Evolution Metals & Technologies Corp. generated $1.6 million in revenue for the three months ended June 30, 2026, compared with no revenue for the corresponding period in 2025, while advancing construction plans to scale annual rare earth magnet production capacity to approximately 10,000 metric tons before the end of the year.

The company reported an adjusted net loss of $13.6 million for the second quarter of 2026, compared with an adjusted net loss of $7.4 million for the second quarter of 2025. Total net loss for the period stood at $11.9 million, compared with $40.9 million for the same period last year.

During the quarter, the company secured OEM qualifications with two Tier-1 electronics manufacturers across six neodymium-iron-boron magnet grades ahead of the January 1, 2027 DFARS deadline restricting Chinese-origin rare earth magnets in U.S. defense systems. To support processing operations, Evolution Metals & Technologies entered into a supply agreement with Senri Trading for non-China neodymium-praseodymium metal, taking delivery of an initial five-metric-ton shipment subsequent to quarter-end.

To fund the production expansion, the company established a $100 million convertible debenture facility with Yorkville Advisors Global, issuing an initial $20.0 million debenture on May 7, 2026, followed by a second debenture of $5.775 million on July 14, 2026.

Proceeds are being directed toward binding equipment supply contracts with ULVAC Korea for thirteen high-performance sintered rare earth magnet production machines. Delivery and installation of the ULVAC machinery are scheduled for November 2026. Upon commissioning, the installations are expected to lift the company's annual capacity to approximately 10,000 metric tons.

“Q2 was a defining quarter for EM&T as we continued to execute on all fronts of our commercial-scale, non-China rare earth magnet platform ahead of the January 1, 2027 DFARS deadline restricting Chinese-origin rare earth magnets in U.S. defense systems. During the quarter we brought the first shipment of non-China NdPr metal into commercial magnet production, secured OEM qualifications across six high-performance NdFeB grades, and kept our ULVAC sintered-magnet equipment plan on schedule for November 2026 delivery that we expect will bring us to approximately 10,000 metric tons of annual rare earth magnet production capacity by year-end. Subsequent to quarter-end, we also welcomed a retired four-star general to our board who spent his career operating the very platforms that depend on the magnets we make. The July 20, 2026 Executive Order on Securing America’s Defense Supply Chains and the August 13, 2026 White House tariff action on drones and their critical components confirm the strategic direction of the platform we have been building for eighteen years: a Western-aligned rare earth magnet supply chain purpose-built to serve the U.S. defense industrial base and its allies. We expect the pace of execution to continue accelerating through the second half.”

— David Wilcox, Executive Chairman

Subsequent to the quarter's close, the company appointed Kenji Konishi, former Vice President and Chief Technology Officer of JL MAG Rare Earth, as Head of Magnet Engineering Production, and retired U.S. Air Force four-star General Thomas A. Bussiere to its Board of Directors, as the company prepares to convert its near-term OEM and defense-prime pipeline into contracted volume.

Read the full announcement: Evolution Metals & Technologies Reports Second Quarter 2026 Financial Results and Provides Corporate Update