AML3D (ASX AL3), Research and Coverage

AML3D Ltd (ASX: AL3). AML3D prints metal parts. Rather than casting or machining a component out of a solid block, its machines build it up layer by layer by melting welding wire and laying it down in the shape required. The company calls the process WAM, for wire arc additive manufacturing, and sells the machines that do it under the name ARCEMY. The reason a navy cares about this is lead time. A large marine component such as a valve body or a propeller shaft fitting is normally cast, and the foundries that can cast it are few and their queues are long. Printing one takes weeks rather than many months, and the machine can sit near the shipyard rather than on the other side of the world. AML3D sells and leases machines, and it also prints parts to order from its own facilities. It earns real revenue, which makes it unusual among the companies on this site.