IperionX – September 2026 Quarterly Report

GenX validation delivered six times batch-process throughput while reducing power and material consumption per kilogram of titanium powder.

Rhea-AI Summary

IperionX (IPX) reported September-quarter titanium powder production of 8.7 tons as it expanded manufacturing capacity and advanced U.S. defense programs. Production rose from 1.4 tons in the June quarter, while validated HAMR furnace capacity exceeded 200 tons per year. GenX continuous production delivered six times batch-process throughput on a like-for-like run-time basis.

The U.S. Army awarded Task Order 2 with an US$18.5 million base value, including US$11.5 million initially funded. IperionX completed the US$3 million Atlas acquisition on July 1, 2026. Quarter-end cash reached US$63.0 million, versus US$35.2 million at June 30, following a public offering with approximately US$46.1 million net proceeds. Net operating cash outflow was US$12.6 million. The company continued its planned 1,400-ton annual capacity expansion and proposed a Texas redomiciliation, subject to shareholder, court and regulatory approvals.

27 points · 0 major

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0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQuarter-end cash increased to US$63.0 million from US$35.2 million at June 30, 2026.
• Moderate pointPublic offering raised ~US$50.0 million gross and ~US$46.1 million net. 8.9% of market cap
• Moderate pointRemaining obligated, reimbursable government funding of US$33.7 million supplemented cash, providing approximately US$96.7 million total available liquidity. 6% of market cap
• Moderate pointArmy Task Order 2 carried an US$18.5 million base value, with US$11.5 million initially funded. 3.3% of market cap
• Moderate pointTitanium powder production increased to 8.7 tons in the September quarter from 1.4 tons in June.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Titan feasibility study indicated US$813 million after-tax NPV8, a discounted project value, and 39.4% after-tax internal rate of return.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Planned 1,400-ton annual capacity expansion continued under US$47.1 million IBAS and US$12.7 million DPA Title III awards.

20 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Task Order 2 scoped options bring its total potential value to US$25.4 million.
• Minor pointHAMR furnace capacity validated above 200 tons annually, completing 1.6 tons of back-to-back processing in 63 hours.
• Minor pointQuarter-end inventories comprised 19 tons of finished titanium powder and 207 tons of titanium scrap feedstock.
• Minor pointGenX validation processed over 500 kg across four continuous runs in 41 hours.
• Minor pointGenX delivered 6x higher throughput than batch HAMR on a like-for-like run-time basis.
• Minor pointGenX reduced per-kilogram consumption: power >75%, magnesium >45%, hydrogen >60% versus batch HAMR.
• Minor pointGenX capacity validated at ~100 tons annually; engineering is underway to integrate this incremental production capacity.
• Minor point. Forward-looking: it has not happened yet and may not happen.First additional sintering furnace was commissioned; the second is scheduled for commissioning in the December quarter.
• Minor point. Forward-looking: it has not happened yet and may not happen.In-house Virginia fastener manufacturing expanded, with 1,500 fasteners produced and further production scaling for Army and commercial programs.
• Minor pointLarge titanium billet and bar production received dedicated pressing capacity for internal fasteners and domestic mill products.
• Minor pointCarver Pump purchase order reached manufacturing completion for all titanium components.
• Minor point. Forward-looking: it has not happened yet and may not happen.Army prototype track-pin manufacturing advanced using new sintering capacity to support larger follow-on orders.
• Minor pointArmy Ground Vehicle Systems Center placed a follow-on titanium fastener purchase order for the JLTV and trailer.
• Minor point. Forward-looking: it has not happened yet and may not happen.Customer pipeline advanced into component testing, prototype orders and funded scale-up, targeting recurring, higher-value revenue.
• Minor pointAtlas acquisition closed July 1, 2026, for US$3 million, adding adjacent critical mineral and infrastructure assets.
• Minor pointAtlas adds ~70 acres of surface stockpiles, 180 acres of pre-stripped mineralization and established utility and rail infrastructure.
• Minor point. Forward-looking: it has not happened yet and may not happen.Titan feasibility study indicated 3.6-year payback and US$1.9 billion cumulative after-tax free cash flow over an initial 14-year mine life.
• Minor point. Forward-looking: it has not happened yet and may not happen.Government titanium scrap transfers provide ~290 metric tons at no cost.
• Minor point. Forward-looking: it has not happened yet and may not happen.Task Order 2 supports continuous furnaces and in-house fastener finishing in Virginia.
• Minor pointDirectors acquired ~US$1.9 million of shares through on-market purchases in July.

