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Materials · NASDAQ: AMRO

Amaero: how the business works

Amaero makes metal powders and powder-formed metal parts at one Tennessee plant, with $6.3 million of revenue and an $18.4 million net loss in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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Amaero Inc. · McDonald, Tennessee · Founded 2013

Updated for Q2 FY2026 · checked

Revenue, FY2025 (audited)
$6.3M
Net loss, FY2025 (audited)
$18.4M
Revenue, six months to Jun 30, 2026 (unaudited)
$7.4M
Full-time employees, Jun 30, 2026
53
Directors and officers' shares, Forms 3 of Oct 14, 2026
28.3%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Amaero in 5 points

  1. 1 · What it sells

    Amaero makes metal powders and powder-formed parts at one Tennessee plant, and powders were $5.3 million of its $6.3 million revenue in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In the six months to Jun 30, 2026, Titomic provided 41% of Amaero's revenue, Continuum Powders 27% and all other customers 32% (Cityfort calculation from the 424B4 filed Oct 15, 2026).

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Amaero spent $350.3, a loss of $250.3; the net loss of $18.4 million includes $1.0 million of interest income, other income and income from discontinued operations, and the operating loss was $19.0 million.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Amaero has no operating profit: in FY2025 its cost of revenue ($11.5 million) was above its revenue ($6.3 million), and selling and overhead costs added $13.4 million.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Amaero's prospectus says offering proceeds will not remove substantial doubt about its ability to keep operating, and it estimated cash of $4.95 million to $4.96 million at Sep 30, 2026, before the offering.

    More: the one thing to watch

Sources: From Amaero's final prospectus (424B4) dated Oct 14, 2026 · checked

See the full receipt and the management scorecard below

Sources (1)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Amaero's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Amaero · FY2025

Receipt for every $100

Where $100 of Amaero's money went in FY2025
Cost of revenue$156.2
Selling, general and administrative$182.5
Research and development$5.4
Interest$6.2
Loss (spent more than came in)−$250.3
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the 424B4 filed Oct 15, 2026. Of every $100 that came in during FY2025 (revenue plus interest income, other income and income from discontinued operations). Each line = line ÷ total money in × 100; the loss line is negative, so the lines add to 100.

Sources (1)
Next: The business in one line

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02The business in one line

What does Amaero do?

Defense, aerospace and industrial manufacturers pay Amaero for metal powders and powder-formed parts; so far costs exceed revenue, and share sales and loans fund the gap.

  • Titomic (41%) and Continuum Powders (27%) provided most revenue in the six months to Jun 30, 2026.
  • Of every $100 that came in during FY2025, Amaero spent $350.3, a loss of $250.3.
  • Amaero's shares first traded on the Nasdaq Capital Market as AMRO on Oct 15, 2026, after an offering at $4.25. Its CDIs (depositary interests) still trade on Australia's ASX as 3DA.
Next: Who pays it

03Who pays it

Who pays Amaero?

  • Titomic Limited

    41%

    of revenue

    41% of revenue in the six months to Jun 30, 2026. A five-year exclusive supplier and development agreement from September 2025, with a $3.0 million refractory order in December 2025. Amaero agreed to contribute $1.5 million toward program development expenses.

  • Continuum Powders

    27%

    of revenue

    27% of revenue in the six months to Jun 30, 2026, and 48% in FY2025. A one-year agreement from April 2026 sets a minimum of about $5.5 million of titanium powder, July 2026 to June 2027.

  • All other customers

    32%

    of revenue

    32% of revenue in the six months to Jun 30, 2026 (Cityfort calculation from the 424B4 filed Oct 15, 2026). Amaero counted 20 active materials customers and 9 PM-HIP customers at Jun 30, 2026.

  • Velo3D

    Not disclosed

    25% of FY2025 revenue; included in other customers above. A five-year agreement from April 2025: exclusive for refractory powders, preferred for titanium.

  • US Department of War

    Not disclosed

    A 13-month research and development contract worth about $4.5 million, from July 2026. The name is the filing's wording.

  • Bechtel Plant Machinery and the US Navy

    Not disclosed

    Over 2 years of development work with both, then a low-rate initial production contract supporting the US submarine industrial base, announced in July 2026. The prospectus states no amount and does not name the contract's counterparty.

  • Titomic Limited41%
  • Continuum Powders27%
  • All other customers32%

Customer concentration

The top two customers were 68% of revenue in the six months to Jun 30, 2026 and 73% in FY2025. Both are a Cityfort calculation from the 424B4 filed Oct 15, 2026. The top two customers in the backlog were about 75% of its value at Jun 30, 2026; the prospectus does not say they are the same two. Many agreements do not guarantee purchases at expected levels, per the prospectus.

Largest customer
41%
Sources (1)
Next: Why it makes money

04Why it makes money

Why does Amaero make money?

Amaero has never made a profit: its products cost more to make than they sell for, and share sales and loans pay the difference.

In FY2025 Amaero spent $20.1 million on plant and equipment and used $18.4 million in operations. Share sales of $46.9 million and loans of $15.0 million paid for it. Cost of revenue fell against revenue, but it stayed above revenue.

Cost of revenue per $100 of revenue (Cityfort calculation from the 424B4 filed Oct 15, 2026)

$315.9$181.9

FY2024 to FY2025

  1. Raise money through share sales and loans
  2. Buy powder machines and presses for the Tennessee plant
  3. Get each powder or part qualified with customers
  4. Fill orders under purchase and supply agreements
  5. Book revenue against the plant's costs, and raise more money for the shortfall

↺ Step 5 feeds back into step 1.

Sources (1)
Next: Business segments

05Business segments · FY2025

Which businesses make up Amaero?

