AML3D announces stronger FY26, with positive EBITDA reported in the second half

Adelaide-based metal printing group books record $12.5 million revenue and a record $78 million sales pipeline as its bet on American defence manufacturing starts to pay off.

AML3D Limited (ASX:AL3) has released 2026 financial year (FY26) results that included record revenue and order book levels, a positive EBITDA in the second half of the year, and a strong full year operational performance.

FY26 was a transformational year for AML3D, as the metal 3D printing company’s three-year push to embed itself inside the US Navy’s supply chain benefited its order book, revenues, and earnings.

The Adelaide-founded firm, which builds industrial-scale metal printers under the ARCEMY® brand, reported revenue of $12.5 million for FY26, up 70 per cent on the prior year. More significantly for investors who have watched the company burn cash while it chased American defence contracts, the second half delivered an EBITDA of $608,000 – the first positive half-year print for this earnings metric in the company’s history.

“The 2026 financial year saw rapid growth in ARCEMY® system installations and component manufacturing in the USA,” said Managing Director Sean Ebert. “During the year, we achieved record revenue growth and delivered our first profitable half-year in the second six months.”

The result caps a rapid build-out inside the US Navy’s Maritime Industrial Base, the network of suppliers the Pentagon relies on to keep its naval fleet running. AML3D has gone from no presence in that market in 2023 to signing contracts covering 14 ARCEMY® systems destined for the Navy’s supply chain, plus two more machines sold into high-value US industrial manufacturing.

The order book tells the growth story in numbers. Confirmed orders peaked at $29 million during the year. With $20 million of this figure new business. AML3D has entered the new financial year with $16.8 million of contracted work still to deliver, nearly double the $9 million rollover it had a year earlier.

Behind that backlog sits a fresh $2.6 million contract to supply replacement components for US Navy submarines – a shift from selling machines into parts manufacturing that delivers recurring revenues – something investors have been pushing management to achieve for some time now.

“While we continue to deliver the $16.8 million orders in hand, we are also working to convert our $78 million global sales pipeline and have visibility on potential near-term contracts in the US and the UK,” Ebert said.

That global sales pipeline figure provides some indication of the scale AML3D believes it can reach if conversion rates hold.

Betting big beyond the US Navy

AML3D executives have been keen to show the business is not simply a one-customer story. During the year the company won a competitive tender to place its first ARCEMY® system inside the Tennessee Valley Authority, the federally owned utility that ranks as the largest public power provider in the USA. It also placed its first machine with FasTech, a US industrial manufacturer supplying the defence, aerospace and energy sectors.

The company has simultaneously pushed into the UK, advancing a materials feasibility program with BAE Systems and signing distribution deals across Britain and Europe. That gives AML3D a presence in all three AUKUS nations — Australia, the UK and the US — a positioning AML3D Sean Ebert has flagged as central to winning submarine-related work tied to the trilateral pact.

Cash pile funds expansion push

AML3D ended FY26 with $26.7 million in the bank, giving the company the balance sheet strength needed to self-fund the next phase of its growth strategy without turning to shareholders for additional equity. The company has flagged a $12 million investment to double its US manufacturing capacity and a further $5 million to build a technology centre in the UK.

“Our strong balance sheet means we have the capacity to complete our planned $17 million investment to double US manufacturing capacity and establish a European Technology Centre to support growth,” Ebert said. “We are focused on continuing AML3D’s multi-year track record of record delivery and building shareholder value over time.”

In Australia, the company is finishing a $2.24 million program to develop next-generation manufacturing technology and has been onboarded to the AUKUS Defence Industry Vendor Qualification program, positioning it to bid for work tied to the submarine pact on home soil as well.

For a company that spent years explaining to investors why losses were the price of building a foothold in America’s defence-industrial base, the FY26 result gives management its first hard evidence the strategy is starting to get results. Whether the $78 million pipeline turns into the next leg of order growth – and further profitable halves – will be the test the market watches closely through FY27.