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Metal powder producer Amaero Inc. has priced its initial public offering on the Nasdaq Capital Market at $4.25 per share, selling 4,705,883 shares at an initial public offering price totaling $20 million.
After underwriting discounts and estimated expenses, net proceeds come to approximately $15.7 million. The deal is expected to close today, October 16.
The company, which redomiciled from Australia to the US, has had its CHESS Depositary Interests (CDIs), representing beneficial interests in its shares, trading on the Australian Securities Exchange (ASX) under the ticker 3DA.
It will now also trade in the US under the symbol AMRO. A 30-day greenshoe option covering 705,882 additional shares could bring net proceeds to roughly $18.5 million if fully exercised. Baird led the offering as bookrunner, with Lake Street as an additional bookrunner.
The IPO implies an equity value of approximately $121.3 million, calculated using the $4.25 offering price and 28,539,063 shares outstanding after the offering, assuming no exercise of the underwriters’ option to purchase additional shares. Insiders, including CEO Hank J. Holland, CTO Eric Bono, and CFO Brett Paduch, held about 35.5% of shares prior to the deal.
Amaero produces spherical titanium and refractory alloy powders, including niobium, tungsten, tantalum, and molybdenum, used as feedstock in additive manufacturing. It also manufactures large near-net-shape parts through powder metallurgy hot isostatic pressing (PM-HIP). The powder producer operates three gas atomizers at a single facility in McDonald, Tennessee, with a fourth on order and expected to come online in June 2027.
Current annual production capacity stands at 680 metric tons, with a maximum capacity of 720 metric tons depending on product mix. The fourth unit would raise annual capacity to roughly 920 metric tons, with a maximum of 960 metric tons. The company says its atomizer configuration, called EIGA Premium, is the only one of its kind currently operating in the US.
Revenue Growth Has Yet to Offset Losses
The capacity is there, but the financials show a business still in the early stages of scaling into it. Revenue has climbed from $1.3 million in fiscal 2024 to $6.3 million in 2025, with $7.4 million recorded in just the first half of 2026. Preliminary, unaudited figures for Q3 2026 estimate revenue between $3.96 million and $4.12 million.
Losses, however, have also grown. Amaero reported a net loss of $13.4 million in the first half of 2026, on top of $18.4 million in all of 2025. The accumulated deficit stood at $75.5 million as of June 30, 2026. The company also disclosed a May 2026 flash fire at its facility that paused titanium production for six weeks, and is expected to cost roughly $0.8 million in related expenses. Only a portion of those costs is expected to be covered by insurance.
Cash had fallen from $31.9 million at year-end 2025 to $13.6 million by June 30, and by the end of September it was down to roughly $4.95 million. Total debt was $19.6 million.
The prospectus also discloses that substantial doubt about the company’s ability to continue as a going concern will persist even after the IPO closes. Management estimates that net proceeds from the offering, together with existing cash and cash equivalents, will fund operating expenses and capital expenditure requirements into the second quarter of 2027.
The company will need additional funding to continue operations beyond that point and cautions that it could require further capital sooner than anticipated. Up to $10 million of net proceeds will go toward capital equipment over the next 12 months, with the remainder covering working capital, operating expenses, and R&D.
According to the filing, Amaero has invested roughly $45.9 million in capital expenditures over the past three years and raised over $100 million in total since May 2022.
Amaero’s order backlog has grown from $0.4 million at the end of 2024 to $13.4 million as of September 30, 2026, spread across 18 customers, though the top two accounted for about 75% of that figure as of mid-year. Commercial agreements include multi-year supply deals with Velo3D, ADDMAN Group, Titomic, Knust-Godwin, and United Performance Metals.
On the defense side, the company holds a low-rate initial production contract to supply PM-HIP components for the US submarine industrial base through prime contractor Bechtel Plant Machinery.
The Nasdaq listing gives Amaero access to a deeper pool of US capital at a point when the company’s own filings suggest it will need to seek additional funding after the offering. Revenue and backlog are both growing, but the company is still spending considerably more than it brings in, and its cash runway extends only into mid-2027 by management’s own estimate.
How quickly Amaero can close the gap between its production costs and its revenue will likely determine whether the next capital raise happens from a position of momentum or of necessity.
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Featured image shows refractory Powders. Photo via Amaero.
