Amaero Ltd has updated its forward-looking financial guidance and reaffirmed key operational milestones despite headwinds in the current fiscal environment. The company, widely recognized for its high-value refractory and titanium alloy powders used in advanced manufacturing for the defense, space, and aviation sectors, now expects to achieve positive EBITDA in FY2027 – a revision from its initial estimate of EBITDA breakeven in FY2026. Capital expenditure plans over the three-year period through FY2026 remain steady at approximately A$72 million. In addition, the company maintains that, following an A$36 million financing arrangement from the Export-Import Bank and a A$22 million placement, it is fully funded to meet its operational requirements. The announcement highlights a renewed focus on revenue acceleration, with expectations for significant scaling in FY2026 and accelerated growth already in the fourth quarter of FY2025. However, the momentum has encountered delays due to an extended Continuing Resolution for the FY2025 United States budget and subsequent pauses on Department of Defense programs, compounded by slower progress in hypersonic research and development and testing. Additionally, an updated market study by Fairmont Consulting has adjusted the demand forecast for C103 powder to about 93 tonnes in FY2030, compared to earlier, more optimistic estimates. Chairman and CEO Hank J. Holland emphasized the company’s strategic repositioning in the United States, noting that Amaero’s mission aligns with the ongoing reshoring efforts by multinational companies seeking to enhance domestic manufacturing and integrated supply chains. The company’s strong pipeline of long-term agreements and commercial contracts underpins its confidence in sustaining growth in the medium term. An investor briefing hosted by Mr. Holland on 28 May 2025 promises further details, with the session to be recorded and made available on the company’s website. Analysts may view these developments from two perspectives. On the bullish side, the company’s solid funding, steady capital investment, robust pipeline of contracts, and clear strategy for domestic market realignment are positive signals. Conversely, the delay in achieving EBITDA targets, slower-than-anticipated progress in key defense programmes, and revised downward powder demand estimates could temper investor enthusiasm. Overall, the announcement provides a balanced picture for those monitoring the company's progress in a complex and evolving market environment.