  • Metal powders

    84%

    Revenue by product, not a reportable segment: the prospectus reports one segment. $6.2 million in the six months to Jun 30, 2026. Share is a Cityfort calculation from the 424B4 filed Oct 15, 2026.

    Revenue $5.3M

  • PM-HIP parts

    16%

    Revenue by product, recognized over time as work is done. $1.2 million in the six months to Jun 30, 2026. Share is a Cityfort calculation from the 424B4 filed Oct 15, 2026.

    Revenue $1M

How the mix changed

  • Metal powders
  • PM-HIP parts

Revenue by segment, FY2024 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearMetal powdersPM-HIP parts
FY2024$0.7M$0.6M
FY2025$5.3M$1M
Sources (1)
Next: How has it done

06The numbers · Consolidated · US$

How has Amaero done?

Amaero listed on Nasdaq on Oct 15, 2026; its IPO price was $4.25 a share. Its prospectus gives two audited years.

Source: Amaero Inc. final prospectus (Form 424B4), dated Oct 14, 2026, filed Oct 15, 2026 (Registration No. 333-298612); Nasdaq IPO calendar, October 2026, entry for Amaero Inc. (AMRO), read Nov 5, 2026; Nasdaq historical price table, AMRO, Oct 15 to Nov 5, 2026 (read Nov 6, 2026)

Revenue

$6.3MFY2025

Revenue rose from $1.3 million in FY2024 to $6.3 million in FY2025, and reached $5.5 million in Q2 FY2026 alone; quarters are unaudited figures from the prospectus.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2024$1.3M
FY2025$6.3M
Q1 FY2025$0.4M
Q2 FY2025$0.9M
Q3 FY2025$3.1M
Q4 FY2025$2M
Q1 FY2026$1.9M
Q2 FY2026$5.5M

Net profit

−$18.4MFY2025

Net loss grew from $12.7 million in FY2024 to $18.4 million in FY2025; quarterly rows show loss from continuing operations, which reached $6.9 million in Q2 FY2026.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2024−$12.7M−$0.93
FY2025−$18.4M−$0.95
Q1 FY2025−$3.9M–
Q2 FY2025−$5M–
Q3 FY2025−$4.1M–
Q4 FY2025−$5.6M–
Q1 FY2026−$6.6M–
Q2 FY2026−$6.9M–

Profit kept per $100 of revenue

−$291.5FY2025

Amaero lost $291.5 for every $100 of revenue in FY2025, against $966.2 in FY2024; EBITDA here is a Cityfort calculation from the 424B4 filed Oct 15, 2026: operating loss plus depreciation.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2024−966.2%−1,029.5%
FY2025−291.5%−281.7%

Free cash flow

−$38.5MFY2025

Free cash flow was −$38.5 million in FY2025 (Cityfort calculation from the 424B4 filed Oct 15, 2026), and stock-based pay equaled 38.8% of revenue; cash flows include discontinued operations.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2024−$11.3M$13.3M−$24.7M
FY2025−$18.4M$20.1M−$38.5M
See all yearly numbers
Amaero annual financials, FY2024–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2024$1.3M−$13.6M−$12.7M−$0.93−$11.3M$13.3M−$24.7M
FY2025$6.3M−$17.8M−$18.4M−$0.95−$18.4M$20.1M−$38.5M
See the six-month numbers
Amaero interim financials from the prospectus, US$
PeriodRevenueNet profitEPS ($)Operating cashCapexFree cashStock-based pay
Six months ended Jun 30, 2025$1.2M−$8.7M−$0.52−$7M$9.4M−$16.4M$1.1M
Six months ended Jun 30, 2026$7.4M−$13.4M−$0.56−$12.9M$9.5M−$22.4M$1.7M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Amaero's fiscal year is the calendar year, so Q2 FY2026 is April–June 2026 (the company calls it Q2 2026)). Net profit is the share belonging to the company's owners.

Download Amaero's yearly, quarterly and six-month numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (3)
Next: What they said, and what happened

07Who runs it

Who runs Amaero, and did they deliver?

  • Hank J. Holland

    Chief Executive Officer, President and Executive Chairman · since 2022

    Founder and Managing Member of Pegasus Growth Capital, the largest holder. FY2025 pay was $837,328.

  • Eric Bono

    Chief Technology Officer · since 2023

    FY2025 pay was $745,800.

  • Brett Paduch

    Chief Financial Officer · since 2025

    Previously CFO of Telestream. FY2025 pay was $1,368,768, including $1,177,101 of options. He received 211,764 restricted stock units on Oct 15, 2026, vesting half in 2027 and half in 2028.

  • Erik Levy

    Lead Independent Director

    Received 14,761 restricted stock units on Oct 15, 2026, vesting Aug 28, 2027.

  • Omer Granit

    Director

    Held 2.9% before the offering. Received 14,761 restricted stock units on Oct 15, 2026.

  • Timothy A. Johnson

    Director

    Has a passive interest in Pegasus, and consulted for Amaero at $4,120 a month from Mar 16, 2026, before joining the board. Received 14,761 restricted stock units on Oct 15, 2026.

  • Robert P. Latta

    Director

    Has a passive interest in Pegasus. Formerly a senior partner, then senior of counsel, at Wilson Sonsini, Amaero's lawyers. Received 14,761 restricted stock units on Oct 15, 2026.

  • H.R. McMaster

    Special Advisor

    Retired US Army lieutenant general; an adviser, not a director.

What they said, and what happened

2 too early to tell

  1. Said on Oct 14, 2026

    Amaero said in its prospectus that it plans to commission a fourth EIGA powder machine in June 2027, raising planned capacity from 680 to 920 metric tons a year.

