IperionX (IPX) Q1 2027 TU earnings summary

Executive summary

• September quarter shifted from building titanium powder capacity toward qualified products and funded manufacturing programs; HAMR furnace capacity exceeded 200 tpa, while GenX continuous production validated at an equivalent ~100 tpa rate.

• Customer work advanced across U.S. defense and commercial programs, alongside the Titan DFS completion, Atlas acquisition and a U.S. Army Task Order 2 award.

Financial highlights

• Quarter-end cash was US$63.0m versus US$35.2m at June 30; remaining obligated reimbursable U.S. Government funding was US$33.7m, bringing stated available liquidity to ~US$96.7m.

• Net cash used in operating activities was US$12.6m; net investing outflow was US$5.7m and net financing inflow was US$45.8m.

• July public offering raised US$50.0m gross and ~US$46.1m net through 2.275m ADSs priced at US$21.98 each.

Outlook and guidance

• Full powder-system capacity validation at ~200 tpa remains targeted by end-2026, with powder drying expected to reach the required run rate in the December quarter; production will follow customer demand.

• December-quarter priorities include integrating GenX into a production line expected to add >100 tpa, commissioning the second Elnik furnace, completing customer programs and executing Task Order 2 work packages.

• The 1,400 tpa expansion continues under government awards; capacity additions are intended to align with commercial program growth.