Negative

• Moderate pointPublic offering issued 2,275,000 ADSs at US$21.98 each, diluting existing holders.
• Moderate pointNet operating cash outflow was US$12.6 million across production ramp-up, product qualification and GenX research and development.
• Minor pointCarver Pump components remain in final customer testing to support commercial-scale Navy contractor orders.
• Minor pointProposed Texas redomiciliation remains subject to shareholder, court and regulatory approvals.

News Explained

IperionX validated the current GenX platform at an equivalent run-rate of about 100 tonnes per year; engineering is underway to integrate the full line and bring this incremental capacity online.

Key Figures

Titanium powder produced: 8.7 tons HAMR furnace capacity: Above 200 tpa GenX validation: Over 500 kg processed; 100% of valid samples met ASTM oxygen specifications +5 more

Titanium powder produced

8.7 tons

September 2026 quarter

HAMR furnace capacity

Above 200 tpa

Validated annualized run-rate

GenX validation

Over 500 kg processed; 100% of valid samples met ASTM oxygen specifications

Four continuous runs totaling 41 hours

GenX throughput

6x higher

Compared with batch HAMR on a like-for-like run-time basis

GenX resource use

Power reduced by >75%; magnesium by >45%; hydrogen by >60% per kilogram

Compared with batch HAMR

Task Order 2 award

US$18.5 million base value; US$11.5 million initially funded; up to US$25.4 million potential value

U.S. Army award under the SBIR Phase III IDIQ contract

Cash

US$63.0 million

Quarter-end balance

Total available liquidity

US$96.7 million

Cash plus remaining obligated, reimbursable U.S. Government funding

Historical Context

1 past event · Latest: Jul 30

1 event

1. Jul 30

   Quarterly report

   24h Move

   +6.4%

   June-quarter report recorded 1.4 tons of titanium powder production, a comparable baseline for this quarter.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

deoxygenation, powder metallurgy, cold isostatic press, torque-to-yield, +1 more

5 terms

deoxygenation technical

"completing 1.6 tons of back-to-back deoxygenation runs in 63 hours"

Reduction or removal of oxygen from a biological tissue, the blood, or a chemical substance. In medical and clinical contexts it usually means a drop in the amount of oxygen carried in the blood or delivered to tissues (measured as oxygen saturation or partial pressure), while in chemistry it describes reactions that remove oxygen atoms from a molecule; the term does not by itself specify cause, severity, or clinical consequences.

powder metallurgy technical

"Optimized the 300-ton, six-axis SACMI powder metallurgy press tooling"

Powder metallurgy is a manufacturing method that makes metal parts by compacting metal powders into a shape and then heating them just enough to fuse the particles without melting everything. Think of forming a cookie from dough and then baking it so the pieces stick together—this approach lets makers produce precise, complex parts with less waste and consistent properties. Investors care because the process affects production cost, material efficiency, scalability and the performance of parts used in autos, aerospace and medical devices.

cold isostatic press technical

"Dedicated wet-bag cold isostatic press (CIP) production"

A cold isostatic press is a manufacturing method that uses a fluid to squeeze powdered or granular material evenly from all sides at room or low temperature, forcing it into a dense, uniform shape inside a flexible mold—think of wrapping a soft object in a balloon and squeezing it evenly so it keeps its form. Investors care because this process can improve product quality and yield, reduce waste and rework, and affect production costs, capital spending and the ability to scale advanced materials or components for competitive markets.

torque-to-yield technical

"exceed SAE Grade 8 steel torque-to-yield performance"

Torque-to-yield is a fastening method where a bolt is tightened past its elastic limit so it stretches slightly and settles permanently, similar to bending a paperclip just enough so it doesn’t spring back. Investors should care because it affects product reliability, repair costs and manufacturing processes: parts assembled this way can be stronger and more uniform but often require replacement after removal, influencing warranties, service expenses and supply-chain decisions.

underwritten public offering financial

"Priced an underwritten U.S. public offering on July 7, 2026"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SOUTH BOSTON, Va., Oct. 29, 2026 (GLOBE NEWSWIRE) -- IperionX Limited (Nasdaq | ASX: IPX) is pleased to present its quarterly report for the period ended September 30, 2026. Highlights during and subsequent to the end of the quarter include:

