Iperionx Ltd. ADR (IPX) AI Stock Analysis

• Market Cap: $1.33B
• Dividend Yield: N/A
• Average Volume (3M): 156.86K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.16
• 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: 33,809,590
• 10 Day Avg. Volume: 171,692
• 30 Day Avg. Volume: 156,863
• 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: 0.95
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -557.72
• Enterprise Value/Ebitda: -62.91K
• 1Y Price Target: $74.00
• Price Target Upside: 81.60% 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: $53.00 ▲(30.06% Upside)

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

Very low leverage (debt-to-equity ~0.04) reduces refinancing pressure and gives IperionX structural balance-sheet flexibility while it scales capital-intensive titanium processing. This durable cushion lowers near-term solvency risk and supports continued investment despite operating losses.

Expanded equity base / funding access

An expanded equity base (~$92.4M in FY2025) indicates the company has been able to source capital to fund development. For a capital‑intensive materials producer, a larger equity base provides runway to build processing capacity and advance commercialization before sustained revenue generation.

Strategic positioning in U.S. titanium supply chain

IperionX’s focus on a domestic U.S. titanium supply chain and titanium powders/feedstocks for additive manufacturing aligns with durable structural trends (nearshoring, critical materials, advanced manufacturing). Vertical scope from mineral to powder can create lasting competitive advantages if commercialized.

Negative Factors

Pre-revenue and widening losses

Being pre-revenue while losses widened materially across FY2024–FY2025 indicates the company has not yet validated commercial economics. Persistent operating losses erode equity, increase reliance on financing, and delay the attainment of operating leverage needed for a sustainable industrial-materials business.

High and growing cash burn

Operating cash flow of roughly -$21.8M and free cash flow near -$39.4M reflect substantial, growing cash burn. For a capital-heavy producer this persistent negative FCF creates structural dependence on external funding, heightening dilution risk and risk to project timelines if capital markets tighten.

Sharply negative returns on equity

ROE around -38% shows the enlarged capital base is not generating profits. Sustained negative returns make it harder to attract long-term capital, indicate inefficient use of equity in the near term, and raise the bar for management to demonstrate profitable scaling in this asset‑intensive industry.

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

Iperionx Ltd. ADR Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 40.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IPX, the sentiment is Negative. The current price of 40.75 is below the 20-day moving average (MA) of 49.26, below the 50-day MA of 42.17, and above the 200-day MA of 38.20, indicating a neutral trend. The MACD of -0.37 indicates Positive momentum. The RSI at 38.24 is Neutral, neither overbought nor oversold. The STOCH value of 15.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IPX.

Iperionx Ltd. ADR Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
USAR	62 Neutral	$4.23B	-7.72	-255.91%	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MP	61 Neutral	$10.28B	-82.64	-6.83%	―	26.44%	-95.87%
UAMY	60 Neutral	$1.07B	-185.85	-10.59%	―	240.12%	0.98%
GSM	55 Neutral	$985.38M	-7.27	-16.00%	1.17%	-16.89%	-403.77%
IPX	49 Neutral	$1.33B	-34.09	-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.