    What happened

    June 2027 has not arrived, and no filing since the prospectus reports on it (EDGAR, Nov 6, 2026).

    Too early to tell

  2. Said on Oct 14, 2026

    Amaero said in its prospectus that net proceeds plus existing cash would fund operations and capital spending into the second quarter of 2027.

    What happened

    The period has not ended. Amaero reports Q3 FY2026 results on Nov 9, 2026, per its ASX notice.

    Too early to tell
Sources (8)
Next: What could go wrong

08What could go wrong

What could go wrong for Amaero?

  • Cash and liquidity

    Going-concern doubt

    The prospectus states substantial doubt about Amaero's ability to keep operating. It says offering proceeds will not remove that doubt for at least 12 months after the offering. It will need more funds.

    Watch Cash and the going-concern wording in the Q3 FY2026 10-Q.

  • Other

    Never profitable

    Net loss was $18.4 million in FY2025 and $13.4 million in the six months to Jun 30, 2026. The accumulated deficit was $75.5 million at Jun 30, 2026.

    Watch Gross loss, which was $3.1 million in the six months to Jun 30, 2026.

  • Concentration

    Two customers bring in most revenue

    Titomic (41%) and Continuum Powders (27%) were 68% of revenue in the six months to Jun 30, 2026. The prospectus says losing a 10% customer could be material.

    Watch The top two customers' share in the next filing.

  • Execution

    One plant

    All manufacturing is at one Tennessee site. A May 2026 flash fire injured 2 employees; 2 other fires caused no injuries or material damage. The response included a six-week titanium pause, and the company expects about $0.8 million of expenses, only partly insured. In Q3 FY2026 no titanium was produced until late July, while a safety review concluded. The company says that and commissioning a sieving system hurt that quarter's gross margins (prospectus dated Oct 14, 2026).

    Watch Titanium output and gross margin in the Q3 FY2026 results, due Nov 9, 2026.

  • Demand

    Defense contracts can be ended

    PM-HIP and defense contracts can generally be ended for convenience, and can be suspended, canceled or delayed. The prospectus also flags policy reversal.

    Watch Changes to the Navy and Department of War work.

  • Raw-material prices

    Reliance on feedstock from China

    Most titanium bar comes from suppliers in China with no long-term contract. The prospectus cites a 35% tariff on imported electrode raw materials and possible export limits.

    Watch Purchases under the Perryman US supply deal, which runs through Dec 31, 2027.

  • Execution

    Qualification and backlog

    Powders and parts may fail customer qualification or take a long time to pass it, and backlog may not turn into revenue, per the prospectus. Backlog was $10.0 million at Jun 30, 2026.

    Watch How much of the backlog becomes revenue.

  • Cash and liquidity

    More money needed, with limits on raising it

    Amaero says it will need more funds (prospectus dated Oct 14, 2026). ASX rules require stockholder approval for more than 15% new shares in 12 months, which the prospectus says limits raising capital. The EXIM loan has covenants from Sep 30, 2027 and Sep 30, 2028, and restricts dividends.

    Watch New share sales or loans reported in 8-Ks and ASX notices.

Sources (2)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose from $1.2 million in the six months to Jun 30, 2025 to $7.4 million a year later.
  • Backlog, the company's own measure, reached $10.0 million at Jun 30, 2026, up from $6.9 million at Dec 31, 2025.
  • Cost of revenue per $100 of revenue fell from $315.9 in FY2024 to $181.9 in FY2025.
  • Amaero has multi-year agreements with Titomic, Velo3D and Knust-Godwin, and a low-rate initial production contract supporting the US submarine industrial base, per the prospectus.
  • The company says it believes it has the largest US capacity for these powders.

What critics point to

  • Net loss was $18.4 million in FY2025 on revenue of $6.3 million, and Amaero has never been profitable.
  • The prospectus says offering proceeds will not remove substantial doubt about Amaero's ability to keep operating for at least 12 months.
  • Two customers provided 68% of revenue in the six months to Jun 30, 2026.
  • The company estimated a Q3 FY2026 net loss of $9.07 million to $9.5 million, on revenue of $3.96 million to $4.12 million (prospectus dated Oct 14, 2026).
  • All manufacturing is at one plant, and most titanium bar comes from suppliers in China with no long-term contract.
Next: What to watch next

10What to watch next

What should you watch next at Amaero?

Next event

Q3 FY2026 results (three months to Sep 30, 2026)

Nov 9, 2026

Date confirmed by the company

Add to calendarAnnouncementAll earnings dates

  • Q3 FY2026 results against the prospectus estimates

    Amaero said in an ASX notice (Nov 3, 2026) that it will report after the US market close on Nov 9, 2026. Its prospectus (Oct 14, 2026) estimated revenue of $3.96 million to $4.12 million, a net loss of $9.07 million to $9.5 million and backlog of $13.43 million to $13.44 million; these are unaudited and not reviewed by BDO.

  • Cash and new funding

    The company says net proceeds plus cash fund operations and capital spending into the second quarter of 2027, and that it will need more funds (prospectus dated Oct 14, 2026). It estimated cash of $4.95 million to $4.96 million at Sep 30, 2026, before the offering.

  • Share count in the first 10-Q

    Amaero told the ASX it issued 5,012,697 shares on Oct 19, 2026, against 4,705,883 in the prospectus. The underwriters' option on 705,882 shares runs to Nov 13, 2026; no SEC filing yet reports on it.

  • Customer mix

    Titomic and Continuum Powders were 68% of revenue in the six months to Jun 30, 2026. The Continuum agreement's minimum runs to June 2027.

