AML3D revenue soars by 936% in first half 2024 results
February 29, 2024
AML3D Limited, headquartered in Edinburgh, Australia, has announced its financial results for the first half of the 2024 financial year, with revenue of $1.5 million up from $146,000 in the same period of 2023, a 936% increase.
Noel Cornish AM, Non-Executive Chairman, shared, “AML3D’s strategy of disrupting metal fabrication supply chains using the Company’s patented Wire Additive Manufacturing [WAAM] technology delivered record cash receipts of AUS$4.83 million and over AUS $9.5 million of orders during the first half of the 2024 financial year contributing to over AUS$12 million of orders in 2023. The strong growth in AML3D’s order book reflects the continuing momentum of AML3D’s US ‘scale up’ strategy, which is delivering contract wins in support of the US Department of Defence, in particular the US Navy’s submarine industrial base.”
The company is said to remain in a strong financial position, with $4.2 million cash on hand as of December 31, 2023.
“AML3D’s focus on the Company’s US ‘Scale up’ strategy, alongside contract manufacturing for existing US and Australian customers, has delivered orders in excess of A$12 million to date. The Company’s Australian contract manufacturing facility is operating at a high utilisation rate but retains some additional capacity. The momentum in the Company’s US sales pipeline is continuing to build, as is demand for AML3D’s advanced manufacturing systems and contract manufacturing capabilities across other global Defense, Marine and Aerospace markets. AML3D is confident it will convert this growing sales pipeline and demand into a substantial number of additional confirmed orders during FY2024,” added Cornish.
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