Wire additive manufacturing developer AML3D Limited has received more than $1 million in customer cash receipts, setting a new quarterly earnings record for the company.
This performance was bolstered by AML3D’s continuous acceleration of ARCEMY system sales as a point-of-need manufacturing solution for Original Equipment Manufacturers (OEM), with a focus on the US defence, oil and gas, and aerospace markets.
The shift from contract manufacturing to a manufacturer of advanced wire additive ARCEMY 3D printers is intended to create a long-term business with a consistent, predictable, and growing revenue base, the company said in a press release.
The ASX-listed company revealed the transition was highlighted by an order for a sizable ARCEMY X-Edition 6700 system placed by the US Department of Defence through the procurement agent BlueForge Alliance.
AML3D’s plan to expand operations in the USA was validated by BlueForge Alliance’s inaugural payment for this ARCEMY X-Edition 6700 system, which helped to contribute to the record customer cash receipts for Q3FY23, the company said.
In particular, the ARCEMY system will provide cutting-edge, on-demand manufacturing technologies for the provision of parts to the US Navy.
Additionally, the US Department of Defence inked an alloy testing contract late in the quarter, which broadens AML3D’s US growth strategy.
AML3D said that alloy testing represents the next step in integrating ARCEMY technology from AML3D into the US Navy’s submarine industrial base.
The company said it keeps investing in developing more sophisticated, high-quality manufacturing solutions with shorter lead and delivery times, and better-finishing technology that maximises part completion efficiencies.
AML3D also shared that it is continuing its research and development efforts to discover novel materials that could lead to new commercial uses for ARCEMY in the aerospace, maritime, and defence sectors.
These R&D projects could aid the company’s ongoing efforts to expand into the US market as well as its longer-term goals of gaining access to the aerospace, maritime, and defence markets in Australia, North America, Asia Pacific (including Japan and South Korea), and Europe (including Germany, France, and the United Kingdom).
During the quarter, AML3D has also successfully executed a private placement to raise $3 million.
To allow all shareholders to take part in a capital raising on the same conditions as the Placement, it introduced a Share Purchase Plan (SPP).
The SPP concluded in early April, was highly oversubscribed, and raised an extra $400,000.
