IperionX (IPX) Q2 2026 TU earnings summary

Executive summary

• Completed commissioning of titanium powder production and component manufacturing systems in Virginia, expanding advanced manufacturing capabilities with new presses and additive manufacturing equipment.

• Achieved ISO 9001 certification for quality management, supporting customer qualification across defense, aerospace, automotive, and electronics sectors.

• Secured initial sales orders from Carver Pump and American Rheinmetall for titanium components for U.S. Navy and Army applications.

• Building inventory for mass distribution channels, including standard and military-dedicated titanium fasteners.

Financial highlights

• Held cash balance of $65.8 million as of December 31, 2025.

• Awarded $59.8 million in U.S. Government grants, with $13.3 million reimbursed and $46.5 million available for future reimbursement.

• Net cash used in operating activities for the quarter was $8.9 million; net cash used in investing activities was $5.6 million.

• Net cash from financing activities was $0.9 million for the quarter.

Outlook and guidance

• Manufacturing capacity targeted to reach 1,400 tpa by 2027, with further expansion to over 10,000 tpa by 2030.

• Next-generation continuous production process under development, with pilot-scale validation expected in 2026.

• Titan Project Definitive Feasibility Study on track for completion by mid-2026.