Amaero Ltd has released an update on its financial and commercial progress for the first quarter of FY2026. The company reported Q1 revenue of approximately A$5.5 million, marking a 550% increase from Q1 FY2025 and a 145% jump compared to the full FY2025 performance. This robust performance stems from long-term contracts, purchase orders, and a solid pipeline that has already secured around 90% of the planned revenue for Q2 FY2026. Amaero anticipates a significant scaling of revenue this fiscal year, with plans to achieve a positive EBITDA in FY2027. On the commercial front, the company has advanced several key opportunities. It received contracts from a U.S. Department of Defense Prime Contractor, with initial First Article parts expected to be delivered in September or October 2025—a critical step toward securing full production contracts. Additionally, a new development collaboration with The Boeing Company leverages Amaero’s expertise in producing large, near-net-shape parts using PM-HIP technology, which is emerging as a viable substitute for traditional large castings and forgings. The company also noted orders from 14 different customers for its refractory and titanium powder products, including materials such as Niobium, Tungsten, TZM, and Titanium alloys, set to ship in early FY2025. Investor sentiment can be seen as both bullish and cautious. On the bullish side, the impressive revenue surge, strong order backlog, and strategic partnerships with major industry players like a defense prime contractor and Boeing underline the company's growing market presence and technical innovation. Conversely, the company’s forward-looking guidance relies heavily on the successful execution of its current contracts and further commercialization of its technologies, which introduces operational and market risks that potential investors should consider.