IperionX released its September 2026 quarterly report on October 29, reporting record HAMR titanium powder production of 8.7 tonnes in Q3, a sixfold increase from 1.4 tonnes in the prior quarter; finished powder inventory at quarter-end was 19 tonnes, and titanium scrap feedstock inventory was 207 tonnes. The company said it has moved from the capacity-building phase to the qualified-product and funded-manufacturing-project phase. On capacity validation, the HAMR furnace completed a 1.6-tonne continuous deoxygenation run, operating 24/7 for 63 consecutive hours and validating an annualized capacity above the 200-tonne target (approximately 219 tonnes equivalent). The next-generation GenX continuous production platform processed over 500 kg of titanium powder across four consecutive cycles in 41 hours, with all valid samples meeting ASTM oxygen content specifications; capacity is six times that of the batch HAMR process, with electricity consumption per kilogram reduced by more than 75%, magnesium consumption by more than 45%, and hydrogen consumption by more than 60%, equivalent to approximately 100 tonnes of annual capacity. The first of two additional Elnik HSPT sintering furnaces has entered production, removing the sintering bottleneck. In downstream manufacturing, the company produced 1,500 titanium fasteners in-house at its Virginia facility, covering the full process from pressing, sintering, heat treatment, and machining to thread rolling, and received a follow-on purchase order from the U.S. Army GVSC for JLTV and trailer fasteners, with test performance exceeding the SAE Grade 8 steel torque-yield standard; all titanium components for the U.S. Navy's Carver Pump have been completed and entered final customer testing; and a prototype order for large-format titanium track pins with the U.S. Army and Rheinmetall is progressing. Financially, the company received a second Army task order (initially $11.5 million, up to $25.4 million with options), holds $63 million in cash, and has total liquidity of approximately $96.7 million including pending government funds; the expansion to 1,400 tonnes per year of titanium powder capacity is advancing with full funding from a $47.1 million IBAS award and a $12.7 million DPA Title III award.