Next: Key dates

11Key dates

What are the key dates for Amaero?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Amaero
EventDateSource
Final prospectus datedOffering price $4.25. Filed Oct 15, 2026.Amaero Inc. final prospectus (Form 424B4), dated Oct 14, 2026, filed Oct 15, 2026 (Registration No. 333-298612)
First trade on the Nasdaq Capital MarketOpened at $4.10 and closed at $4.41, per Nasdaq's price table.Nasdaq historical price table, AMRO, Oct 15 to Nov 5, 2026 (read Nov 6, 2026); Nasdaq IPO calendar, October 2026, entry for Amaero Inc. (AMRO), read Nov 5, 2026
5,012,697 shares issued at $4.25Per Amaero's ASX notice of Oct 23, 2026.Amaero Inc. ASX Appendix 3G, notification of issue of unquoted equity securities (5,012,697 shares of common stock issued Oct 19, 2026), Oct 23, 2026
Q3 FY2026 results, after the US market closeAnnounced to the ASX on Nov 3, 2026; call at 4:30pm ET.Amaero Inc. ASX announcement, date of Q3 2026 earnings release and conference call, Nov 3, 2026
Underwriters' option ends30 days from Oct 14, 2026. Cityfort calculation from the 424B4 filed Oct 15, 2026.Amaero Inc. final prospectus (Form 424B4), dated Oct 14, 2026, filed Oct 15, 2026 (Registration No. 333-298612)
Company lock-up ends90 days from Oct 14, 2026. Cityfort calculation from the 424B4 filed Oct 15, 2026.Amaero Inc. final prospectus (Form 424B4), dated Oct 14, 2026, filed Oct 15, 2026 (Registration No. 333-298612)
Directors, officers and Pegasus lock-up ends180 days from Oct 14, 2026; Baird can release shares earlier. Cityfort calculation from the 424B4 filed Oct 15, 2026. No other holder was locked up.Amaero Inc. final prospectus (Form 424B4), dated Oct 14, 2026, filed Oct 15, 2026 (Registration No. 333-298612)

Learn: IPO lock-up agreements: what they are and when they end · How to read a US earnings release: Nvidia's Q2 fiscal 2027 · How to read an S-1: Anthropic's IPO registration statement

Sources (5)
Next: Key facts

12Key facts

Key facts about Amaero

What does Amaero do?
Amaero (Amaero Inc., McDonald, Tennessee) makes metal powders and large powder-formed metal parts at one plant. Its prospectus dated Oct 14, 2026 lists end uses including hypersonic weapons, satellite propulsion, submarines and aerospace. Revenue was $6.3 million in FY2025.
How does Amaero make money?
Amaero's business model is selling metal powders and PM-HIP parts to manufacturers and defense contractors. Amaero's FY2025 revenue was $6.3 million: $5.3 million from powders and $1.0 million from parts. Substantially all of Amaero's revenue was generated in the US in each period its prospectus presents.
Is Amaero profitable?
No. Amaero's net loss was $18.4 million in FY2025 and $12.7 million in FY2024, and its operating loss was $19.0 million in FY2025. Its prospectus dated Oct 14, 2026 says it has never been profitable.
What is Amaero's revenue by segment?
Amaero reports one segment but splits revenue by product. In the six months to Jun 30, 2026, metal powders brought $6.2 million and PM-HIP parts $1.2 million of Amaero's $7.4 million revenue, per its prospectus.
What are Amaero's metal powders?
Amaero's metal powders are high-purity round powders of refractory metals, such as niobium C103 and tungsten, and titanium alloys, used in 3D printing and other manufacturing. Amaero's powder revenue was $5.3 million in FY2025, up from $0.7 million in FY2024.
What are Amaero's PM-HIP parts?
PM-HIP (powder metallurgy hot isostatic pressing) packs metal powder in a canister, then uses heat and pressure to form a large near-finished part. Amaero's PM-HIP revenue was $1.0 million in FY2025, up from $0.6 million in FY2024.
Who are Amaero's customers?
Titomic Limited provided 41% of Amaero's revenue and Continuum Powders 27% in the six months to Jun 30, 2026, per its prospectus. In FY2025, Continuum provided 48% and Velo3D 25%. Substantially all of Amaero's revenue was generated in the US in each period its prospectus presents.
Who owns Amaero?
Pegasus Growth Capital Fund I, L.P. reported 7,459,232 Amaero shares in its Form 3 filed Oct 14, 2026, about 25.9% of the 28,845,877 shares outstanding after Amaero's Oct 19, 2026 share issue (Cityfort calculation from the Form 3 and Amaero's ASX notice of Oct 23, 2026). Amaero CEO Hank Holland controls Pegasus. Amaero's directors and officers held 28.3% as a group, before options.
When did Amaero list on Nasdaq?
Amaero's common stock first traded on the Nasdaq Capital Market as AMRO on Oct 15, 2026, per Nasdaq. Amaero sold the shares at an offering price of $4.25 under a prospectus dated Oct 14, 2026. No existing stockholder sold in Amaero's offering.
Is Amaero still listed in Australia?
Yes. Amaero's CDIs (depositary interests, 40 of which convert into 1 share) have traded on the ASX as 3DA since Dec 5, 2019, per its prospectus. Amaero said in an Oct 28, 2026 ASX notice that its fiscal yearThe company's own 12-month year, which may not end in December. Learn more now ends Dec 31.
Sources (7)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Amaero sell?

Amaero makes two things at one plant in McDonald, Tennessee. It turns metal into very fine powder, and it forms powder into large metal parts. Buyers use them in weapons, satellites, submarines and aircraft.

  • Metal powders

    High-purity round powders of refractory metals (heat-resistant ones such as niobium C103, tungsten and tantalum) and titanium alloys, for 3D printing and other manufacturing. They brought $5.3 million in FY2025, 83.7% of revenue (Cityfort calculation from the 424B4 filed Oct 15, 2026).

