IperionX (IPX) H2 2026 earnings summary

Executive summary

• Transitioned from technology development to commercial operations, ramping up 24/7 titanium production in Virginia and expanding downstream manufacturing capacity.

• Achieved significant technical milestones, including independent validation of titanium fasteners exceeding industry benchmarks and successful commissioning of advanced manufacturing equipment.

• Secured substantial U.S. government support, including $47.1M IBAS and $12.7M DPA Title III awards, and a $99M SBIR Phase III contract, strengthening the domestic titanium supply chain.

• Completed the Titan Project Definitive Feasibility Study (DFS) with robust economics and acquired the Atlas critical minerals property, enhancing upstream integration.

Financial highlights

• Net loss after tax for FY2026 was $66.8M, compared to $35.3M in FY2025, driven by increased R&D, ramp-up costs, and administrative expenses.

• Cash and cash equivalents at June 30, 2026, were $35.2M, down from $54.8M the prior year; net assets stood at $88.3M.

• Raised $50M in a post-year-end equity offering and $46M during the year to support expansion and operations.

• No dividends declared or paid.

Outlook and guidance

• Targeting an annualized titanium powder production run rate of ~200 tpa by end of 2026, with plans to expand to 1,400 tpa in 2027 and over 10,000 tpa of components by 2030.

• Focused on scaling manufacturing, customer qualification, and revenue conversion, with continued investment in process innovation and capacity expansion.

• Ongoing development of the Atlas-Titan platform to accelerate and enhance critical mineral supply and integration.