The company remains in a pre-revenue state, consistently reporting operating losses that reached $4.4 million in 2026Q2 due to ongoing administrative and development overhead.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 588.78K | 276.53K | 260.95K | 51.77K | 174.04K | 43.26K | 34.19K | 7.87K | 0 | 0 | 240 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -588.85K | -276.53K | -261K | -51.77K | -174K | -43.26K | -34.19K | -7.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -5.95% | -404.16% | 70.25% | -302.18% | -26.54% | -334.64% | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 9.64M | 6.37K | 8.97M | 9.56M | 11.82M | 6.6M | 5.54M | 3.7M | 2.63M | 7.42M | 3.54M | 803.4K | 4.52M | 901.45K | 1.21M | 1.38M | 971.25K | 514.78K | 586.95K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 9.64M | 6.37M | 8.97M | 9.6M | 11.78M | 4.42K | 3.4K | 2.73M | 1.7M | 5.6K | 465.67K | 247.94K | 610.98K | 490.02K | 513.43K | 775.95K | 493.54K | 321.31K | 561.56K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -6.37M | 0 | -42.5K | 35K | 6.6M | 5.54M | 2.39K | 1.58K | 25.37K | -373 | -238K | 1.93K | 105.51K | 97.39K | 89.13K | 227.97K | 12.49K | 23.92K |
| Operating Income | -9.95M | -6.37K | -9.23M | -5.97M | -11.99M | -6.64M | -5.57M | -3.71M | -2.63M | -7.35M | -3.52M | -814K | -4.49M | -816K | -915K | -835K | -521K | -515K | -537K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 99.93% | -54.65% | 50.24% | -80.48% | -19.22% | -50.34% | -41.11% | 64.28% | -108.65% | -333.05% | 81.86% | -449.82% | 10.82% | -9.58% | -60.27% | -1.17% | 4.1% | - |
| EBITDA | -9.64M | -6.22K | -8.97M | -5.92M | -11.82M | -6.6M | -5.54M | -3.7M | -2.63M | -7.35M | -3.52M | -808.96K | -4.48M | -803.98K | -897.25K | -822.7K | -517.21K | -511.46K | -534.3K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 53.46% | 99.93% | -51.6% | 49.95% | -79.04% | -19.17% | -49.73% | -40.87% | 64.29% | -108.82% | -335.32% | 81.94% | -457.01% | 10.39% | -9.06% | -59.07% | -1.12% | 4.27% | - |
| D&A (Non-Cash Add-back) | 312.55K | 154 | 260.95K | 52K | 173K | 43.26K | 34.19K | 7.7K | 984 | 1.04K | 3.4K | 5.04K | 8.29K | 12.02K | 17.75K | 12.3K | 3.79K | 3.54K | 2.7K |
| EBIT | -9.46M | -10.2K | -7.84M | -9.7M | -11.97M | -7.68M | -3.63M | -1.82M | -1.93M | -5.63M | -3.46M | -1.12M | -4.41M | -1.1M | -1.45M | 0 | -778K | -383K | -574K |
| Net Interest Income | 1.31M | 595.99K | 1.29M | 1.5M | 106K | 5.22K | 464.57K | 1.16M | 0 | 35.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.36M | 606.97K | 1.3M | 1.51M | 111K | 29.09K | 483.34K | 1.16M | 344.45K | 43.65K | 1.97K | 1.71K | 4.8K | 3.68K | 37.74K | 95.5K | 67.55K | 82.29K | 120.81K |
| Interest Expense | 49.03K | 10.98K | 11.04K | 10K | 5K | 23.87K | 18.77K | 4.9K | 0 | 7.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 784.39K | -3.18K | 1.37M | -424K | 2.87M | -1.06M | 2.02M | 1.94M | 1.15M | -4.73M | -28.42K | -228K | -56.23K | -164K | -514K | 192.67K | -257K | 94.78K | -198K |
| Pretax Income | -9.16M | -9.55K | -7.85M | -6.39M | -9.12M | -7.7M | -3.65M | -659K | -1.93M | -12.09M | -3.55M | -1.03M | -4.55K | -1.1M | -1.43M | -696K | -751K | -420K | -574K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 5K | 0 | 0 | 4.9K | -746K | 33.05K | 13.04K | -11.97K | 26.68K | 81.72K | 0 | -598K | -67.55K | 0 | 50.54K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -0.05% | 0% | 0% | -0.74% | 38.59% | -0.27% | -0.37% | 1.16% | -586.37% | -7.44% | 0% | 85.92% | 8.99% | 0% | -8.81% |
| Net Income | -11.94M | -9.55K | -7.85M | -6.36M | -9.13M | -7.7M | -3.65M | -673K | -1.93M | -12.09M | -3.46M | -1.12M | -4.54M | -980K | -1.43M | -696K | -751K | -420K | -614K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -10.92% | 99.88% | -23.43% | 30.27% | -18.47% | -110.97% | -442.5% | 65.18% | 84.01% | -249.04% | -209.75% | 75.39% | -363.55% | 31.47% | -105.46% | 7.32% | -78.81% | 31.6% | - |
