REalloys (ALOY) Q3 2026 earnings summary

Executive summary

• Development-stage rare-earth business reported Q3 revenue of $0.4M and net loss of $30.5M; results were heavily affected by non-cash stock-based compensation.

• Liquidity strengthened through $142.5M of net equity proceeds in 9M 2026; cash was $116.2M at quarter-end and $106.4M as of November 13, 2026.

Financial highlights

• Q3 revenue was $413K vs. $186K YoY; 9M revenue was $1.923M vs. $626K, reflecting Euclid sales and, in 9M, Blackbox subscription revenue through May 5.

• Q3 operating loss was $30.8M vs. $27.3M YoY; 9M operating loss was $155.3M vs. $29.1M.

• Net loss was $30.5M in Q3 vs. $25.6M YoY and $174.1M in 9M vs. $29.5M; 9M included $18.8M of other expense.

• G&A was $30.3M in Q3 and $151.7M in 9M, including stock compensation of $25.3M and $139.2M, respectively; excluding non-cash items, G&A was ~$4.9M and ~$12.5M.

Outlook and guidance

• Heavy rare-earth metallization commissioning is targeted for Q1 2028, with initial operations targeted for H1 2028 and design capacity of ~50 tonnes/year of combined Dy/Tb oxide feedstock.

• NdPr metal access from SRC is expected from Q1 2027; initial separated oxide production is expected in H2 2027, and commercial intake of NdPr metal and Dy/Tb oxides is expected in Q3 2027.

• Phase 2 targets ~3,000 metric tonnes/year of magnet production no later than 2030; capacity figures are design targets, not commitments, forecasts or guidance.

• Planned spending includes ~$10M for Phase 2 pre-feasibility and technical work through 2027, plus ~$0.8M of pre-EUL work in 2027; both are expected to be funded from existing cash.