Monitor the pace of the Virginia production ramp to the 200 tpa run rate target by end of 2026 and any further government task orders under the SBIR contract. The widening net loss and cash burn rate are key concerns for a pre-revenue company.
Price Chart
Executive Summary
IperionX filed its fiscal year 2026 annual report, showing a net loss of US$66.8 million (up from US$35.3 million in FY2025) as it transitions from commissioning to commercial operations at its Virginia titanium manufacturing campus. The company is targeting an annualized production run rate of approximately 200 tpa by end of calendar 2026 and has a fully obligated US$47.1 million IBAS award and a US$99 million SBIR Phase III contract pathway for defense applications.
Key Facts
- Net loss after tax for FY2026 was US$66.8 million, compared to US$35.3 million in FY2025.
- Basic and diluted loss per share was US$0.20 (FY2025: US$0.12).
- Cash and cash equivalents at June 30, 2026 were US$35.2 million, down from US$54.8 million at June 30, 2025.
- Net cash outflows from operating and investing activities were US$63.5 million for FY2026 (FY2025: US$46.1 million).
- The Titan DFS delivered an after-tax NPV8 of US$813 million and after-tax IRR of 39.4%.
- Subsequent to year-end, IperionX completed a US$50 million ADS offering and received Task Order 2 under its SBIR Phase III contract, lifting aggregate potential value to US$26.7 million.
- The company announced a proposed redomiciliation to Texas, subject to shareholder, court, and regulatory approvals.
Financial Impact
Net loss widened to US$66.8 million from US$35.3 million; cash burn increased to US$63.5 million from US$46.1 million.
Risk Factors
- Execution risk on production ramp-up to 200 tpa and subsequent expansion to 1,400 tpa.
- Dependence on continued U.S. government funding and task orders.
- Significant operating cash burn with no recurring revenue yet.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-037886 |
| Document: ef20082817_6k.htm | 0001140361-26-037886 |
| Document: 0001140361-26-037886-index-headers.html | 0001140361-26-037886 |
| Document: 0001140361-26-037886-index.html | 0001140361-26-037886 |
| Document: 0001140361-26-037886.txt | 0001140361-26-037886 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 6-K | $14.41 $12.82 | ▼ −11.03% | ▼ −10.02% | $13.06 (−9.37%) |
Sep 29, 2026 28d ago | 6-K | $18.30 $17.01 | ▲ +7.05% | ▲ +9.00% | $13.06 (+28.63%) |
Sep 16, 2026 5w ago | 6-K | $19.23 $21.05 | ▲ +9.46% | ▲ +6.63% | $13.06 (−32.09%) |
Aug 31, 2026 8w ago | 6-K | $21.87 $22.37 | ▲ +2.29% | ▲ +2.43% | $13.06 (−40.28%) |
Aug 12, 2026 10w ago | 3 | $24.70 $21.58 | ▼ −12.63% | ▼ −12.19% | $13.06 (−47.13%) |
Jul 15, 2026 14w ago | Insider Cluster | $24.67 $23.80 | ▼ −3.53% | ▼ −2.55% | $13.06 (−47.06%) |
Jul 13, 2026 15w ago | Insider Cluster | $25.49 $22.50 | ▲ +11.73% | ▲ +10.43% | $13.06 (+48.76%) |
Jul 13, 2026 15w ago | Insider Cluster | $24.67 $22.94 | ▼ −7.01% | ▼ −6.23% | $13.06 (−47.06%) |
Jul 13, 2026 15w ago | Insider Cluster | $24.67 $22.94 | ▼ −7.01% | ▼ −6.23% | $13.06 (−47.06%) |
Jul 8, 2026 15w ago | 424B5 | $23.75 $23.26 | ▲ +2.06% | ▲ +1.93% | $13.06 (+45.01%) |
US Market Status
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