Amaero (3DA) Registration filing summary

Company overview and business model

• U.S. producer of high-purity refractory and titanium spherical powders for additive manufacturing, plus large near-net-shape PM-HIP components with forged-equivalent properties.

• EIGA Premium crucible-free atomizers make powders including niobium, tungsten, tantalum, molybdenum, rhenium, zirconium and titanium alloys; PM-HIP targets large components for defense, aerospace, energy and industrial uses.

• Tennessee facility operates three atomizers; planned capacity is 680 metric tons annually, with a fourth atomizer expected in June 2027 to raise planned capacity to 920 metric tons.

• Commercial model is supported by multi-year customer and distribution agreements; backlog reached $15.3 million across 26 customers as of July 31, 2026.

Financial performance and metrics

• FY2025 revenue was $6.3 million versus $1.3 million in FY2024; net loss attributable to stockholders was $18.4 million versus $12.7 million.

• H1 2026 revenue was $7.4 million versus $1.2 million H1 2025; gross loss narrowed to $3.1 million from $3.3 million, while net loss widened to $13.4 million from $8.7 million.

• Adjusted EBITDA loss was $8.5 million in H1 2026 versus $7.7 million in H1 2025; backlog rose from $0.4 million at Dec. 31, 2024 to $15.3 million at July 31, 2026.

• June 30, 2026 cash and cash equivalents were $13.6 million, restricted cash $4.0 million, net debt carrying value $19.6 million and accumulated deficit $75.5 million.

• H1 2026 net cash used in operating activities was $12.9 million; management cited substantial doubt about going concern absent financing, including completion of the offering.

Use of proceeds and capital allocation

• Estimated net proceeds are $46.1 million, or $53.4 million if the underwriters exercise their option in full, based on the assumed $7.06 per-share price.

• Up to $17.5 million is planned for capital equipment over the next 12 months; remaining proceeds are intended for working capital, operating expenses and R&D.

• A portion may fund acquisitions or investments, though no material commitments existed; management retains broad discretion over proceeds.

• Planned capital projects include the fourth atomizer, argon recycling, powder-processing and PM-HIP equipment; argon system commissioning is expected in Q1 2027.