The Edinburgh-based 3D metal printing firm says revenue in FY23 was down by more than $1 million to just $634,442.

But a bundle of new contracts in the 2023 calendar year worth more than $6 million is keeping the company bullish on the current fiscal period.

AML3D hopes to achieve record revenues in FY24 thanks to these new deals which include two orders for its large-scale metal 3D printer to support the US Navy’s submarine industrial base, and an order from Curtin University in Perth.

Interim CEO Sean Ebert said the recent success was driven by taking a different approach to company strategy.

“This year’s strategic shift has AML3D exceptionally well placed to continue to expand its presence within the strategically important US defence sector,” said Ebert.

“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.”

The company is still in the negative on an earnings basis, while its loss worsened by 11 per cent to $5.4 million.

“AML3D’s growth strategy remains to realise the value of our proven, proprietary, metal 3D-printing technology as a disruptor of traditional manufacturing and fabrication across multiple sectors and time horizons,” Ebert and the company’s chairman Noel Cornish said in a joint statement to shareholders.

“AML3D believes our disruptive technology is fundamentally transforming metal manufacturing and is key to rebuilding sovereign manufacturing capabilities.”