Cash burn has accelerated significantly, with the free cash flow deficit widening to $14.2 million in 2026Q2, driven by intensive capital expenditures required for facility development.
IperionX Limited (IPX) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 |
|---|
| Cash from Operations | -35.46M | -21.8M | -18.61M | -15.86M | -12.13M | -3.56M | -311 | -503 | -226 | 0 |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -114641.19% | -17.15% | -17.29% | -30.74% | -241.03% | -1143959.49% | 38.13% | -122.24% | - | - |
| Net Income | -70.18M | -35.35M | -21.84K | -17.44M | -21.52M | -13.23M | -356 | -540 | -971 | -443 |
| Depreciation & Amortization | 2.28M | 2.28M | 648.22K | 426.53K | 153.43K | 9.32K | 16 | 0 | 0 | 0 |
| Stock-Based Compensation | 9.57M | 9.57M | 0 | 2.59M | 8.34M | 4.08M | 43 | 23 | 578 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -105.92K | -377K | 0 | -30 | 0 | 0 | 0 |
| Other Non-Cash Items | -13.08M | 582.56K | -19.23M | 1.15K | -2.11K | 5.14M | 29 | -40 | 237 | 443 |
| Working Capital Changes | 1.12M | 1.12M | -2.07K | -1.33M | 1.27M | 437.6K | -13 | 54 | -69 | 0 |
| Change in Receivables | 1.12M | 1.12M | 0 | -650.07K | -98.8K | -34.41K | -13 | 54 | -66 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -32.53M | -24.28M | -6.53M | -5.71M | -3.07M | 1.76M | -61.98K | -419.87K | -15.72K | 0 |
| Capital Expenditures | -22.95M | -17.61M | -8.07M | -2.71M | -1.93M | -66.82K | -3.06K | -421 | -16 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 2.34M | 0 | 0 | -63 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -9.59M | -6.67M | 2.04M | -3M | -889.99K | -513.38K | -58.93K | -419.45K | -15.72K | 0 |
| Cash from Financing | 97.45M | 67.99M | 46.59M | 27.89M | 19.39M | 3.5M | -17.14K | 100 | -329.63K | 0 |
| Debt Issued (Net) | -982.47K | -517.58K | -423.84K | -518.25K | -42.32K | -6.47K | 0 | 0 | -183.65K | 0 |
| Equity Issued (Net) | 2M | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 107.68K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 245.13K | 116.47K | -172.35K | -1.51M | -430.81K | -85.47K | -17.14K | -107.58K | 186.65K | 0 |
| Net Change in Cash | 29.34M | 21.66M | 21.22M | 6.27M | 3.97M | 1.7M | -388.95K | -422.56K | -345.57K | 0 |
| Free Cash Flow | -54.7M | -39.41M | -26.68M | -18.57M | -14.06M | -3.62M | -3.37K | -924 | -242 | 0 |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -862.51% | -47.71% | -43.66% | -32.07% | -287.89% | -107487.65% | -264.81% | -281.61% | - | - |
| FCF per Share | -16.26 | -1.34 | -1.22 | -1.11 | -1.04 | -0.27 | -0.00 | -0.00 | -0.00 | - |
| FCF Conversion (FCF/Net Income) | 0.78x | 0.62x | 0.84x | 0.91x | 0.56x | 0.27x | 0.00x | 0.00x | 0.00x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying IPX stock.
IperionX Limited (IPX) generated $-21.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
IperionX Limited (IPX) reported negative free cash flow of $39.4M in 2025, indicating capital requirements exceeded cash from operations.
IperionX Limited (IPX) spent $17.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and commercialization risk
Escalating Cash Burn Trajectory
According to recent financial filings, IperionX's free cash flow deficit widened significantly to $14.2 million in 2026Q2, reflecting an aggressive acceleration in capital-intensive activities as the company attempts to scale its proprietary HAMR technology toward commercial viability without any offsetting revenue streams.
The widening FCF deficit suggests that the company is entering a high-intensity phase of development where cash outflows are no longer merely administrative but tied to tangible infrastructure scaling. Investors should monitor whether this burn rate remains sustainable given the current cash position, as the lack of revenue makes the company entirely dependent on external financing to bridge the gap to commercialization.
Capital Intensity Driving Infrastructure Build
As reported in quarterly statements, capital expenditures reached $17.6 million in 2025Q4, underscoring the heavy reliance on physical asset investment to establish the Virginia Titanium Demonstration Facility, which remains the central pillar of the company's long-term production strategy.
The lumpy nature of these capital outlays indicates that the company is currently in a 'build-out' phase rather than a steady-state operational mode. This capital intensity warrants further investigation into the expected return on these assets, as the firm must eventually prove that its HAMR process can achieve the yield efficiencies necessary to justify such significant upfront investment.
Earnings-Cash Flow Divergence Remains Irrelevant
Based on the company's reported figures, the OCF/NI ratio remains highly volatile and largely non-informative, as the firm's pre-revenue status results in net losses that bear little relationship to the underlying cash burn required to fund ongoing research and development initiatives.
The disconnect between net income and operating cash flow is a structural feature of the current pre-revenue business model rather than an indicator of earnings quality. Analysts should focus exclusively on the absolute cash burn rate rather than traditional accrual-based metrics, as the latter are currently obscured by the absence of commercial operations.
Hidden Costs of Technology Scaling
As indicated by the $9.6 million in stock-based compensation reported in 2025Q4, the company's cash flow statement obscures the true economic cost of talent acquisition, which serves as a non-cash substitute for salary expenses in the current capital-constrained environment.
While stock-based compensation preserves immediate cash, it represents a significant dilution risk that may impact future shareholder value. Investors should monitor the extent to which the company relies on equity-based incentives to retain the specialized metallurgical expertise required to successfully commercialize the HAMR process.