IperionX (IPX) Q3 2026 TU earnings summary

Executive summary

• Transitioned from commissioning to continuous 24/7 operations at the Virginia facility, marking a shift to industrial-scale titanium production using proprietary HAMR and HSPT technologies.

• All HAMR powder production systems commissioned and ramping up, with a target of ~200 tpa titanium powder by end of CY2026.

• Customer engagement and prototype production advanced across defense, aerospace, automotive, consumer electronics, and industrial sectors, with focus on qualification testing.

• U.S. Government support remains strong, with full obligation of $47.1M IBAS award and significant titanium scrap transferred at no cost.

Financial highlights

• Ended March 31, 2026, with a cash balance of $48.2M; expects to finish FY2026 with $36M–$40M in cash.

• Net cash used in operating activities for the quarter was $16.3M; year-to-date net cash used was $33.0M.

• $42.1M of remaining obligated reimbursable U.S. Government funding as of March 31, 2026.

• Received $45.7M from equity issuance in the past nine months.

Outlook and guidance

• Targeting ~200 tpa titanium powder production by end of CY2026 and 1,400 tpa by 2027, supported by U.S. Government funding.

• Expects customer revenues to scale in the second half of 2026 as qualification programs progress and new manufacturing capacity comes online.

• Titan Critical Minerals Project DFS completion anticipated mid-2026, with potential to accelerate development pending funding.