REalloys (ALOY) Q2 2026 earnings summary

Executive summary

• Completed $100M private placement and $46.8M public offering, strengthening liquidity for strategic projects and operations.

• Fully funded upgrades for SRC Rare Earth Processing Facility and Heavy Rare Earth Metallization Facility, targeting significant increases in rare earth metal output.

• Advanced rare earth processing and metallization projects, including SRC facility upgrades, new offtake agreements, and exclusive U.S. Army lease negotiations at Tooele Army Depot.

• Deconsolidated Blackbox.io after option exercise, concentrating voting control with the CEO.

• Appointed new CFO, COO, and Chief Growth Officer, enhancing executive leadership.

Financial highlights

• Net loss of $36.8M for Q2 2026 and $143.5M for H1 2026, driven by $32.1M and $113.9M in stock-based compensation, respectively, plus $9.2M accretion, $6.4M impairment, and $3.4M fair value change.

• Revenue increased to $0.8M for Q2 2026 and $1.5M for H1 2026, mainly from PMTCM and Blackbox.io prior to deconsolidation.

• Gross margin improved to 59.1% in Q2 2026 from 50.2% in Q2 2025.

• Cash balance of $122.4M as of June 30, 2026; working capital of $149.1M.

• Total stockholders' equity rose to $190.6M from $35.8M at year-end 2025.

Outlook and guidance

• SRC facility upgrade to commence in Q3 2026, targeting 525 tonnes NdPr metal, 30 tonnes dysprosium oxide, and 15 tonnes terbium oxide annual capacity; commercial intake expected Q3 2027.

• Heavy Rare Earth Metallization Facility targeted for commissioning in Q1 2028, with initial operations in H1 2028 and 50 tonnes annual capacity.

• Sufficient liquidity to fund current capital projects and operations through 2028; additional capital may be required for long-term growth, including Phase 2 processing facility and Hoidas Lake mine development.

• U.S. Army lease negotiations at Tooele Army Depot expected to conclude by mid-September 2026.

• Expect continued operating losses as development and expansion continue.