Monitor the IPO pricing and completion — the company's going concern qualification is directly tied to this offering. Track backlog conversion to revenue and the commissioning of the fourth EIGA atomizer (expected June 2027) as key operational milestones.
Executive Summary
Amaero Inc., a U.S.-based producer of refractory and titanium alloy metal powders for additive manufacturing and PM-HIP components, filed Amendment No. 2 to its S-1 registration statement for an IPO of 7,456,500 shares of common stock at an assumed price of $7.06 per share (based on the ASX-listed CDI price). The company is pre-revenue at scale, with net losses of $13.4 million in H1 2026 and $18.5 million in FY2025, and has substantial doubt about its ability to continue as a going concern if the IPO is not completed. Proceeds of ~$46.1 million are intended for capital equipment ($17.5M) and general corporate purposes.
Key Financial Metrics
Key Facts
- Offering 7,456,500 shares of common stock at $7.06/share (assumed price based on ASX CDI price on Sept 11, 2026)
- Estimated net proceeds of ~$46.1 million (or ~$53.4 million if underwriters' option exercised in full)
- Revenue grew from $1.3M in FY2024 to $6.3M in FY2025; $7.4M in H1 2026
- Net loss from continuing operations: $18.5M (FY2025), $13.4M (H1 2026)
- Cash and cash equivalents of $13.6M as of June 30, 2026
- Backlog grew to $15.3M as of July 31, 2026
- Substantial doubt about going concern if IPO not completed
- Material weakness in internal controls over financial reporting identified
Financial Impact
IPO proceeds of ~$46.1M (net) at assumed price; net losses of $13.4M in H1 2026 and $18.5M in FY2025; cash of $13.6M as of June 30, 2026
Risk Factors
- Going concern risk if IPO is not completed
- History of operating losses and negative cash flow
- Customer concentration (top two customers represent 75% of backlog as of June 30, 2026)
- Single manufacturing facility in Tennessee
- Material weakness in internal controls over financial reporting
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-395150 |
| Document: 0001193125-26-395150-index-headers.html | 0001193125-26-395150 |
| Document: 0001193125-26-395150-index.html | 0001193125-26-395150 |
| Document: 0001193125-26-395150.txt | 0001193125-26-395150 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 424B4 | $4.41 $5.42 | ▼ −22.90% | ▼ −23.92% | $6.04 (−36.96%) |
Oct 15, 2026 12d ago | EFFECT | $4.41 $5.42 | ▲ +22.90% | ▲ +23.92% | $6.04 (+36.96%) |
Oct 14, 2026 13d ago | 3 | $4.41 $5.42 | ▲ +22.90% | ▲ +23.92% | $6.04 (+36.96%) |
Oct 14, 2026 13d ago | 3 | $4.41 $5.42 | ▲ +22.90% | ▲ +23.92% | $6.04 (+36.96%) |
Oct 14, 2026 13d ago | 3 | $4.41 $5.42 | ▲ +22.90% | ▲ +23.92% | $6.04 (+36.96%) |
Oct 8, 2026 19d ago | S-1/A | — | awaiting T+5 | — | — |
Sep 18, 2026 5w ago | S-1/A | — | awaiting T+5 | — | — |
US Market Status
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