| Net Income (Continuing) | -9.16M | -9.55K | -7.85M | -6.36M | -9.13M | -7.7M | -3.65M | -659K | -1.83M | -12.09M | -3.46M | -1.03M | -4.55K | -1.1M | -1.43M | -642K | -778K | -420K | -614K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.20 | -0.00 | -0.15 | -0.12 | -0.18 | -0.18 | -0.09 | -0.02 | -0.06 | -0.46 | -0.24 | -0.17 | -0.41 | -0.25 | -0.37 | -0.23 | -0.40 | -0.33 | -0.43 |
| EPS Growth % | -39.81% | 97.33% | -25% | 33.33% | 0% | -95.65% | -475% | 73.33% | 86.96% | -91.67% | -41.18% | 58.54% | -64% | 32.43% | -60.87% | 42.5% | -21.21% | 23.26% | - |
| EPS (Basic) | - | -0.00 | -0.15 | -0.12 | -0.18 | -0.18 | -0.09 | -0.02 | -0.06 | -0.46 | -0.24 | -0.17 | -0.41 | -0.25 | -0.37 | -0.23 | -0.40 | -0.33 | -0.43 |
| Diluted Shares Outstanding | 60.35M | 2.36M | 53.63M | 52.45M | 50.36M | 43.73M | 39.93M | 36.8M | 30.4M | 26.52M | 15.03M | 6.24M | 193K | 3.97M | 3.82M | 2.97M | 1.88M | 1.26M | 1.43M |
| Basic Shares Outstanding | 60.35M | 2.33M | 53.63M | 52.45M | 50.36M | 43.73M | 39.93M | 36.8M | 30.4M | 26.52M | 15.03M | 6.24M | 193K | 3.97M | 3.82M | 2.97M | 1.88M | 1.26M | 1.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and Permitting Delays
As indicated by the company's financial disclosures, ioneer Ltd remains in a pre-revenue development phase, with zero reported revenue across all ten observed quarters, highlighting the speculative nature of its transition from an exploration-focused entity to a commercial-scale lithium and boron producer in the Nevada region.
The absence of top-line growth reflects the company's reliance on project-level milestones rather than operational sales. Investors should monitor the transition from exploration to development accounting, as the current lack of revenue underscores the high execution risk inherent in the Rhyolite Ridge project.
Based on reported income statements, the company consistently incurs operating losses, with SG&A expenses fluctuating significantly, reaching a peak of $6.3 million in 2023Q2, which suggests that administrative and permitting-related overhead remains the primary driver of cash outflows prior to the commencement of commercial production.
The volatility in SG&A suggests that management is managing costs in response to the uneven pace of federal permitting and environmental compliance. This expense structure warrants further investigation into how much of these costs are being capitalized versus expensed as the project approaches its final investment decision.
According to the provided financial data, the company exhibits persistent negative operating leverage, as operating losses have remained consistently in the multi-million dollar range, with the most recent 2026Q2 operating loss of $4.4 million highlighting the ongoing financial burden of maintaining the Rhyolite Ridge asset.
The lack of scaling in operating income is expected for a pre-production mining firm, yet the consistency of these losses suggests that the company is highly sensitive to delays in the permitting timeline. Without revenue to offset these fixed costs, the company remains entirely dependent on external financing to sustain its current operational footprint.
As reported in recent filings, the company's reliance on external funding to cover recurring operating losses, such as the $4.1 million net loss in 2026Q2, creates a precarious financial position where any further regulatory setbacks could necessitate dilutive equity raises to maintain the project's liquidity.
Short-term observers may focus on the potential for continued cash burn if the Record of Decision is further delayed by environmental litigation. The company's inability to generate internal cash flow means that its valuation is currently tethered to regulatory outcomes rather than fundamental operational performance.
Quick answers to the most common questions about buying IONR stock.
For fiscal year 2025, ioneer Ltd (IONR) reported total revenue of $0.0M.
ioneer Ltd (IONR) reported a net loss of $0.0M for the fiscal year ending 2025.