 2026 outlook.
Dial-in (U.S.): 877-407-8293
Dial-in (International): +1 201-689-8349
Webcast Link: Here
A replay of the webcast will be available following the call through November 23, 2026 on the Investor Relations section of the Company’s website here, or by dialing the following:
Dial-in (U.S.): 877-660-6853
Dial-in (International): +1 201-612-7415
Access ID: 13763578
About Amaero
Amaero Inc. is a leading U.S.-based producer of high-value refractory and titanium alloy spherical powders for additive manufacturing (“AM”) and advanced manufacturing, and a pioneer in Powder Metallurgy Hot Isostatic Pressing (“PM-HIP”) manufacturing of large near-net-shape components utilized by the defense, space, aviation, commercial nuclear and medical industries with manufacturing and corporate headquarters in Tennessee. We occupy a strategically critical position at the intersection of U.S. national security priorities that include rebuilding a more resilient and more scalable defense industrial base, reshoring sovereign manufacturing and supply chains and the adoption of additive and advanced manufacturing technologies. For more information, visit our investor website: www.amaeroinc.com
Basis of Presentation
These are the Company’s first quarterly results reported as a U.S.-domiciled, Nasdaq-listed company and are presented in U.S. dollars in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Comparative 2025 amounts, amounts for prior 2026 interim periods and fiscal year amounts are also presented in U.S. dollars in accordance with U.S. GAAP and may differ from amounts previously reported by the Company on the ASX, which were prepared in Australian dollars in accordance with Australian Accounting Standards.
Backlog
Our backlog represents the portion of legally binding contracts that are expected to result in future revenue within the next twelve months and supports predictable revenue expansion and facilitates forward revenue visibility. Backlog may also include change orders for any contracts that have been formally contracted. Our backlog consists of firm orders for metal powder, which are not subject to any customer right of termination for convenience, and orders for PM-HIP components. Certain of our PM-HIP component contracts permit the customer to terminate for convenience. In those cases, we are generally entitled to payment for work performed and costs incurred, subject to other adjustments, through the termination date, determined under the applicable contract’s terms.
Non-GAAP Financial Measures
In addition to the financial information prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we provide a non-GAAP financial measure. We define “Adjusted EBITDA” as income (loss) from continuing operations before interest, taxes, depreciation, and amortization, further adjusted to remove the impact of stock-based compensation, and costs related to the Redomiciliation, the IPO and preparation for the IPO. Income (loss) from continuing operations is the GAAP measure most directly comparable to Adjusted EBITDA, as net loss includes results from discontinued operations for historical periods. We use Adjusted EBITDA in conjunction with other GAAP measures to evaluate the effectiveness of our business strategies, make strategic decisions, and communicate with our board of directors and investors concerning our financial performance. We use this non-GAAP financial measure to assess our financial performance because it allows us to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and capital expenditures) and other items (such as non-recurring or non-cash costs) that impact the comparability of financial results from period to period. We believe that the presentation of this non-GAAP financial measure provides useful information to investors and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance.
Our non-GAAP financial measure should not be considered as an alternative to the most directly comparable GAAP financial measure. You are encouraged to evaluate each of these adjustments and the reasons management considers them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in such presentation. Our presentation of this non-GAAP financial measure should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider this non-GAAP financial measure in isolation or as a substitute for analysis of our operating results as reported under GAAP. Adjusted EBITDA may be defined differently by other companies in our industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The table at the end of this press release presents a reconciliation of Adjusted EBITDA to loss from continuing operations, the most directly comparable GAAP financial measure, for the three and nine months ended September 30, 2026 and 2025.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements relating to expectations concerning matters that are not historical facts, including those indicated with words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or similar expressions, may constitute forward-looking statements. Forward-looking statements include, without limitation, our financial guidance; our ability to realize the benefit of customer contracts; the expected timelines, impacts and cost of capital projects; our ability to grow our backlog and convert backlog into revenue; our ability to improve margins, including by increasing revenue relative to our fixed costs; and our use of proceeds from our initial public offering.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure readers that such expectations will prove to be correct or that our expectations will not change in the future. These forward-looking statements involve risks, uncertainties and assumptions, including those related to our relatively limited operating history, which makes it difficult to evaluate our business and prospects and changes in macroeconomic conditions. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond our control.
These and other factors are disclosed in our annual and quarterly reports filed from time to time with the Securities and Exchange Commission, which are available at www.sec.gov and on our website (https://www.amaeroinc.com). Readers are urged not to place undue reliance on these forward-looking statements, which speak to our expectations only as of the date of this press release. We do not undertake any obligation to update any forward-looking statement contained in this press release to reflect events or circumstances arising after the date hereof, except as required by law.