  • PM-HIP parts

    PM-HIP is powder metallurgy hot isostatic pressing. Powder goes in a canister, then heat and pressure form a near-finished part. Lead time is 3 to 4 months, against 6 to 18 for forgings, per the prospectus. Revenue was $1.0 million in FY2025.

Think of it like this

PM-HIP works a little like baking in a mold: the powder takes the can's shape, and heat and pressure fuse it into solid metal.

What it does

  • Does: Makes powder on three EIGA machines, which turn a metal bar into fine powder; a fourth was ordered in December 2025
  • Does: Forms parts up to 63 by 104 inches and 20,000 pounds, per the prospectus
  • Does: Sells for uses the prospectus lists as hypersonic weapons, satellite propulsion, strategic missiles, submarines, medical, nuclear, energy, semiconductor equipment, firearm suppressors and device enclosures

What it does not do

  • Does not: Earn much outside the US: substantially all revenue was generated in the US in each period the prospectus presents
  • Does not: Run plants in Australia or the UAE any more: those operations ceased by Jun 30, 2024 and Dec 31, 2023
  • Does not: Rely on patents: it has 1 pending US patent and no registered trademarks, and relies on trade secrets
Sources (1)
14How the money flows

14How the money flows · FY2025

How does money flow through Amaero?

Money in

  • Metal powders revenue$5.3M
  • PM-HIP parts revenue$1M
  • Interest and other income, and income from discontinued operations$1M

The company

Amaero

$7.3M came in

Money out

  • Cost of revenue$11.5M
  • Selling, general and administrative$13.4M
  • Research and development$0.4M
  • Interest expense$0.5M
  • Net loss−$18.4M
  1. Customers paid $6.3 million in FY2025: $5.3 million for powders and $1.0 million for parts. Interest, other income and discontinued operations added $1.0 million.
  2. Making those products cost $11.5 million, more than revenue, so the gross loss was $5.2 million.
  3. Selling and overhead costs were $13.4 million, and research $0.4 million. Stock-based pay of $2.4 million was part of the year's costs.
  4. Against revenue alone, those costs left an operating loss of $19.0 million. Interest cost another $0.5 million, and no income tax was charged.
  5. Costs were $18.4 million more than the money that came in. That is the net loss.
Sources (1)
15What it needs to run

15What it needs to run

What does Amaero need to run?

  • Atomizing machines

    EIGA machines installed in June 2024, June 2025 and June 2026; the company plans to commission a fourth in June 2027 (prospectus dated Oct 14, 2026). Stated capacity is a planned 680 metric tons a year, and 920 with the fourth. Production has been below installed capacity, per the prospectus.

  • Niobium and titanium

    The main inputs, with no price hedging. Most titanium bar comes from suppliers in China on purchase orders, with no long-term contract. A three-year US supply deal with Perryman runs through Dec 31, 2027, with no minimum purchase.

  • One Tennessee plant

    About 100,000 square feet on a 15-year lease, with up to 10 more years. It is AS9100D certified, an aerospace quality standard. All manufacturing happens here.

  • Money to build

    The prospectus describes an about $45.9 million three-year capital program. At Jun 30, 2026 Amaero had $7.9 million of capital equipment commitments.

  • People

    53 full-time employees at Jun 30, 2026, none in a union.

Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does Amaero compete with?

Amaero's prospectus (Oct 14, 2026) names US and Canadian suppliers as competitors. It says certain ones, including ATI and Carpenter, are substantially larger, with significantly greater manufacturing capacity across multiple facilities. It also says Amaero's 680 metric tons of annual powder capacity is greater scale than any other known US competitor. Industry data from Straits Research and Dataintelo, as cited in the prospectus, estimates the 2026 US addressable market for additive manufacturing (3D printing) powder: about $464.8 million for titanium and $191.8 million for refractory metals.

  • ATI Inc.

    Named in the prospectus as a competitor in US powders and in PM-HIP parts.

  • Carpenter Technology

    Named in the prospectus as a US powder competitor.

  • Linde Advanced Material Technologies

    Named in the prospectus as a US powder competitor.

  • Elmet Technologies

    Named in the prospectus as a US powder competitor.

  • Bodycote Thermal Processing

    A Bodycote plc subsidiary, named in the prospectus as a PM-HIP competitor.

  • Synertech PM

    Named in the prospectus as a PM-HIP competitor.

  • AP&C (GE Aerospace), Tekna Holding ASA, PyroGenesis

    Canada-based powder makers serving US customers, per the prospectus.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Cost and time to copy3 of 5

    The company says a similar facility takes 2 to 3 years and over $45 million to build. That is the company's own view.

  • US refractory capacity3 of 5

    The company says it believes it has the "only U.S. domestic atomization capacity specifically dedicated to refractory alloys". One of its machines serves refractory metals, per the prospectus.

  • Customer qualification2 of 5

    Qualification can take years, which the company lists as a barrier to rivals. The prospectus also warns its own powders and parts may fail qualification or take a long time.

  • Scale2 of 5

    Revenue was $6.3 million in FY2025 from one plant, and production has been below installed capacity. The prospectus says certain competitors, including ATI and Carpenter, are substantially larger. It also says Amaero's powder capacity is greater scale than any other known US competitor.

  • Patents1 of 5

    1 pending US patent, filed May 8, 2026, and no registered trademarks. Amaero relies on trade secrets.

Weak spot

One plant and imported titanium feedstock

All manufacturing is at one site. Most titanium bar comes from suppliers in China on purchase orders, with no long-term contract, per the prospectus.

Sources (1)
17Where growth could come from

17Where growth could come from

Where could Amaero's growth come from?

