MCDONALD, Tenn., April 21, 2026 (GLOBE NEWSWIRE) -- Amaero Ltd (ASX:3DA, OTCX:AMROF) ("Amaero" or the "Company"), a leading producer of high-value refractory and titanium alloy powders for additive and advanced manufacturing, and a leader in PM-HIP (Powder Metallurgy Hot Isostatic Pressing) manufacturing, is pleased to provide an overview of its operations to accompany the Appendix 4C for the quarter ending March 31, 2026.

Amaero continued to execute on its manufacturing scale-up and commercial programs during the March quarter, making solid progress in production capacity, customer qualification, and corporate initiatives. Entering Q4 FY2026, the Company is well positioned to deliver a strong finish to FY2026, supported by A$8.4 million in contracted revenue for Q4 FY2026(1) and additional capacity coming online, while also building momentum into FY2027.

HIGHLIGHTS

Financial Performance

   -- Q3 FY2026 revenue of A$2.6 million (+301% vs Q3 FY2025), in line with 
      A$2.5 million in contracted revenue disclosed in January2 
 
   -- A$8.4 million of contracted revenue for Q4 FY2026, compared to A$7.2 
      million disclosed in January,2 supporting near-term revenue visibility 
 
   -- A$18+ million of FY2026 revenue is contracted, underpinning confidence in 
      guidance of A$18-20 million (up 372%-425% vs FY2025)2 

Capital Investment Execution

   -- The Company's three-year capital investment program remains on track and 
      within budget for completion by June 30, 2026, supporting the continued 
      expansion of production capacity 
 
   -- The Company will continue with incremental capital investments for argon 
      gas recycling plant which is expected to be commissioned by end calendar 
      year and for EIGA #4 which is expected to be commissioned in June 20273 
 
   -- Ongoing manufacturing optimization across operational atomizers with a 
      focus on process safety, quality controls and throughput improvement 

Disciplined Management of G&A Expenses

   -- Trailing 12 Months $(TTM)$ revenue increased 347% year-over-year (YoY). TTM 
      General & Administrative (G&A) expenses increased 18% YoY for same 
      period4 

Strong Balance Sheet

   -- Ending cash balance of A$38.3 million, includes A$4.9 million of 
      restricted cash. EXIM Bank disbursement equal to A$5.8 million for 
      previously incurred capital expenses is expected to be received in April. 
      Proforma cash balance after EXIM disbursement equals A$44.1 million 

Operational and Strategic Progress

   -- Continued to scale production with expected 100% YoY increase in titanium 
      powder production in FY2027 
 
   -- Announced intention to re-domicile to the United States, progressing 
      corporate structure aligned with priority policy initiatives in the U.S. 
      Department of War contracting requirements, Tennessee-based operations 
      and domestic customer base5 
 
   -- Governance strengthened with the proposed appointment of experienced US 
      public company director, Tim 'TJ' Johnson, as Non-Executive Director and 
      prospective Chair of the Audit and Risk Committee6 
 
   -- Eric Bono will simultaneously transition from Executive Director to a 
      board advisory role and continue in senior executive role as Chief 
      Technology Officer6 

Commercial Progress

   -- Secured titanium powder revenue in Q4 FY2026 reflects 62% increase over 
      Q3 FY2026 and reflects full capacity utilization for current quarter 
 
   -- Commenced powder shipments to Titomic Limited $(TTT.AU)$ under the A$4.6 
      million purchase order received in December 2025,7 representing initial 
      deliveries under the parties' five-year exclusive supply and development 
      agreement, in support of Titomic's program with a leading US defense 
      prime contractor 
 
   -- Contracts to atomize 14 different refractory alloys that include Niobium, 
      Molybdenum, Tungsten, Tantalum, Rhenium and Zirconium 
 
   -- Continued advancement of multiple PM-HIP first article qualification 
      programs with US Department of Defense Prime Contractors 
 
   -- 14 active contracts for PM-HIP manufactured components 

Pipeline Development and Market Activity

   -- Continued to advance a diversified pipeline of commercial opportunities 
      across defense, aerospace space, medical and industrial markets 
 
   -- End of federal government shut down and approved FY2026 defense budget 
      have resulted in signed contracts and increased contracting activities 
 
   -- Ongoing engagement supported by a prior US Navy Letter of Support for 
      PM-HIP manufacturing process8 