| For further information, please contact: | |
| Amaero Inc. | |
| Brett Paduch | |
| Chief Financial Officer | |
| brett.paduch@amaeroinc.com | |
| Media & Investor Inquiries in United States | Media & Investor Inquiries in Australia |
| Shannon Devine | Jane Morgan |
| MZ Group | Jane Morgan Management |
| amaero@mzgroup.us | jm@janemorganmanagement.com.au |
| AMAERO INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (unaudited) | ||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Revenue | ||||||||||||
| Cost of revenue | 8,493 | 3,142 | 19,078 | 7,638 | ||||||||
| Gross loss | (4,380 | ) | (92 | ) | (7,568 | ) | (3,369 | ) | ||||
| Operating expenses: | ||||||||||||
| Selling, general and administrative expenses | 4,276 | 3,727 | 14,127 | 9,543 | ||||||||
| Research and development expenses | 138 | 266 | 201 | 274 | ||||||||
| Loss on dispositions and impairment | — | 120 | 108 | 120 | ||||||||
| Total operating expenses | 4,414 | 4,113 | 14,436 | 9,937 | ||||||||
| Loss from operations | (8,794 | ) | (4,205 | ) | (22,004 | ) | (13,306 | ) | ||||
| Other income (expense): | ||||||||||||
| Other income, net | 122 | 72 | 208 | 76 | ||||||||
| Interest income | 94 | 168 | 482 | 403 | ||||||||
| Interest expense | (479 | ) | (132 | ) | (1,176 | ) | (170 | ) | ||||
| Total other income (expense), net | (263 | ) | 108 | (486 | ) | 309 | ||||||
| Loss from continuing operations before income taxes | (9,057 | ) | (4,097 | ) | (22,490 | ) | (12,997 | ) | ||||
| Income tax benefit (expense) | — | — | — | — | ||||||||
| Loss from continuing operations | (9,057 | ) | (4,097 | ) | (22,490 | ) | (12,997 | ) | ||||
| Income from discontinued operations, net of tax | — | 1 | — | 171 | ||||||||
| Net loss attributable to Amaero Inc. stockholders | $(9,057 | ) | $(4,096 | ) | $(22,490 | ) | $(12,826 | ) | ||||
| Basic and diluted net loss per share — continuing operations | ) | ) | ) | ) | ||||||||
| Basic and diluted net income per share — discontinued operations | $ | — | $ | — | $ | — | ||||||
| Basic and diluted net loss per share | $(0.38 | ) | $(0.20 | ) | $(0.94 | ) | $(0.72 | ) | ||||
| Weighted-average shares outstanding — basic and diluted | 23,833,180 | 20,137,052 | 23,824,398 | 17,880,540 | ||||||||
| AMAERO INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (unaudited) | ||||||
| September 30, | December 31, | |||||
| 2026 | 2025 | |||||
| Assets | ||||||
| Cash and cash equivalents | ||||||
| Accounts receivable, net | 2,862 | 1,333 | ||||
| Contract assets, net | 1,013 | 10 | ||||
| Inventories | 6,026 | 5,884 | ||||
| Prepaid expenses | 716 | 985 | ||||
| Deferred offering costs | 2,132 | — | ||||
| Other current assets | 1,093 | 652 | ||||
| Total current assets | $18,801 | $40,716 | ||||
| Property, plant, and equipment, net | 49,252 | 35,433 | ||||
| Operating lease, right-of-use assets | 9,952 | 10,097 | ||||
| Other non-current assets | 2,439 | 1,268 | ||||
| Restricted cash | 4,675 | 3,333 | ||||
| Total assets | $85,119 | $90,847 | ||||
| Liabilities and stockholders’ equity | ||||||
| Accounts payable | 8,681 | 2,536 | ||||
| Accrued liabilities | 1,914 | 1,588 | ||||
| Accrued interest | 16 | 256 | ||||
| Contract liabilities | 551 | 119 | ||||
| Operating lease liabilities, current | 1,003 | 988 | ||||
| Current portion of long-term debt | 932 | — | ||||
| Total current liabilities | $13,097 | $5,487 | ||||
| Long-term debt, net | 22,075 | 14,936 | ||||
| Operating lease liabilities, noncurrent | 9,724 | 9,715 | ||||
| Other non-current liabilities | 879 | 1,043 | ||||
| Total liabilities | $45,775 | $31,181 | ||||
| Stockholders’ equity | ||||||
| Common stock, par value | — | — | ||||
| Additional paid-in capital | 124,483 | 122,388 | ||||
| Accumulated deficit | (84,538 | ) | (62,048 | ) | ||
| Accumulated other comprehensive loss | (601 | ) | (674 | ) | ||
| Total stockholders’ equity | $39,344 | $59,666 | ||||
| Total liabilities and stockholders’ equity | $85,119 | $90,847 | ||||
| AMAERO INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except share and per share data) (unaudited) | ||||||
| Nine months ended September 30, | ||||||
| 2026 | 2025 | |||||
| Cash flows from operating activities: | ||||||
| Net loss attributable to Amaero Inc. stockholders | ) | ) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Non-cash items: | ||||||
| Depreciation | 1,527 | 753 | ||||
| Share-based compensation expense | 2,016 | 1,755 | ||||
| Non-cash portion of operating lease expense | 154 | 168 | ||||
| Amortization of debt discount and debt issuance costs | 334 | 49 | ||||
| Accretion of asset retirement obligation | 24 | 22 | ||||
| Impairment and loss on disposal of assets | 108 | 120 | ||||