Amaero says in its prospectus (Oct 14, 2026) that it plans to commission a fourth powder machine in June 2027. That would raise planned capacity from 680 to 920 metric tons a year.
Management statement, Oct 14, 2026. Reported as a statement, not our forecast.

  • Powder capacity

    Mixed

    Three machines installed; a fourth planned for June 2027 (prospectus dated Oct 14, 2026)

    A May 2026 flash fire injured 2 employees, and the response included a six-week pause in titanium powder production. In Q3 FY2026 no titanium was produced until late July, while a facility and process safety review concluded. The prospectus says a third machine and a new sieving system raised titanium throughput capacity by about 100%.

    Status: Mixed, partly on track.

  • Supply agreements

    Early

    About $5.5 million minimum from Continuum, July 2026 to June 2027 (prospectus)

    Other multi-year deals include Titomic, Velo3D, Knust-Godwin, United Performance Metals and ADDMAN. Many do not guarantee purchases at expected levels, per the prospectus.

    Status: Early, too early to judge.

  • Defense work

    New

    About $4.5 million, 13-month US Department of War contract, July 2026 (prospectus)

    A low-rate initial production contract for submarine components was also announced in July 2026, with no amount stated. These contracts can generally be ended for convenience.

    Status: New, recently announced.

  • Lower argon cost

    New

    Expected cut of at least 77% in argon cost (company's estimate, prospectus dated Oct 14, 2026)

    The company plans to commission an argon recycling system in Q1 2027 (prospectus dated Oct 14, 2026). It carries a 15-year take-or-pay minimum of $24,500 a month, about $4.7 million in total.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (1)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 to Jun 30, 2026 (dated on each item)

What do Amaero's own measures show?

Amaero's own measures, as defined in its prospectus. Adjusted EBITDA leaves out real costs such as stock-based pay; backlog is not revenue.

  • Official (GAAP): Loss from continuing operations, FY2025

    −$18.5M

    Company's own measure: Adjusted EBITDA, FY2025

    −$15.2M

    The company's measure: it leaves out interest, taxes, depreciation and amortization, stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more and IPO-related costs. Stock-based pay was $2.4 million in FY2025.

  • Official (GAAP): Loss from continuing operations, six months to Jun 30, 2026

    −$13.4M

    Company's own measure: Adjusted EBITDA, six months to Jun 30, 2026

    −$8.5M

    Same definition. It leaves out stock-based pay of $1.7 million and IPO-related costs of $2.0 million in the period.

  • Official (GAAP): Loss from continuing operations, Q2 FY2026

    −$6.9M

    Company's own measure: Adjusted EBITDA, Q2 FY2026

    −$4.1M

    Same definition, from the prospectus's unaudited quarterly table.

  • Official (GAAP): Revenue, six months to Jun 30, 2026

    $7.4M

    Company's own measure: Backlog, Jun 30, 2026

    $10M

    The company's measure: legally binding contracts expected to become revenue within 12 months. It was $6.9 million at Dec 31, 2025. Amaero uses a practical expedient and gives no remaining performance obligationsSigned contracts with customers that have not been billed yet. (the GAAP measure), so revenue sits beside it.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (1)
19Financial strength and debt

19Financial strength · Jun 30, 2026

How much debt does Amaero have?

Debt was $22.4 million against $13.6 million of cash at Jun 30, 2026, or net debt of $8.8 million (Cityfort calculation from the 424B4 filed Oct 15, 2026), before the offering.
  • Total debt$22.4M
  • Cash and investments$13.6M
  • Net debt (debt minus cash)$8.8M
  • Net worth (shareholders' money)$48.1M
Debt to equity
0.47×
$ of debt for every $1 of shareholders' money
  • The company estimates in its prospectus that cash was $4.95 million to $4.96 million at Sep 30, 2026, before the offering. These figures are preliminary and unaudited.
  • Amaero issued 5,012,697 shares at $4.25 on Oct 19, 2026, per its ASX notice of Oct 23, 2026: $21.3 million before underwriting discounts and costs (Cityfort calculation from that notice). No filing yet states the net proceeds.
  • Debt is the US Export-Import Bank (EXIM) equipment loan: $22.4 million drawn, carried at $19.6 million after discount and costs. It reached its full $26.1 million by Jul 31, 2026.
  • The loan carries a fixed 5.36% rate and matures Jun 30, 2034. Principal payments start Sep 30, 2027, and covenants start in 2027 and 2028.
  • Restricted cash of $4.0 million and lease liabilities of $10.7 million are not counted here. The accumulated deficit was $75.5 million.
Sources (2)
20Who owns it

20Who owns it · ownership as of Oct 23, 2026

Who owns Amaero?

Amaero has filed no proxy statement yet (EDGAR, Nov 6, 2026). Directors and officers reported 8,165,719 shares in their Forms 3 (Oct 14, 2026), including Pegasus's: 28.3% of 28,845,877 shares (Cityfort calculation from the Forms 3 and the ASX notice of Oct 23, 2026), before options and restricted stock units. The prospectus gave 29.7% after the offering, counting exercisable options and 28,539,063 shares. Rows overlap, so they do not add up to a total.
Officers and directors (as a group), shares
28.3%
Share classes
Amaero share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (28,845,877 shares: 23,833,180 before the offering plus 5,012,697 issued on Oct 19, 2026 (Cityfort calculation from the 424B4 and the ASX notice of Oct 23, 2026). Excludes options and restricted stock units. 15,000,000 preferred shares are authorized, none outstanding.)28.91Holders on Nasdaq, and holders of CDIs on the ASX (40 CDIs convert into 1 share)100.0%100.0%Yes
Holders of 5% or more
Amaero holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Pegasus Growth Capital Fund I, L.P.25.9%–Oct 14, 2026S18, S19, S267,459,232 shares (Form 3). CEO Hank Holland is its Managing Member, with sole voting and investment power. Percentage is a Cityfort calculation from the Form 3 and the ASX notice of Oct 23, 2026.
Affiliates of FIL Limited5.4%–Aug 27, 2026S11,534,410 shares. The prospectus gives 5.4% after the offering, on 28,539,063 shares; it bases the holding on an ASX substantial holder notice and an equity report as of Jul 31, 2026.
Omer Granit (director)2.2%–Oct 14, 2026S23, S26646,258 shares held indirectly (Form 3). Percentage is a Cityfort calculation from the Form 3 and the ASX notice of Oct 23, 2026.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (5)
21What it does with profit

21What it does with profit

What does Amaero do with its profit?

