Amaero Q3 net loss widens to $9.1M as revenue rises
Amaero plans to use up to approximately $10.0 million of IPO proceeds for capital equipment over the next 12 months.
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 Filing Summary
Amaero Inc. reported third-quarter 2026 revenue of $4.1 million, up 35% year over year; nine-month revenue was $11.5 million, up 170%. Backlog was $13.4 million as of September 30, 2026, including $4.4 million attributable to a U.S. Department of War development contract. Amaero expects fourth-quarter revenue of $4.5 million to $5.0 million and full-year 2026 revenue of $16.0 million to $16.5 million.
Gross loss was $4.4 million versus $0.1 million a year earlier, while net loss was $9.1 million versus $4.1 million. The company attributed higher costs to manufacturing scale-up and the titanium production restart after a roughly six-week pause; lower throughput and yields followed equipment optimization. It resumed titanium powder production in late July and secured a $0.3 million low-rate initial production contract with Bechtel Plant Machinery in July. In October, Amaero completed its U.S. IPO, receiving $17.0 million in net proceeds; cash and cash equivalents were $19.3 million as of October 31, 2026.
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.
Positive
- Moderate pointThird-quarter revenue rose 35% to $4.1 million year over year.
Negative
- Moderate pointThird-quarter net loss increased to $9.1 million from $4.1 million.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Powder Metallurgy Hot Isostatic Pressing technical
Low-Rate Initial Production technical
backlog financial
Earnings Snapshot
Fourth-quarter 2026 revenue of $4.5 million to $5.0 million; full-year 2026 revenue of $16.0 million to $16.5 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did AMRO report for Q3 2026?
What is AMRO's 2026 revenue guidance?
Why did AMRO's gross loss increase in Q3 2026?
How does AMRO plan to use its IPO proceeds?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code:
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 9, 2026, Amaero Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 2.02 and in the accompanying Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
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Description |
99.1 |
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Press Release, dated November 9, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Amaero Inc. |
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Date: November 9, 2026 |
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By: |
/s/ Hank Holland |
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Hank Holland |
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Chief Executive Officer |
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Exhibit 99.1
Amaero Reports Third Quarter 2026 Results, Provides Fourth Quarter 2026 Revenue Guidance
Third quarter revenue of $4.1 million, up 35% year-over-year; nine-month revenue of $11.5 million, up 170% year-over-year
Backlog of $13.4 million as of September 30, 2026, up 96% from year-end 2025
Completed U.S. IPO and Nasdaq listing in October 2026
Fourth quarter 2026 revenue guidance of $4.5 million to $5.0 million which would result in full year 2026 revenue of $16.0 million to $16.5 million, up 154% to 162%
MCDONALD, Tenn., November 9, 2026 -- 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
FOURTH QUARTER 2026 REVENUE GUIDANCE
For the fourth quarter of 2026, Amaero expects revenue of $4.5 million to $5.0 million, up 121% to 146% from $2.0 million in the fourth quarter of 2025. Combined with revenue of $11.5 million for the nine months ended September 30, 2026, this implies full year 2026 revenue of $16.0 million to $16.5 million, up 154% to 162% from $6.3 million in 2025.
(US$ in millions) |
Current Period |
Prior Period |
Y/Y Growth |
Fourth Quarter 2026 (Oct.–Dec.) – Guidance |
$4.5 – $5.0 |
$2.0 |
121% – 146% |
Second Half 2026 (Jul.–Dec.) – Includes Q4 guidance |
$8.6 – $9.1 |
$5.1 |
69% – 79% |
Full Year 2026 (Jan.–Dec.) – Includes Q4 guidance |
$16.0 – $16.5 |
$6.3 |
154% – 162% |
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 35% year-over-year to $4.1 million, and revenue for the first nine months of 2026 increased 170% year-over-year to $11.5 million. We also returned to titanium production following our facility safety review. I am proud of how our team managed through that process while keeping our customer relationships and workforce intact. Our third quarter gross margin was impacted by the restart of titanium production following the pause and the optimization of our new sieving system, which reduced titanium throughput and yields during the quarter.
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 $4.1 million, a 35% increase versus Q3 2025 revenue of $3.1 million, reflecting growth in both product lines. PM-HIP components revenue more than doubled from $0.4 million for the three months ended September 30, 2025 to $0.9 million for the three months ended September 30, 2026, including the first revenue recognized under the Company’s LRIP contract with BPMI. Metal powders revenue increased $0.5 million, or 19%, from $2.7 million for the three months ended September 30, 2025 to $3.2 million for the three months ended September 30, 2026. The increase in metal powders revenue reflects the continued ramp of the Company’s atomization capacity following the commissioning of its second EIGA Premium atomizer in June 2025 and expansion of new and existing customer relationships.
