IperionX (IPX) Q4 2026 TU earnings summary

Executive summary

• Virginia operations maintained 24/7 titanium powder production, supporting customer qualification and product programs.

• Commissioned a new 300-ton SACMI press, tripling powder metallurgy capacity and expanding product range.

• Advanced customer programs in defense, aerospace, automotive, and industrial sectors, including successful prototype deliveries.

• Completed the U.S. Government-supported Titan Definitive Feasibility Study, confirming strong project economics for critical minerals.

• Acquired the Atlas critical minerals asset, expanding the resource base and infrastructure for integrated development.

Financial highlights

• Ended the quarter with $35.2 million in cash; pro-forma cash post-offering and reimbursements is ~$84 million.

• Gross proceeds of ~$50 million raised in July 2026 via a U.S. public offering.

• Net cash used in operating activities for the quarter was $(11.9) million.

• Receipts from customers totaled $8,000 for the quarter.

• U.S. Government grants and reimbursements contributed $803,000 in the quarter.

Outlook and guidance

• Targeting a run-rate production capacity of 200 tpa titanium powder by end of 2026, with expansion to 1,400 tpa supported by government funding.

• Integrated Atlas-Titan economic assessment expected by end of 2026 to quantify capital and schedule benefits.

• GenX™ continuous HAMR™ development ongoing, aiming for improved throughput and cost efficiency.