Operations – Titanium powder and product manufacturing

• HAMR™ Furnace Capacity Validated Above 200 tpa: HAMR™ titanium powder production continued to ramp on a 24/7 schedule, completing 1.6 tons of back-to-back deoxygenation runs in 63 hours and validated furnace capacity above the 200 tpa target annualized run-rate.
• Aerospace-Grade Quality: HAMR™ powder consistently met or exceeded Grade 5 titanium quality specifications, confirming HAMR™ as a commercially proven process for primary titanium metal production.
• Production & Inventory Volumes: Produced 8.7 tons of titanium HAMR™ powder during the quarter (June quarter: 1.4 tons), closing the period with 19 tons of finished titanium powder inventory and 207 tons of titanium scrap feedstock.
• Near-term Commercial Programs: With titanium powder capacity validated and inventory established, downstream manufacturing and near-term commercial program execution are now the operational priorities, supported by increased customer qualification.
• Titanium Fastener Manufacturing: Optimized the 300-ton, six-axis SACMI powder metallurgy press tooling and pressing parameters for a large range of titanium fastener geometries across defense and commercial applications.
• Domestic Billet & Bar Products: Dedicated wet-bag cold isostatic press (CIP) production to large titanium billet and bar production for internal fastener manufacturing and as a domestic alternative to conventional titanium bar and wire mill products.
• Sintering Bottleneck Relieved: Commissioned the first of two additional Elnik HSPT™ sintering furnaces, with the second furnace now installed and scheduled for commissioning in the December quarter, removing a key downstream manufacturing constraint and increasing finished titanium product output.
• In-House Virginia Fastener Manufacturing: Expanded in-house finish machining and thread-rolling capabilities. Fastener production now runs largely in-house in Virginia to meet current needs, spanning uniaxial pressing, HSPT™ sintering, THRM™ heat treatment, finish machining, and thread rolling, with centerless grinding to be brought in-house under Task Order 2. Produced 1,500 fasteners with further production now scaling for U.S. Army and commercial programs.
• Multi-Sector Component Development: Advanced additive manufacturing and powder-to-product programs across defense, aerospace, consumer electronics, and industrial applications, alongside advancing titanium plate and large-format titanium component manufacturing.
  
  

GenX™ continuous titanium production

• Breakthrough Continuous Validation: Validated the next-generation GenX™ continuous HAMR™ production platform, processing over 500 kg of titanium powder across four continuous runs (41 hours), with 100% of valid samples meeting ASTM oxygen specifications.
• Step-Change in Unit Economics: Compared to batch HAMR™ on a like-for-like run-time basis, GenX™ delivered 6x higher throughput while reducing power consumption by >75%, magnesium usage by >45%, and hydrogen consumption by >60% per kilogram of titanium powder.
• 100 tpa Titanium Powder Production Capacity: Validated the current GenX™ platform at an equivalent run-rate of ~100 tpa; engineering is underway to integrate the full production line and bring this incremental capacity online.
  
  

Customers and product development

• U.S. Navy + Carver Pump: Completed manufacturing of all titanium components under the Carver Pump purchase order; components are now undergoing final customer testing to support commercial-scale orders for U.S. Navy pump contractors.
• U.S. Army + American Rheinmetall Vehicles: Advanced manufacturing of large format titanium track pins under the U.S. Army prototype order, leveraging new Elnik HSPT™ sintering capacity to support larger follow-on production orders across U.S. Army ground combat platforms.
• U.S. Army GVSC Titanium Fasteners: Secured a follow-on purchase order from the U.S. Army Ground Vehicle Systems Center (GVSC) for titanium fasteners for the Joint Light Tactical Vehicle (JLTV) and trailer. Independent test work validated that IperionX titanium fasteners exceed SAE Grade 8 steel torque-to-yield performance.
• Targeting Mill Markets: U.S. titanium mill product supply remains constrained, underscored by the sectors’ record order backlog and near 20-month lead times for premium titanium products. IperionX’s CIP billet and bar program directly targets this supply gap.
• Commercial Pipeline Maturation: Advanced the customer pipeline from material validation to component testing, prototype orders, and funded scale-up, targeting recurring, higher-value revenue across four core verticals:
  • Titanium mill products for established mill and aerospace customers;
  • Aerospace defense primes, with an emphasis on missile systems;
  • Ground and naval defense contractors, building on active U.S. Army and U.S. Navy programs; and
  • Spherical titanium powder for consumer goods and electronics.
    
    

Atlas-Titan Critical Minerals Development

• Tier-1 Project Economics: The U.S. Government-supported Titan Definitive Feasibility Study (DFS), completed in June, demonstrated an after-tax NPV₈ of US$813 million, an after-tax IRR of 39.4%, a 3.6-year payback period, and US$1.9 billion in cumulative after-tax free cash flow over an initial 14-year mine life.
• Strategic Atlas Acquisition Closed: Completed the US$3 million acquisition of the adjacent Atlas critical mineral and infrastructure assets on July 1, 2026 (following the June agreement).
• Immediate Infrastructure & Resource Synergies: Atlas adds ~70 acres of at-surface stockpiles, 180 acres of pre-stripped critical mineral mineralization, and established power, water, natural gas, and rail infrastructure. The full integrated Atlas-Titan economic assessment is underway.
  