Cost of revenue was $8.5 million for the three months ended September 30, 2026, compared to $3.1 million for the prior year period, resulting in a gross loss of $4.4 million for the three months ended September 30, 2026, compared to a gross loss of $0.1 million in the prior year period. The increase in cost of revenue and gross loss reflected the continued scale-up of the Company’s Tennessee manufacturing operations, together with the effects of the restart of titanium production in late July 2026. Following safety incidents, the Company paused titanium powder production for approximately six weeks, during which it concluded a comprehensive facility and process safety review and implemented the resulting improvements and remediations. In addition, the Company commissioned a custom-designed and fabricated titanium powder sieving system during August 2026, which, together with its third EIGA Premium atomizer, expanded its titanium throughput capacity by approximately 100%. The optimization of operating parameters resulted in reduced titanium powder throughput and lower yields. As a result, titanium production during the period was below installed capacity, a portion of production labor and fixed production costs was not absorbed into inventory, and lower yields increased the cost of titanium powder sold. The Company’s fixed production costs consist principally of plant salaried labor and overhead, depreciation on manufacturing equipment and leasehold improvements, and operating lease expense for its Tennessee facility. With the production equipment and the plant operating and technical teams supporting both its metal powders and PM-HIP product lines largely in place, the Company does not expect these fixed production costs to increase in proportion to revenue. As a result, the Company expects future revenue growth to drive operating leverage and improvement in gross margin.
Total operating expenses were $4.4 million for the three months ended September 30, 2026 compared to $4.1 million in the prior year period. Selling, general and administrative expenses were $4.3 million for the three months ended September 30, 2026, compared to $3.7 million in the prior year period, an increase of $0.5 million. The increase principally reflected $0.6 million of costs related to the redomiciliation of the Company from Australia to Delaware (the “Redomiciliation”) and the IPO, consisting primarily of legal and tax fees and audit fees related to the historical financial statements included in the IPO registration statement, none of which were directly attributable to the IPO, together with higher general corporate legal and audit fees, partially offset by a $0.5 million decrease in stock-based compensation, primarily reflecting higher forfeitures. Research and development expense was $0.1 million for the three months ended September 30, 2026, compared to $0.3 million in the prior year period.
Net loss attributable to Amaero Inc. stockholders was $9.1 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2026, compared to $4.1 million, or $0.20 per basic and diluted share, in the prior year period. Net loss from continuing operations was also $9.1 million for the three months ended September 30, 2026 compared to $4.1 million in the prior year. Adjusted EBITDA, a non-GAAP financial measure, was $(7.1) million in the three months ended September 30, 2026, compared to $(3.1) million in the prior year period.
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 $4.25 per share. On October 19, 2026, the underwriters partially exercised their option to purchase additional shares, and the Company issued and sold an additional 306,814 shares of its common stock at the public offering price. The Company received aggregate net proceeds of $17.0 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.
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 $10.0 million of the net proceeds of the IPO to purchase capital equipment over the next 12 months, with the remaining proceeds to be used for general corporate purposes, including working capital, operating expenses, and research and development.
On October 7, 2026, the Company amended its EXIM Bank Credit Agreement to reduce the pledged collateral requirement from 20% to 10% of the outstanding loan balance, releasing approximately $2.1 million of restricted cash, to move the first testing date for the minimum liquidity covenant from September 30, 2027 to September 30, 2028, and to expand the collateral to include substantially all of the Company’s assets, subject to certain exceptions.
As of October 31, 2026, the Company had cash and cash equivalents of $19.3 million, reflecting proceeds from the IPO, net of underwriting discounts and commissions and offering costs paid through that date, and the release of restricted cash described above, partially offset by cash used in operating activities and for capital expenditures during October.
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 |
$4,113 |
$3,050 |
$11,510 |
$4,269 |
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 |
$(0.38) |
$(0.20) |
$(0.94) |
$(0.73) |
Basic and diluted net income per share — discontinued operations |
$— |
$— |
$— |
$0.01 |
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 |
$4,959 |
$31,852 |
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 $0.00001; 150,000,000 shares authorized; 23,833,180 and 23,814,555 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively |
— |
— |
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 |
$(22,490) |
$(12,826) |
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 |
$4,959 |
$31,927 |
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 |
$3,201 |
$2,679 |
$9,396 |
$3,537 |
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.