IperionX (IPX) Q4 2025 TU earnings summary

Executive summary

• Commissioning of the Virginia Titanium Manufacturing Campus completed, with all major equipment online and operational, supporting high-quality titanium output exceeding industry standards.

• Customer engagement accelerated across automotive, defense, and aerospace sectors, with new verticals in mass industrial titanium manufacturing and consumer electronics scrap processing.

• U.S. Government support solidified through a $99M SBIR Phase III IDIQ contract and a $1.3M task order for U.S. Army titanium parts, in addition to prior $47.1M DoD funding.

• Private placement announced post-quarter to raise ~$46M, aimed at fast-tracking production expansion and scaling capacity through 2030.

Financial highlights

• Cash balance at June 30, 2025, was $54.8M, with pro-forma cash of ~$100M after the private placement.

• Net cash used in operating activities for the quarter was $6.1M; net cash used in investing activities was $6.1M.

• Proceeds from equity issues in the quarter totaled $70.2M, with directors subscribing for $1.4M under the placement.

• Estimated quarters of funding available at period end was 9.0.

Outlook and guidance

• Proceeds from the private placement will accelerate Phase 2 capacity scale-up, expand forging capacity, and support R&D and Phase 3 expansion studies.

• Titan Project DFS remains on track for completion in Q2 2026, underpinning long-term titanium and rare earth supply.

• Modular, low-capex design enables rapid production growth phases through 2030.