Amaero has never paid a dividend and does not expect to, per its prospectus; the EXIM loan restricts dividends. Share sales brought in $30.1 million in FY2024.

  • Money raised · Oct 19, 2026

    US offering: Amaero issued 5,012,697 shares at $4.25, per its ASX notice of Oct 23, 2026. The prospectus offered 4,705,883 shares plus a 30-day option on 705,882 more; no filing yet says whether the extra 306,814 shares came from that option. Gross amount before discounts and costs is a Cityfort calculation from the ASX notice.

    $21.3M

  • Money raised · Dec 31, 2025

    Share sales in FY2025 brought in $46.9 million, per the cash flow statement in the prospectus, and loans another $15.0 million.

    $46.9M

Sources (2)
22Governance signals

22Governance signals

What do Amaero's governance filings show?

Auditor
BDO USA, P.C., since 2026
Auditor changes
Jan 29, 2026: RSM Australia Partners (continues for ASX reporting) → BDO USA, P.C. (primary auditor) (The prospectus says BDO was engaged primarily because of the move to Delaware and the need for US GAAP statements for this offering, not because of any disagreement or reportable event.)
Audit qualifications
FY2025: BDO's audit report includes a going-concern paragraph, meaning substantial doubt about Amaero's ability to keep operating.
Related-party dealings
Pegasus bought shares in ASX placements in 2023 and 2025 and exercised options in 2025; FIL also bought, as did June Seventy Sixers LLC, tied to directors Omer Granit and Erik Levy (Levy's interest is passive and non-controlling). Director Tim Johnson was a paid consultant. All predate the formal related-party policy, per the prospectus.
Credit rating
Not checked for this page

Flags to know about

  • other

    Going-concern doubt remains after the offering

    The prospectus says the offering's proceeds will not remove substantial doubt about Amaero's ability to keep operating. That holds for at least 12 months after the offering.

  • other

    Material weakness in internal control

    The prospectus reports a material weakness in IT general controls: user access and separation of duties. Controls were not effective at Dec 31, 2025 or Jun 30, 2026.

  • disclosure

    No SEC quarterly or annual report yet

    As of Nov 6, 2026, EDGAR showed no 10-Q, 10-K, 8-K or proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more from Amaero. This page rests on the prospectus, Forms 3 and 4, Nasdaq data and Amaero's ASX notices.

  • disclosure

    Share count so far reported only to the ASX

    Amaero told the ASX on Oct 23, 2026 that it issued 5,012,697 shares at $4.25 on Oct 19, 2026, 306,814 more than the 4,705,883 in the prospectus. No SEC filing has yet reported the issue, or whether the underwriters' option on 705,882 shares was used (EDGAR, Nov 6, 2026).

  • disclosure

    Use prospectus figures, not older ASX ones

    This page uses the prospectus: US dollars, US GAAP and years ending Dec 31. Amaero told the ASX on Oct 28, 2026 that its fiscal year now ends Dec 31, not Jun 30, and that there will be no ASX annual report for Jul 1, 2025 to Jun 30, 2026. Data sites may still show ASX-era figures in Australian dollars, which are not comparable.

  • disclosure

    One ASX notice names a different Nasdaq tier

    Amaero's Oct 23, 2026 cleansing notice to the ASX refers to the Nasdaq Global Select Market. The prospectus and Nasdaq's own data name the Nasdaq Capital Market, which this page uses.

  • disclosure

    Two accounts of the Titomic order's timing

    One passage says the $3.0 million order has shipments scheduled across the second half of 2026. Another says first-half 2026 powder revenue reflects fulfilling it. The prospectus does not reconcile them.

  • other · Aug 4, 2026

    Two directors left before the offering

    Alistair Cray and Jamie Levy resigned from the board on Aug 4, 2026. The board now has 5 members, 4 of them independent as determined by the board.

  • other

    Anti-takeover terms

    The company has a classified board with 3-year terms, blank-check preferred stock, removal of directors only for cause, no written consent and no stockholder-called meetings.

  • related party

    Company counsel holds an interest

    Funds associated with Wilson Sonsini Goodrich & Rosati, Amaero's lawyers, hold CDIs convertible into 35,925 shares, plus options.

Sources (6)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Amaero on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Amaero closed at $5.35 on the Nasdaq Capital Market, per Nasdaq's historical price table. Market value = $5.35 × 28,845,877 shares = about $154.3 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price, the 424B4 and the ASX notice of Oct 23, 2026); it leaves out options and restricted stock units. P/E (price ÷ earnings per share) is not shown because Amaero lost money in every period on file. The offering price was $4.25 (Oct 14, 2026); on Oct 15, 2026, the first trading day, the shares opened at $4.10 and closed at $4.41. The CDIs also trade on the ASX as 3DA; this page shows no ASX price.