Hank J. Holland, Amaero's Chairman and CEO, commented:

"The March Quarter represents more steady and measurable progress. The decision to re-domicile to the United States is a natural culmination of our strategy to be recognized, valued and funded as an essential enabler of America's defense industrial base and sovereign manufacturing and supply chain ecosystem. We commenced powder shipments to Titomic under our exclusive agreement, continued to advance PM-HIP qualifications with major defense prime contractors, commenced installation of the third EIGA atomizer, and strengthened our board with the nomination of TJ Johnson - who brings deep US public-company governance expertise that will be invaluable as we pursue a potential US listing. The Scheme booklet will be dispatched to shareholders in early May 2026, and we look forward to a shareholder vote in June 2026. With contracted Q4 revenue of A$8.4 million, resolution of the federal budget headwinds, and our 3-year capital investment program on track for completion by June 30, our focus is unequivocal: disciplined execution, scaling production, securing strategic commercial contracts and converting the world-class manufacturing platform we have built into sustainable long-term value for our shareholders."

Financial Performance and Revenue Visibility

Amaero delivered strong revenue growth in Q3 FY2026, with revenue of A$2.6 million, representing a 301% increase vs. Q3 FY2025. Trailing twelve-month revenue increased 347% year-over-year, reflecting accelerating commercial traction and the successful conversion of customer demand into revenue. The Q3 revenue was in line with A$2.5 million contracted revenue guidance in January. Powder revenue growth continues to be driven by exclusive supplier agreements and secured customer programs, while PM-HIP revenue is expected to scale over time as longer sales cycles, qualification processes, and manufacturing lead times progress.

Contracted revenue of A$8.4 million for Q4 FY2026 provides clear visibility into near-term revenue and reflects an increase to the A$7.2 million contracted revenue guidance in January. Q4 FY2026 contracted revenue underpins Amaero's reaffirmed FY2026 revenue guidance of A$18 million to A$20 million, with over A$18 million already contracted. The Company continues to build a robust commercial pipeline.

Capital Deployment and Financial Position

Amaero continues to execute its capital investment program in line with its production ramp, with tangible assets reaching A$72.0 million. Capital deployment remains focused on enabling production capacity and supporting revenue delivery, while mitigating supply chain and input cost risks.

The Company reported a cash balance of A$38.3 million, including A$4.9 million of restricted cash. Proforma cash balance after EXIM Bank disbursement for previously incurred capital expenses is A$44.1 million. The balance sheet strength positions Amaero to execute on its near-term growth initiatives while maintaining financial flexibility.

Manufacturing & Operational Progress

Amaero's manufacturing activities during the March 2026 quarter were focused on progressing the third EIGA Premium atomizer, progressing equipment on order through their build phases, advancing manufacturing optimization across operational assets, and maintaining disciplined execution of the three-year capital investment program.

Manufacturing optimization initiatives continued across Atomizer #1 and #2 during the quarter, with a focus on process safety, quality control and throughput improvement to support consistent production output. Installation of Atomizer #3 commenced during quarter and is expected to be commissioned by end of June.

The Company's argon recycling plant, contracted in the December 2025 quarter(9) at a materially reduced cost, is expected to deliver significant operating cost savings upon commissioning.

EXIM Bank financing drawdowns continue in line with equipment delivery and commissioning milestones, with the capital investment program remaining on schedule for completion by June 2026.

Strategic Repositioning: US Re-Domiciliation

On February 24, 2026, Amaero announced its intention to re-domicile the Amaero Group from Australia to the United States by way of a Scheme of Arrangement (Scheme) with its shareholders and option holders under Part 5.1 of the Corporations Act 2001 (Cth). Under the Scheme, a newly formed Delaware corporation- Amaero Inc., will become the ultimate parent company of the Amaero Group. The Board unanimously recommends shareholders vote in favour of the Scheme, subject to the Independent Expert concluding it is in the best interest of shareholders.

McGrathNicol has been appointed as Independent Expert. Norton Rose Fulbright Australia and Wilson Sonsini Goodrich & Rosati, P.C. have been engaged as Australian and US legal advisors, respectively. BDO USA, P.C. has been retained as PCAOB-registered independent auditor in connection with the anticipated re-domiciliation and potential US capital markets listing.

Key Rationale

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