On November 10, U.S.-listed company Amaero (Nasdaq: AMRO) released its third-quarter 2026 financial results: Q3 revenue was $4.1 million, up 35% year-on-year, of which metal powder revenue was $3.2 million, up 19% year-on-year; revenue for the first three quarters was $11.5 million, up 170% year-on-year. As of September 30, backlog stood at $13.4 million, up 180% year-on-year, of which $4.4 million came from a U.S. Department of War (DoW) refractory alloy powder development contract. The project was signed in July this year with a value of $4.5 million to develop refractory alloy powders that can replace hafnium-containing alloys such as C103 and reduce foreign dependence; the program period is 13 months and is expected to be completed by August 2027. The company issued Q4 revenue guidance of $4.5 million to $5.0 million and full-year guidance of $16.0 million to $16.5 million. Defense refractory alloy powder orders have become the foundation of the backlog, signaling a ramp-up in overseas defense powder procurement. Buyer value: U.S. defense refractory alloy powder (niobium, tantalum, etc.) orders are being released in concentrated volumes; domestic refractory powder manufacturers can track Amaero's contract progress and changes in U.S. supply policy toward Chinese refractory materials.