Share price
$5.35
Market value (market cap)
$154M

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 28.85 million ($5.35 × 28.85 million shares ≈ $154M). Source: Amaero Inc. final prospectus (Form 424B4), dated Oct 14, 2026, filed Oct 15, 2026 (Registration No. 333-298612); Amaero Inc. ASX Appendix 3G, notification of issue of unquoted equity securities (5,012,697 shares of common stock issued Oct 19, 2026), Oct 23, 2026

Source: Nasdaq historical price table, AMRO, Oct 15 to Nov 5, 2026 (read Nov 6, 2026); Amaero Inc. final prospectus (Form 424B4), dated Oct 14, 2026, filed Oct 15, 2026 (Registration No. 333-298612); Amaero Inc. ASX Appendix 3G, notification of issue of unquoted equity securities (5,012,697 shares of common stock issued Oct 19, 2026), Oct 23, 2026 and 1 more

Sources (4)
24How it got here

24How it got here

How did Amaero get here?

  1. 2013

    Milestone

    Founded in Australia

    Amaero began as Amaero Engineering Pty Ltd.

  2. 2019

    Milestone

    ASX listing

    Amaero International Limited listed on the ASX as 3DA on Dec 5, 2019. Its CDIs still trade there.

  3. 2022

    Milestone

    New CEO

    Hank Holland became CEO in October 2022.

  4. 2023

    Business-model change

    Move to Tennessee

    Amaero moved manufacturing and headquarters to Tennessee, and its board resolved to cease Australia and UAE operations in October 2023.

  5. 2024

    Milestone

    First US powder machine

    The first EIGA machine was installed in June 2024; others followed in June 2025 and June 2026.

  6. 2025

    Milestone

    US Export-Import Bank loan

    The US Export-Import Bank agreed an equipment loan in February 2025, now $26.1 million.

  7. 2026

    Business-model change

    Became a Delaware company

    Amaero completed its move to Delaware on Jun 22, 2026 by a scheme; Amaero Ltd became a wholly owned subsidiary.

  8. 2026

    Crisis

    Flash fire and titanium pause

    A May 2026 flash fire injured 2 employees, and the response included a six-week pause in titanium powder production. In Q3 FY2026 no titanium was produced until late July, while a comprehensive facility and process safety review concluded, per the prospectus.

  9. 2026

    Milestone

    US offering and Nasdaq listing

    Amaero's final prospectus is dated Oct 14, 2026, at an offering price of $4.25. Its shares first traded on the Nasdaq Capital Market as AMRO on Oct 15, 2026, per Nasdaq.

Sources (3)

25Sources and changes

Where every number on this page comes from

Sources (21 documents)
  1. S1Amaero Inc. final prospectus (Form 424B4), dated Oct 14, 2026, filed Oct 15, 2026 (Registration No. 333-298612) · SEC EDGAR (filed by Amaero Inc., CIK 0002141616) · Tier 1: company or exchange filing · Oct 15, 2026
  2. S8Nasdaq IPO calendar, October 2026, entry for Amaero Inc. (AMRO), read Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
  3. S9Form 4, Brett A. Paduch (CFO), filed Oct 16, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 16, 2026
  4. S10Form 4, Timothy A. Johnson (director), filed Oct 16, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 16, 2026
  5. S11Form 4, Robert P. Latta (director), filed Oct 16, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 16, 2026
  6. S12Form 4, Omer Granit (director), filed Oct 16, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 16, 2026
  7. S13Form 4, Erik Levy (director), filed Oct 16, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 16, 2026
  8. S16Amaero Inc. EDGAR filing list (CIK 0002141616), read Nov 6, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
  9. S17Nasdaq historical price table, AMRO, Oct 15 to Nov 5, 2026 (read Nov 6, 2026) · Nasdaq · Tier 1: company or exchange filing · Nov 6, 2026
  10. S18Form 3, Pegasus Growth Capital Fund I, L.P. (10% owner), filed Oct 14, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 14, 2026
  11. S19Form 3, Hank J. Holland (Chair and CEO), filed Oct 14, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 14, 2026
  12. S20Form 3, Robert P. Latta (director), filed Oct 14, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 14, 2026
  13. S21Form 3, Timothy A. Johnson (director), filed Oct 14, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 14, 2026
  14. S22Form 3, Erik Levy (director), filed Oct 14, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 14, 2026
  15. S23Form 3, Omer Granit (director), filed Oct 14, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 14, 2026
  16. S24Form 3, Brett A. Paduch (CFO), filed Oct 14, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 14, 2026
  17. S25Form 3, Eric S. Bono (Chief Technical Officer), filed Oct 14, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 14, 2026
  18. S26Amaero Inc. ASX Appendix 3G, notification of issue of unquoted equity securities (5,012,697 shares of common stock issued Oct 19, 2026), Oct 23, 2026 · ASX (lodged by Amaero Inc., 3DA) · Tier 1: company or exchange filing · Oct 23, 2026
  19. S27Amaero Inc. ASX announcement, Cleansing Notice (s708A(5)(e)), Oct 23, 2026 · ASX (lodged by Amaero Inc., 3DA) · Tier 1: company or exchange filing · Oct 23, 2026
  20. S28Amaero Inc. ASX announcement, Change of Financial Year-End to 31 December, Oct 28, 2026 · ASX (lodged by Amaero Inc., 3DA) · Tier 1: company or exchange filing · Oct 28, 2026
  21. S29Amaero Inc. ASX announcement, date of Q3 2026 earnings release and conference call, Nov 3, 2026 · ASX (lodged by Amaero Inc., 3DA) · Tier 1: company or exchange filing · Nov 3, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, based on the final prospectus dated Oct 14, 2026, Forms 3 and 4, Nasdaq trading data to Nov 5, 2026 and Amaero's ASX notices to Nov 3, 2026. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.