IperionX (IPX) Q1 2026 TU earnings summary

Executive summary

• Reshoring a low-cost, sustainable U.S. titanium supply chain using innovative technologies and 100% titanium scrap feedstock, with rapid growth supported by U.S. Department of Defense funding.

• All major manufacturing equipment is operational, enabling higher titanium powder production and component manufacturing in Virginia.

• Nameplate titanium powder production capacity increased by 60% to 200 tpa without additional capital spend, with further increases expected in 2026.

• Expansion underway to become the largest and lowest-cost U.S. titanium powder producer, targeting 1,400 tpa by 2027 and over 10,000 tpa by 2030.

• Aims to disrupt the $300+ billion stainless steel and aluminum markets, leveraging a vertically integrated solution and experienced management.

Financial highlights

• Market capitalization of approximately $1.9 billion as of October 7, 2025.

• Cash position of $100 million as of June 30, 2025, pro-forma capital raise.

• Closed the quarter with $79.2 million in cash as of September 30, 2025.

• Capex for expansion estimated at $75 million, funded by a $47.1 million U.S. DoD award, $101 million cash, and potential $99 million in DoD SBIR Phase III task orders.

• Net cash used in operating activities was $7.8 million for the quarter.

Outlook and guidance

• Targeting lowest cost titanium powder production at $29/kg at full utilization.

• Further increases in titanium powder production capacity expected in 2026.

• Positive EBITDA inflection point projected by year-end 2026 as sales scale.

• Commissioning of 1,400 tpa expansion planned for mid-2027, aiming to be the largest and lowest-cost U.S. titanium powder producer.

• Ongoing technical studies and feasibility for the Titan Project, with completion anticipated in Q2 2026.