Iperionx Ltd. ADR (IPX) AI Stock Analysis

• Market Cap: $1.90B
• Dividend Yield: N/A
• Average Volume (3M): 135.32K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.13
• Revenue Growth: N/A
• EPS Growth: -18.77%
• Country: US
• Employees: 28
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.06
• Shares Outstanding: 33,632,267
• 10 Day Avg. Volume: 177,371
• 30 Day Avg. Volume: 135,325
• PEG Ratio: -1.31
• Price to Book (P/B): 10.04
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -23.55
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -757.46
• Enterprise Value/Ebitda: -85.45K
• 1Y Price Target: $74.00
• Price Target Upside: 30.21% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $56.00 ▼(-1.46% Downside)

The score is held down primarily by weak financial performance—pre-revenue operations, widening losses, and rising cash burn—despite the benefit of low leverage. Technicals are a relative positive with strong trend and MACD, but overbought readings increase near-term risk. Valuation support is limited due to negative earnings and no dividend data.

Positive Factors

Low leverage / balance sheet resilience

Very low debt-to-equity (~0.04) materially reduces near-term refinancing and interest-rate risk. For a capital-intensive materials developer this preserves optionality to invest in processing assets or weather development delays without immediate debt pressure, supporting multi-month runway.

Equity funding capacity

An expanded equity base (~$92.4M) indicates the company has accessed capital markets to finance development. That durable ability to raise equity supports continued project funding and R&D for titanium processing, reducing single-point liquidity risk while enabling multi-stage commercialization.

Strategic positioning in U.S. titanium supply

A clear, durable strategic focus on domestic titanium feedstocks and powders aligns with onshoring of critical materials and growing demand in aerospace/additive manufacturing. This market positioning can attract long-term offtakes, government support, and premium industrial customers.

Negative Factors

Pre-revenue operations

Being pre-revenue with materially widening net losses signals the business has not yet validated commercial demand or pricing. Over months this sustains execution risk, increases dependence on financing rounds, and heightens dilution risk before any persistent revenue or margin profile is established.

High and increasing cash burn

Substantial negative operating and free cash flow requires ongoing external funding to sustain operations and capital projects. Persistent cash burn constrains strategic flexibility, risks project slowdowns if capital access tightens, and increases the probability of future dilutive financings.

Negative returns on invested capital

A ~-38% ROE shows the existing capital base is not generating economic returns, reflecting execution and commercialization gaps. Over a multi-month horizon this undermines ability to attract non-dilutive capital and signals that operational improvements or revenue milestones are required to justify ongoing investment.

Iperionx Ltd. ADR Business Overview & Revenue Model

Company Description

IperionX Limited engages in the exploration and development of mineral properties. It explores for epithermal and replacement style precious and base metal mineralization, as well as titanium, rare earth elements, silica sand, and zircon minerals. The company holds a 100% interest in the Milford project that includes 101 claims located in Utah, the United States. It also holds a 100% interest in Titan project covering an area of approximately 6,000 acres situated in Tennessee, the United States. The company was formerly known as Hyperion Metals Limited and changed its name to IperionX Limited in February 2022. IperionX Limited was incorporated in 2017 and is headquartered in Charlotte, North Carolina.

How the Company Makes Money

Iperionx Ltd. generates revenue by producing and selling titanium metal powders and related products to industrial clients. The company's revenue model is primarily based on the sale of these advanced materials, which are in demand due to their lightweight, durable, and corrosion-resistant properties. Key revenue streams include contracts and sales agreements with manufacturers in sectors such as aerospace and automotive, where titanium's high performance is critical. Additionally, Iperionx may engage in partnerships and collaborations with other companies to enhance their product offerings and expand their market reach. The company's earnings are also influenced by their ability to innovate and improve production processes, thereby reducing costs and increasing profitability.

Iperionx Ltd. ADR Financial Statement Overview

Summary

Overall financials are weak: the company is pre-revenue with widening losses (FY2025 net loss ~$35.3M vs. ~$22.2M in FY2024) and accelerating cash burn (FY2025 operating cash flow about -$21.8M; free cash flow about -$39.4M). The main offset is a low-leverage balance sheet (debt-to-equity ~0.04) and expanded equity base, which reduces near-term balance sheet stress but does not solve ongoing funding/dilution risk.