| Changes in assets & liabilities: | ||||||
| Accounts receivable, net | (1,528 | ) | (990 | ) | ||
| Contract assets, net | (1,003 | ) | (10 | ) | ||
| Inventories | (142 | ) | (5,140 | ) | ||
| Prepaid expenses and other current assets | (302 | ) | 1 | |||
| Other non-current assets | (1,172 | ) | (811 | ) | ||
| Accounts payable | 3,435 | 1,987 | ||||
| Accrued liabilities | (172 | ) | 647 | |||
| Accrued interest | (240 | ) | 88 | |||
| Contract liabilities | 431 | 2 | ||||
| Operating lease liabilities | — | 14 | ||||
| Other non-current liabilities | (222 | ) | (109 | ) | ||
| Net cash used in operating activities | $(19,242 | ) | $(14,280 | ) | ||
| Cash flows from investing activities: | ||||||
| Payments for property, plant, and equipment | (13,925 | ) | (15,972 | ) | ||
| Net cash used in investing activities | $(13,925 | ) | $(15,972 | ) | ||
| Cash flows from financing activities: | ||||||
| Proceeds from borrowings | 8,138 | 7,577 | ||||
| Transaction costs for borrowings | (279 | ) | (177 | ) | ||
| Proceeds from issuance of common stock | — | 46,368 | ||||
| Proceeds from exercise of warrants | 75 | 717 | ||||
| Proceeds from exercise of employee stock options | — | 81 | ||||
| Transaction costs from issuance of common stock | — | (2,890 | ) | |||
| Payments of deferred offering costs | (447 | ) | — | |||
| Net cash provided by financing activities | $7,487 | $51,676 | ||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $(25,680 | ) | $21,424 | |||
| Effect of exchange-rate changes on cash and cash equivalents | 129 | 66 | ||||
| Cash, cash equivalents, & restricted cash at beginning of period | 35,185 | 12,109 | ||||
| Cash, cash equivalents, & restricted cash at end of period | $9,634 | $33,599 | ||||
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:
| September 30, | ||||
| 2026 | 2025 | |||
| Cash and cash equivalents | ||||
| Restricted cash | 4,675 | 1,672 | ||
| Total cash, cash equivalents, and restricted cash | $9,634 | $33,599 | ||
| AMAERO INC. AND SUBSIDIARIES REVENUE AND ADJUSTED EBITDA RECONCILIATION (in thousands) (unaudited) | ||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Revenue | ||||||||||||
| Metal powders | ||||||||||||
| PM-HIP components | 912 | 371 | 2,114 | 732 | ||||||||
| Total revenue | $4,113 | $3,050 | $11,510 | $4,269 | ||||||||
| Year-over-year revenue growth | 35 | % | 170 | % | ||||||||
Adjusted EBITDA reconciliation | ||||||||||||
| Loss from continuing operations | $(9,057 | ) | $(4,097 | ) | $(22,490 | ) | $(12,997 | ) | ||||
| Interest income | (94 | ) | (168 | ) | (482 | ) | (403 | ) | ||||
| Interest expense | 479 | 132 | 1,176 | 170 | ||||||||
| Income tax (benefit) expense | — | — | — | — | ||||||||
| Depreciation & amortization | 592 | 369 | 1,527 | 753 | ||||||||
| Stock-based compensation | 322 | 692 | 2,016 | 1,755 | ||||||||
| IPO-related costs(1) | 644 | — | 2,628 | — | ||||||||
| Adjusted EBITDA | $(7,114 | ) | $(3,072 | ) | $(15,625 | ) | $(10,722 | ) | ||||
(1) Represents non-ordinary course costs incurred related to the Redomiciliation and preparation for and costs related to the IPO.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What revenue does Amaero expect for the fourth quarter and full year of 2026?
Amaero expects fourth-quarter revenue of $4.5 million to $5.0 million, implying full-year revenue of $16.0 million to $16.5 million. Those ranges represent year-over-year growth of 121% to 146% for the quarter and 154% to 162% for the year.
Why did Amaero's third-quarter 2026 gross loss widen?
The wider gross loss reflected manufacturing scale-up, the titanium production restart and optimization of the new sieving system. Reduced throughput left some production labor and fixed costs unabsorbed into inventory, while lower yields increased the cost of titanium powder sold. Gross loss was $4.4 million, versus $0.1 million a year earlier.
What does Amaero's September 2026 backlog include, and can customers cancel orders?
Amaero's backlog includes binding contracts expected to generate revenue within the next twelve months, including $4.4 million attributable to the DoW refractory alloy powder development contract. Metal powder orders do not allow termination for convenience. Certain PM-HIP component contracts do, generally with payment for work performed and costs incurred through termination, subject to contractual adjustments.
How much titanium and refractory powder capacity does Amaero have?
Amaero operates three EIGA Premium atomizers with annual capacity of approximately 680 metric tons: approximately 480 metric tons of titanium powder and approximately 200 metric tons of refractory powder. The fourth atomizer remains on track for commissioning in June 2027.