Operations, Titanium powder production
Virginia operations transitioned to a 24/7 production schedule during the quarter, marking the move from commissioning into continuous operations
All HAMR™ powder production systems have been commissioned and are now in ramp-up, with IperionX targeting run-rate production of ~200 tpa of titanium powder by end-CY2026
HAMR™ powder production increased during the quarter, reaching ~4.2 metric tons in March, equivalent to approximately 50 tpa annualized. This represents the early-stage ramp rate, and throughput is expected to build as product mix shifts toward higher-volume angular powders and powder-to-part manufacturing
Development of GenX™, IperionX's next-generation continuous HAMR™ platform, advanced during the quarter. GenX™ is designed to deliver a step-change in capital efficiency, operating cost and throughput relative to current batch processing system
Operations, Titanium product manufacturing
Powder metallurgy scale-up continued during the quarter, including optimization of the 100-ton uniaxial press, commissioning of the cold isostatic press for larger-format titanium components, and transition toward 24/7 operations for defense-related titanium fastener production
Advanced six-axis 300-ton SACMI powder metallurgy press was installed during the quarter. The press delivers higher compaction force, multi-axis movement, greater complexity of part geometry, improved repeatability, and the ability to support higher-rate production. Commissioning is planned for the June quarter for customer engagements requiring more complex or higher-volume titanium press-sinter-forge components
Additional HSPT™ sintering furnaces are scheduled for commissioning in the June quarter. These additions are expected to remove sintering as a current production bottleneck and accelerate customer qualification timelines
Additive manufacturing capability expanded during the quarter, including the operation and retrofit of additional binder jet systems
Customers
IperionX continues to execute a tiered go-to-market strategy that initially prioritizes higher-value engineered products, where the competitive advantages are strongest, including higher material yields, faster design iteration, rapid prototyping and the potential to significantly lower customer costs
Production activity during the quarter focused primarily on prototype production, product development, qualification testing and low-rate initial production across defense, automotive, consumer electronics and industrial applications, consistent with the staged commercialization pathway for advanced titanium components
IperionX's near-term commercial focus remains on higher-value titanium metal components, while retaining the flexibility to sell titanium powders directly where customer demand supports attractive commercial outcomes
Qualification and test work for spherical titanium powders for additive manufacturing in the consumer electronics sector accelerated in the quarter. This market represents a significant potential opportunity for both spherical titanium powder sales and titanium products manufactured by IperionX
Customer engagement materially increased across aerospace and defense markets, supported by heightened focus on titanium supply-chain resilience, U.S. onshoring of advanced component manufacturing and reduced reliance on imported primary titanium metal
IperionX also expects to broaden its participation in high-volume titanium markets where customer engagement is strong and domestic U.S. supply is strategically important, including titanium mill products
Customer receipts are currently at the early inflection ...
