Amaero (ASX: 3DA) has continued to execute on its strategy of becoming America’s leading domestic producer of titanium and refractory alloy spherical powders, with the June quarter and the year ended 30 June 2026 confirming that the commercial ramp-up we flagged in our initiation report from January 2026 is playing out largely as anticipated.

A spectacular revenue ramp up occurred in FY26

After recording A$3.8m revenue in FY25, Amaero delivered FY26 revenue of A$18.1m, in line with the revised guidance of A$18-20m the company issued on 15 January 2026 after deferrals caused by the 2025 US federal government shutdown. The June quarter alone contributed A$7.8m, a record for the company, and Amaero closed the year with an order backlog of A$23.1m, providing good revenue visibility into FY27.

There’s further growth to come in FY27

FY27 is set to be another year of growth for Amaero. Operationally, the company commissioned its third EIGA Premium atomiser at Chattanooga, a meaningful step towards the four-atomiser configuration that underpins our long-term valuation. Amaero also secured a new contract with Bechtel Plant Machinery, Inc. (BPMI) for PM-HIP manufactured piping, extending the company’s reach into the naval nuclear propulsion supply chain. Moreover, it completed its long-flagged ambitions of uplifting to a US listing, a step that should broaden exposure to US investors more familiar with the defence and aerospace supply chain thematic.

Valuation updated to $0.82-1.71 per share

We update our valuation to $0.82-1.71 per share (previously A$0.62-1.30 per share), based on an EV/EBITDA multiple applied to potential earnings in FY30. Please see page 18 for our valuation and page 20 for key investment risks.