IperionX (IPX) H2 2025 earnings summary

Executive summary

• Transitioned from development to commercial production, commissioning the Virginia Titanium Manufacturing Campus and increasing nameplate capacity by 60% to 200 tpa without additional capex.

• Secured $47.1 million in U.S. Department of War (DoW) funding and a $99 million SBIR Phase III contract, with the first $1.3 million Army order received.

• Completed $70 million equity placements to fund expansion and long-lead items, supporting a planned 7x production increase to 1,400 tpa by mid-2027.

• Achieved zero lost-time injuries and produced 100% U.S.-made recycled titanium powder with >90% lower carbon footprint than conventional methods.

• Advanced the Titan Project in Tennessee, one of the largest U.S. titanium, rare earth, and zircon mineral resources, with a government-funded Definitive Feasibility Study underway.

Financial highlights

• Net loss after tax for FY25 was $35.3 million, compared to $21.8 million in FY24, driven by increased R&D, administrative, and share-based payment expenses.

• Cash reserves at June 30, 2025, were $54.8 million, up from $33.2 million in 2024; net assets increased to $92.4 million from $51.3 million.

• Raised $71 million in share placements during the year, with an additional $46 million raised in July 2025.

• No dividends declared or paid.

Outlook and guidance

• Targeting a 7x expansion in titanium production capacity to 1,400 tpa by mid-2027, with a long-term goal of +10,000 tpa by 2030.

• Projected unit costs to fall to ~$29/kg at full scale, aiming for cost competitiveness with stainless steel and aluminum.

• Ongoing development of the Titan Project to secure domestic feedstock and vertical integration.

• Continued focus on scaling customer contracts across defense, mobility, electronics, and industrials.