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IONR

ioneer Ltd

IONR

ioneer Ltd • NASDAQ
$4.76 ▼ -0.63% (-0.03)
Market Cap $317.47 M
52w High $8.20
52w Low $2.30
Dividend Yield 0%
P/E -34
Volume 38.83K
Outstanding Shares 66.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $0 $2.985K ▼ $-4.835K ▼ 0% $0 ▲ $-4.839K ▲
Q2-2025 $0 $3.387K ▼ $-4.719K ▲ 0% $-0.08 ▲ $-5.097K ▲
Q4-2024 $0 $5.434M ▲ $-7.851M ▼ 0% $-0.14 ▼ $-4.937M ▼
Q2-2024 $0 $3.528M ▼ $-2.747K ▲ 0% $0 ▲ $-3.499K ▲
Q4-2023 $0 $4.741M $-576.29K 0% $-0.012 $-1.975M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $25.059M ▲ $233.541M ▲ $3.243M ▼ $230.298M ▲
Q2-2025 $21.552M ▼ $221.148M ▼ $4.741M ▼ $216.407M ▼
Q4-2024 $35.715M ▲ $224.475M ▲ $6.254M ▲ $218.221M ▲
Q2-2024 $27.989M ▼ $201.692M ▼ $5.398M ▼ $196.294M ▼
Q4-2023 $52.709M $206.319M $8.92M $197.399M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $4.719K ▲ $243.82K ▲ $5.697M ▲ $10.341M ▲ $-10.656M ▲ $-6.791M ▼
Q2-2025 $-4.719K ▼ $-7.049M ▼ $-19.527M ▼ $-139.462K ▼ $-14.163M ▼ $-13.839K ▲
Q4-2024 $-2.539K ▼ $-1.403M ▲ $-8.859M ▲ $1.169M ▲ $-8.958M ▲ $-8.859M ▲
Q2-2024 $-1.373K ▼ $-2.365M ▼ $-13.454M ▼ $9K ▲ $-16.173M ▼ $-15.819M ▼
Q4-2023 $-290 $-1.049M $-7.828M $-64K $-8.995M $-8.877M

Five-Year Company Overview

Income Statement

Income Statement Ioneer is still a pre‑revenue company, so there are no sales or gross profit yet. The income statement mainly shows ongoing project and corporate costs, which translate into steady, modest losses each year. These losses have not ballooned, but they are consistent, which is typical for a mining project that is still being developed and not yet producing. Profitability will depend entirely on bringing the Rhyolite Ridge project into production and doing so on time and on budget.

Balance Sheet

Balance Sheet The balance sheet is small but fairly clean. Assets and shareholder equity have been building gradually, reflecting ongoing investment in the project. The company holds a limited cash balance and, importantly, shows no financial debt, so it is not yet burdened by interest payments. However, as a capital‑intensive mining project, it will likely need additional funding over time to move from development into full construction and production.

Cash Flow

Cash Flow Cash flows show a classic early‑stage pattern: money going out, none coming in from operations. Operating cash flow is negative as the company spends on development and overhead. Free cash flow is also negative, especially in periods of higher project spending, which indicates cash is being used for long‑term assets rather than day‑to‑day operations alone. This burn rate looks controlled but means the business depends on external capital until the mine begins generating cash.

Competitive Edge

Competitive Edge Ioneer’s main competitive strength is its unique lithium‑boron deposit at Rhyolite Ridge in Nevada. Being one of the very few deposits of this kind globally gives it a differentiated resource base and the potential for two revenue streams from the same ore. Planned low‑cost production, a U.S. location close to major EV and battery makers, and existing offtake agreements with large auto and battery groups all support its positioning. The flip side is high execution and permitting risk: the entire competitive story depends on successfully building and running this one project in a volatile commodity market.

Innovation and R&D

Innovation and R&D Innovation is centered on process and project design rather than traditional lab R&D. Ioneer plans to use an efficient vat leaching method tailored to its ore, co‑produce lithium and boron to lower overall costs, and run an on‑site power system aimed at lower emissions and reduced reliance on the grid. Automation, including autonomous haul trucks, is intended to improve safety and operating efficiency. If these technologies perform as planned at scale, they could support both cost leadership and a stronger environmental profile, but they still need to be proven in full commercial operation.

Summary

Ioneer is an early‑stage, single‑project critical minerals company: no revenue yet, modest recurring losses, and investment focused on building out Rhyolite Ridge. The balance sheet is straightforward with no debt and growing project assets, but cash outflows and future capital needs are key watchpoints. Strategically, the company sits at the intersection of U.S. supply‑chain security, EV growth, and specialty chemicals through its rare lithium‑boron deposit, sustainability‑oriented design, and long‑term customer agreements. The main opportunity lies in becoming a low‑cost, long‑life supplier of critical minerals; the main risks lie in project execution, permitting and environmental obligations, and sensitivity to lithium and boron market cycles.