Income Statement

The company is still pre-revenue (revenue is $0 across the annual periods provided), while losses have widened materially as operating costs scale. Gross profit is consistently negative and both EBITDA and net income remain deeply negative (FY2025 net loss of ~$35.3M vs. ~$22.2M in FY2024), indicating the business has not yet reached commercial profitability. The main positive is that these results are consistent with an early-stage ramp, but the lack of revenue traction and rising losses are the dominant weaknesses.

Balance Sheet

Leverage is low, with debt-to-equity remaining modest (about 0.04 in FY2025), which reduces near-term financial risk. Equity and total assets have expanded significantly over time (equity rising to ~$92.4M in FY2025), suggesting the company has been able to fund growth. However, returns on equity are sharply negative due to ongoing losses (FY2025 ROE around -38%), meaning the capital base is not yet generating profits and dilution/funding risk remains if losses persist.

Cash Flow

Cash burn is substantial and increasing: operating cash flow is negative every year and was about -$21.8M in FY2025, while free cash flow fell to roughly -$39.4M. Free cash flow is worse than net income (free cash flow to net income above 1), which points to losses that are not yet translating into improving cash economics. A relative positive is that low debt reduces refinancing pressure, but the overall cash profile implies continued reliance on external funding until revenues scale.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-2.27M	-2.27M	-648.22K	-634.11K	-152.90K	-9.38K
EBITDA	-20.16K	-37.79M	-22.49M	-16.86M	-29.39M	-8.82M
Net Income	-35.35M	-35.35M	-22.23M	-25.93M	-21.52M	-13.28M
Balance Sheet
Total Assets	105.03M	105.03M	55.44M	22.80M	9.91M	2.79M
Cash, Cash Equivalents and Short-Term Investments	54.81M	54.81M	33.16M	11.94M	5.67M	1.70M
Total Debt	3.93M	3.93M	1.49M	975.31K	543.03K	475.65K
Total Liabilities	12.59M	12.59M	4.10M	2.24M	2.49M	1.03M
Stockholders Equity	92.44M	92.44M	51.34M	20.56M	7.42M	1.76M
Cash Flow
Free Cash Flow	-39.41M	-39.41M	-26.68M	-18.57M	-14.06M	-3.62M
Operating Cash Flow	-21.80M	-21.80M	-18.68M	-15.86M	-12.13M	-3.56M
Investing Cash Flow	-24.28M	-24.28M	-6.53M	-5.71M	-3.07M	1.76M
Financing Cash Flow	67.99M	67.99M	46.59M	27.89M	19.39M	3.50M

Iperionx Ltd. ADR Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 56.83
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IPX, the sentiment is Positive. The current price of 56.83 is above the 20-day moving average (MA) of 47.52, above the 50-day MA of 39.09, and above the 200-day MA of 36.73, indicating a bullish trend. The MACD of 5.25 indicates Negative momentum. The RSI at 72.00 is Negative, neither overbought nor oversold. The STOCH value of 71.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IPX.

Iperionx Ltd. ADR Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UAMY	62 Neutral	$1.39B	-236.59	-10.59%	―	240.12%	0.98%
USAR	62 Neutral	$3.89B	-10.02	-255.91%	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MP	61 Neutral	$11.83B	-95.43	-6.83%	―	26.44%	-95.87%
GSM	55 Neutral	$914.47M	-6.74	-16.00%	1.17%	-16.89%	-403.77%
IPX	49 Neutral	$1.90B	-47.54	-49.09%	―	―	-18.77%

Iperionx Ltd. ADR Corporate Events

IperionX Limited Concludes Annual General Meeting with Key Resolutions Passed

On November 28, 2025, IperionX Limited held its Annual General Meeting of Shareholders, where all resolutions were carried by a poll except for the election of Non-Board Endorsed Candidate Mr. Stephen Mayne as Director. The meeting’s outcomes reinforce the company’s governance structure and strategic direction, potentially impacting its operations and stakeholder confidence. The resolutions included re-elections and the issuance of RSUs to Non-Executive Directors, reflecting the company’s commitment to maintaining a stable and experienced leadership team.

The most recent analyst rating on (IPX) stock is a Buy with a $74.00 price target. To see the full list of analyst forecasts on Iperionx Ltd. ADR stock, see the IPX Stock Forecast page.