Amaero Inc. priced its Nasdaq IPO at $4.25 per share on October 16, selling 4,705,883 shares for $20 million gross and about $15.7 million net after fees. The deal closed the same day, with Amaero now trading as AMRO in the US while its CDIs continue on the ASX under 3DA. A 30-day greenshoe for 705,882 more shares could push net proceeds to roughly $18.5 million.
| Metric | Figure |
|---|---|
| Equity value implied | ~$121.3 million (28,539,063 shares at $4.25) |
| H1 2026 revenue | $7.4 million |
| H1 2026 net loss | $13.4 million |
| Cash, June 30 2026 → end of Sept 2026 | $13.6 million → ~$4.95 million |
| Order backlog, end of 2024 → Sept 30 2026 | $0.4 million → $13.4 million |
The company makes spherical titanium and refractory alloy powders (niobium, tungsten, tantalum, molybdenum) and large PM-HIP near-net-shape parts, running three gas atomizers in McDonald, Tennessee, with a fourth on order for June 2027 that would lift capacity from 680 to roughly 920 metric tons a year.
Revenue is climbing, from $1.3 million in fiscal 2024 to $6.3 million in 2025 to $7.4 million in just H1 2026, with Q3 2026 estimated between $3.96 million and $4.12 million. Losses are climbing too: $18.4 million in all of 2025, $13.4 million in H1 2026 alone, and a $75.5 million accumulated deficit as of June 30. A May 2026 flash fire paused titanium production for six weeks and will cost about $0.8 million, only partly insured.
Amaero’s own filing says IPO proceeds plus existing cash fund operations only into Q2 2027, after which it “will need additional funding to continue operations,” and flags it could need capital sooner. Going-concern doubt persists even after the raise. Backlog concentration is tight: two customers made up about 75% of the $13.4 million backlog at mid-year, against supply deals with Velo3D, ADDMAN, Titomic, Knust-Godwin and United Performance Metals, plus a submarine-program contract through Bechtel Plant Machinery.