AML3D Limited, headquartered in Edinburgh, Australia, has released its annual report for its financial year ending June 30, 2023. Although revenue fell in FY23, the company was keen to highlight a refocussed growth strategy has resulted in numerous high-value sales contracts for the current year, expected to result in record revenues in FY24.
During FY23 AML3D refocussed its growth strategy to supplying the company’s proprietary Arcemy metal Additive Manufacturing technology as a point-of-need manufacturing solution, with a particular emphasis on industrial manufacturers in the US defence, marine, and aerospace industries.
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This move has already delivered significant benefits, stated AML3D, including contracts with a total value of over AUD $6 million in the current calendar year. These contracts consist of two orders for AML3D’s large-scale ARCEMY X edition 6700 system, which will support the US Navy’s submarine industrial base, along with aligned contract manufacturing contracts. Additionally, an enterprise-level ARCEMY system has been ordered by Curtin University in Perth.
For its FY23, AML3D’s financial results showed a revenue of $0.6 million, a 69% decrease from the previous year. The decrease was reportedly due to the company’s decision to refocus its business to the supply of Arcemy systems. However, revenue from manufacturing parts increased by 59% to $0.5 million compared to the previous year, which supported the overall performance of the company. Although no revenue was recognised in FY23 from the sale of Arcemy systems (compared to $1.7 million in the prior year), the current orders in hand exceed $3 million.
AML3D interim CEO Sean Ebert shared, “This year’s strategic shift has AML3D exceptionally well placed to continue to expand its presence within the strategically important US defense sector. We are confident of converting our Arcemy sales pipeline into firm contracts that will expand on the $6 million in confirmed orders to be delivered during FY24.”