  

U.S. Department of War (DoW) programs

• US$18.5M Task Order 2 Award: The U.S. Army awarded Task Order 2 under IperionX’s US$99 million SBIR Phase III IDIQ contract, with an US$18.5 million base value (US$11.5 million initially funded) and scoped options bringing the total potential value to US$25.4 million.
• Remaining Contract Ceiling: Task Order 2 funding for continuous HSPT™ and dehydride furnaces alongside in-house fastener finishing in Virginia. Combined awards under Task Orders 1 and 2 total ~US$19.8 million, leaving US$79.2 million available under the existing US$99 million contract ceiling.
• U.S. titanium Supply Chain Funding Proposal Submitted: Submitted a formal proposal under Defense Industrial Base Consortium solicitation RPP-CM-26-02 (Domestic Processing Capabilities of Critical Minerals), which designates titanium, including titanium sponge substitutes, as a priority defense material.
• 1,400 tpa Expansion: Continued execution of the 1,400 tpa titanium capacity expansion under the fully obligated US$47.1 million IBAS award, the US$12.7 million DPA Title III award, and ~290 metric tons of no-cost U.S. Government titanium scrap transfers.
  
  

Corporate and liquidity

• Strong Balance Sheet & Liquidity: Closed the quarter with US$63.0 million in cash (June 30, 2026: US$35.2 million), supplemented by US$33.7 million in remaining obligated, reimbursable U.S. Government funding (including US$0.5 million in incurred expenditure pending reimbursement for IBAS and another $0.3m pending reimbursement from SBIR) - providing approximately US$96.7 million in total available liquidity. Net operating cash outflow was US$12.6 million, deployed across the Virginia production ramp, product qualification, and GenX™ R&D.
• US$50M U.S. Public Offering: Priced an underwritten U.S. public offering on July 7, 2026, issuing 2,275,000 ADSs at US$21.98 per ADS for gross proceeds of ~US$50.0 million (net proceeds of ~US$46.1 million).
• Director On-Market Purchases: Directors acquired ~US$1.9 million of IperionX shares via on-market purchases in July, underscoring strong board alignment with shareholders.
• Proposed U.S. Redomiciliation: Announced plans on August 3, 2026, to redomicile to a Texas parent company with common stock listed directly on Nasdaq (replacing the current ADS structure), subject to shareholder, court, and regulatory approvals.
• Board Strengthened: Appointed Michael J. Loparco as an Independent Non-Executive Director on August 3, 2026, bringing over 25 years of global advanced manufacturing and supply-chain leadership at Jabil and Symbotic.
  
  

A link to the full release can be found here.

Contacts

Anastasios (Taso) Arima, Founder and CEO
Toby Symonds, President
Dominic Allen, Chief Commercial Officer

Investors: investorrelations@iperionx.com
Media: media@iperionx.com

+1 980 237 8900
www.iperionx.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much titanium powder did IperionX produce in the September 2026 quarter?

IperionX produced 8.7 tons of HAMR titanium powder, compared with 1.4 tons in the June quarter. It ended the period with 19 tons of finished titanium powder inventory and 207 tons of titanium scrap feedstock.

What is the value of IperionX's U.S. Army Task Order 2?

Task Order 2 has an US$18.5 million base value, with US$11.5 million initially funded and scoped options bringing total potential value to US$25.4 million. It falls under IperionX's US$99 million SBIR Phase III contract.

How much capacity remains under IperionX's US$99 million Army contract?

US$79.2 million remains available under the contract ceiling, after combined awards of approximately US$19.8 million under Task Orders 1 and 2. That remaining ceiling is distinct from awarded funding.

What would IperionX's proposed U.S. redomiciliation change for its listing?

The proposed redomiciliation would establish a Texas parent company with common stock listed directly on Nasdaq, replacing the current ADS structure. The plan, announced August 3, 2026, remains subject to shareholder, court and regulatory approvals.

What additional U.S. government funding proposal has IperionX submitted?

IperionX submitted a formal proposal under Defense Industrial Base Consortium solicitation RPP-CM-26-02 for domestic critical-mineral processing capabilities. The solicitation designates titanium, including titanium sponge substitutes, as a priority defense material.