The company remains in a pre-revenue state, reporting a substantial $36.7 million operating loss in 2026Q2 as R&D and SG&A expenses continue to escalate without offsetting income.
IperionX Limited (IPX) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 2.63M | 2.27M | 648.22K | 634.11K | 152.9K | 9.38K | 22.73K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -4.58M | -2.27M | -648.22K | -634.11K | -152.9K | -9.38K | -22.73K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -250.87% | -2.22% | -314.71% | -1529.41% | 58.72% | - | - | - | - |
| Operating Expenses | 51.41M | 38.28M | 22.36M | 25.62M | 21.87M | 8.11M | 381.53K | 398.37K | 711.26K | 73.55K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 50.44M | 25.53M | 13.49M | 17.3M | 11.4M | 8.11M | 365.91K | 398.37K | 711.26K | 73.55K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 23.56M | 12.75M | 8.87M | 8.33M | 1.08M | 180.19K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 9.39M | -180.19K | 15.62K | 0 | 0 | 0 |
| Operating Income | -75.88M | -39.27M | -22.46M | -17.66M | -21.85M | -8.12M | -352.96K | -398.37K | -711.26K | -73.56K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -74.87% | -27.15% | 19.18% | -169.21% | -2199.79% | 11.4% | 43.99% | -866.97% | - |
| EBITDA | -72.44M | -37.79M | -22.33M | -17.24M | -21.7M | -8.12M | -330.23K | -278.23K | -592.64K | -33.35K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -609.23% | -69.21% | -29.58% | 20.57% | -167.36% | -2357.79% | -18.69% | 53.05% | -1676.77% | - |
| D&A (Non-Cash Add-back) | 3.44M | 1.48M | 124.75K | 426.53K | 153.43K | 1.05K | 22.73K | 120.14K | 118.61K | 40.2K |
| EBIT | -75.95M | -39.27M | -22.62M | -17.58M | -21.87M | -8.12M | -741.34K | -769.63K | -1.31M | -96.09K |
| Net Interest Income | 3.37M | 1.89M | 645.97K | 76.65K | -21.5K | -2.42K | 11.98K | 0 | 0 | 0 |
| Interest Income | 3.73M | 2.2M | 555.59K | 207.68K | 24.04K | 5.09K | 15.18K | 21.58K | 1.62K | 0 |
| Interest Expense | 366.8K | 305.73K | -90.38K | 131.03K | 45.54K | 7.52K | 3.2K | 0 | 0 | 0 |
| Other Income/Expense | 1.46M | 3.92M | 773.62K | 216.8K | 348.77K | -5.16M | 38.28K | -139.64K | 2.21K | 2 |
| Pretax Income | -53.97M | -35.35M | -21.84M | -17.44M | -21.52M | -13.28M | -355.23K | -376.79K | -709.63K | -73.55K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | -382.42K | 0 | 0 | 0 | 20.06K | -120.14K | -118.61K | -40.2K |
| Effective Tax Rate % | 0% | 0% | 1.75% | 0% | 0% | 0% | -5.65% | 31.88% | 16.71% | 54.65% |
| Net Income | -70.18M | -35.35M | -22.23M | -17.44M | -21.52M | -13.28M | -355.23K | -376.79K | -709.63K | -73.55K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -360756.73% | -59.04% | -27.41% | 18.94% | -62.06% | -3638.39% | 5.72% | 46.9% | -864.8% | - |
| Net Income (Continuing) | -70.18M | -35.35M | -21.84M | -17.44M | -21.52M | -13.28M | -746.12K | -769.63K | -1.31M | -96.09K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -20.87 | -1.20 | -1.00 | -1.50 | -1.60 | -0.75 | -0.03 | -0.03 | -0.05 | -0.00 |
| EPS Growth % | - | -20% | 33.33% | 6.25% | -113.33% | -2677.78% | 5.92% | 46.55% | - | - |
| EPS (Basic) | - | -1.20 | -1.00 | -1.50 | -1.60 | -0.75 | -0.03 | -0.03 | -0.05 | -0.00 |
| Diluted Shares Outstanding | 3.36M | 29.46M | 21.78M | 16.8M | 13.46M | 13.2M | 13.2M | 13.2M | 13.2M | 23.75M |
| Basic Shares Outstanding | 3.36M | 29.46M | 21.78M | 16.8M | 13.46M | 13.2M | 13.2M | 13.2M | 13.2M | 23.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying IPX stock.
For fiscal year 2025, IperionX Limited (IPX) reported total revenue of $0.0M.
IperionX Limited (IPX) reported a net loss of $35.3M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Commercialization and liquidity risk
Escalating Operational Expenditure Profile
As reported in recent financial statements, IperionX has seen a dramatic surge in quarterly operating expenses, with R&D and SG&A costs reaching a combined $34.7 million in 2026Q2, reflecting the aggressive scaling of the Virginia Titanium Demonstration Facility and associated commercialization efforts.
The company's cost structure has shifted from minimal administrative overhead to a heavy industrial expense profile as it transitions toward production. This rapid increase in spending warrants close monitoring, as the lack of offsetting revenue suggests that the current burn rate is entirely dependent on external capital availability.
Operating Leverage Remains Deeply Negative
Based on the company's 2026Q2 filings, the operating loss of $36.7 million highlights a lack of operating leverage, as the business currently incurs significant fixed costs to support its HAMR technology development without any corresponding revenue generation to absorb these overhead burdens.
The absence of revenue means that every dollar spent on R&D and SG&A directly expands the operating loss, creating a negative feedback loop for profitability. Investors should consider that until the company achieves commercial-scale output, operating leverage will remain non-existent, leaving the firm highly sensitive to capital market conditions.
Earnings Quality Obscured by Pre-Revenue Status
According to historical income statement data, the reported net loss of $34.8 million in 2026Q2 underscores the speculative nature of the firm's earnings, as the company has yet to establish a repeatable revenue stream or demonstrate a path to positive net income.
The quality of these losses is heavily influenced by the capitalization of development costs and the absence of traditional operating margins. Analysts should be wary of interpreting these figures as indicative of future performance, as the current financial profile is entirely characteristic of a pre-revenue technology development entity.
Sustainability of Capital-Intensive Scaling
As indicated by the $36.7 million operating loss in 2026Q2, the primary risk to the investment thesis is the potential for a liquidity shortfall before the HAMR process reaches full commercial qualification, which could force dilutive financing or a strategic pivot to preserve cash.
Short-sellers would likely focus on the widening gap between cash reserves and the accelerating burn rate required to maintain the Virginia facility. The reliance on non-dilutive government funding is a strategic strength, but it may not be sufficient to cover the full cost of industrial-scale production if technical hurdles persist.