IPERIONX Ltd (IPX)

Price$21.75Cached quoteAs of 2026-09-05 17:59 UTC

AI: Overvalued

Operating titanium platform, still at early commercializationIperionX manufactures titanium powders and components in Virginia using HAMR deoxygenation and HSPT sintering technologies, while developing its Atlas-Titan minerals platform in Tennessee. Customer activity remains heavily focused on prototypes, qualification, and initial production.

The latest operating and cash-flow report, filed July 30 for the period ended June 30, targets a 200-tonne annual production run rate by December 2026; this is a target, not confirmed achieved output. The planned 1,400-tonne expansion is prospective. Ford and Carver Pump development programs do not establish recurring high-volume sales.

Valuation requires substantial commercial successStock Analysis displays an approximately $702 million market capitalization, with no meaningful positive earnings multiple. The overvalued assessment is qualitative relative to demonstrated earnings and commercialization, not a price target. Government backing and technical progress offer upside, but recurring profitability remains unproven.

The latest detailed income statement, filed March 12 for the six months ended December 31, 2025, reports a $34.8 million loss and no sales-revenue or gross-margin figure. MarketWatch reported September 25 volume of 160,360 ADSs versus a 65-day average of 306,880, suggesting sizeable orders may encounter limited depth.

Cash burn and investment remain substantialIn the twelve months through June 30, operating activities consumed $44.955 million before $19.135 million of property, plant, and equipment purchases. June-quarter customer receipts were only $8,000—not accounting revenue. June-end cash was $35.244 million.

Management illustrated approximately $84 million of pro forma cash after July financing and reimbursement; this is not verified September cash. The three-quarter funding estimate excludes subsequent inflows and is not current runway. The December detailed balance sheet showed $4.459 million of borrowings, including $3.734 million of leases; a newer comprehensive debt balance is unverified.

Equity financing and reimbursable funding have different shareholder implicationsThe July offering covered 2,275,000 ADSs at $21.98, approximately $50 million gross. Each ADS represents ten ordinary shares; equity funding dilutes shareholders and is not operating revenue. The proposed August Texas redomiciliation and replacement of ADSs with directly listed shares remain subject to approvals.

At June 30, $37.1 million of obligated government reimbursement funding remained; it is not cash received and requires eligible expenditure and approved claims. Risks include government and customer concentration, furnace reliability, intellectual-property access, inputs, and commodity prices.

AI: News

September 16: GenX validation advances continuous titanium processingThe company reported more than 500 kg across four campaigns totaling 41 hours; throughput was six times its batch HAMR reference on a comparable run-time basis, while power per kilogram was reduced by more than 75%.

These are company-reported comparisons, not evidence of margins or annual production. One interrupted-run sample was excluded. Further optimization, complete line integration and engineering, reliability, and scale-up remain unproven.

August 31: Army task order includes funded and conditional amountsA second Army task order was announced with an $18.5 million base, of which only $11.5 million was funded or obligated at announcement. An additional $6.9 million in options was unfunded and unexercised, potentially taking the maximum to $25.4 million.

The underlying $99 million ceiling is not guaranteed revenue or unrestricted grant funding. The award supports equipment and systems subject to performance and acceptance. Funded obligations and options do not equal cash, revenue, or free cash flow.

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Revenue

2022

2023

2024

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	—	$0	$0	$0	—
Research & development	$12.7M	$8.7M	$5.6M	$1.1M	$240,000
Operating expenses	—	$22.6M	$17.7M	$21.9M	—
Operating income	—	−$22.6M	−$17.7M	−$21.9M	—
EBITDA	—	−$21.7M	−$17.4M	−$21.5M	—
Net income	−$35.3M	−$21.8M	−$17.4M	−$21.5M	−$13.2M
Basic EPSper basic share	-$0.12	-$0.10	-$0.11	-$0.16	-$0.19
Diluted EPSper diluted share	-$0.12	-$0.10	-$0.11	-$0.16	-$0.19

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of IPX
Holder	Shares held
VAN ECK ASSOCIATES CORP	1.61M
Woodline Partners LP	654.07K
MILLENNIUM MANAGEMENT LLC	579.75K
STIFEL FINANCIAL CORP	525.77K
Old West Investment Management, LLC	345.19K
JANE STREET GROUP, LLC	224.64K
UBS Group AG	96.73K
TUDOR INVESTMENT CORP ET AL	80K
Point72 Asset Management, L.P.	68.81K
MORGAN STANLEY	64.34K
Nuveen, LLC	59.58K
BlackRock, Inc.	54.19K
BANK OF AMERICA CORP /DE/	52.35K
ENVESTNET ASSET MANAGEMENT INC	48.01K
BANK OF MONTREAL /CAN/	30.92K
HRT FINANCIAL LP	28.3K
OSAIC HOLDINGS, INC.	22.88K
Arax Advisory Partners	22.16K
GOLDMAN SACHS GROUP INC	15.3K
SUSQUEHANNA INTERNATIONAL GROUP, LLP	15.21K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys10$5.69M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 29, 2026Form 4	Hannigan ToddExecutive Chairman	BuyOrdinary Shares	260.0K	$4.20	$1.09M	26.11M
Apr 28, 2026Form 4	Arima AnastasiosChief Executive Officer	BuyOrdinary Shares	110.0K	$4.49	$493.9K	12.32M
Apr 28, 2026Form 4	Martin Lorraine MDirector	BuyAmerican Depository Shares · derivative	4.8K	$31.46	$149.6K	4.8K
Apr 28, 2026Form 4	Symonds Toby EdgcumbePresident	BuyAmerican Depository Shares (ADS) · derivative	3.0K	$30.63	$91.9K	37.0K
Apr 28, 2026Form 4	Hannigan ToddExecutive Chairman	BuyOrdinary Shares	220.0K	$4.48	$985.6K	25.85M