Evolution Metals & Technologies Corp. raised its fiscal 2026 revenue guidance to $10 million to $11 million, a significant increase from the previous range of $5 million to $8 million announced in September. This adjustment represents a 62% rise at the midpoint, reflecting strong customer demand and improved rare earth pricing.

The company also reaffirmed its fiscal 2027 revenue guidance of $400 million to $460 million. The updated outlook is driven by an expanded non-China rare earth feedstock position and the production capacity unlocked by new equipment deliveries scheduled for October 2026.

Capacity Expansion and Equipment Delivery

Thirteen additional ULVAC sintered magnet production machines are scheduled for delivery in October 2026. Installation will commence immediately following delivery at the Pohang facility in the Republic of Korea. Once operational, these machines are expected to expand annual rare earth magnet production capacity to more than 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets.

Strategic Drivers and Regulatory Context

Frank Moon, Chief Executive Officer, stated that the raised guidance reflects the ability to source rare earth materials necessary to bring additional production capacity online this year. Andrew Knaggs, President, highlighted that non-China rare earth magnet supply remains a strategic priority for U.S. national security and industrial policy. He noted that DFARS 252.225-7052 is expected to extend mine-to-magnet restrictions across the supply chain for neodymium-iron-boron magnets beginning January 1, 2027.

The company plans to showcase what it believes is the largest commercial magnet facility in the world outside China on December 17, 2026. This event aims to highlight EM&T's vertically integrated critical materials supply chain, which spans end-of-life electronics, high-grade concentrates, and finished rare earth magnets.

What the Numbers Show

The fiscal 2027 revenue midpoint of $430 million represents approximately 41 times the raised fiscal 2026 midpoint of $10.5 million. This substantial year-over-year jump indicates that the majority of the company's projected growth is contingent on the successful commissioning of the new ULVAC machines and the subsequent scaling of operations in late 2026 and throughout 2027. The guidance relies heavily on converting current demand into firm orders and shipments, as actual revenue is not based on contracted volumes but on management's expectations of market conditions and execution speed.

Evolution Metals & Technologies Corp has announced a Strategic Partnership Letter of Intent (LOI) with UK-based INERGX Energy Optimisation Ltd. to engineer, supply, integrate and service energy storage and power optimization systems for its planned U.S. facility. The proposed collaboration targets a capacity of up to 5 GW at full build-out, with an initial phase of approximately 1 GW expected within two years.

The agreement signifies a strategic step toward establishing large-scale energy storage capabilities within the company's planned U.S. operations. The facility is designed to support critical materials and battery black mass recovery, leveraging on-site LNG generation paired with engineered storage to ensure power quality and ride-through performance.

Deal specifics

The Letter of Intent outlines the preliminary framework for the partnership between Evolution Metals and INERGX. While the scope of the potential development is defined by the 5 GW capacity target at full build-out, the specific financial terms of the arrangement have not been disclosed in the announcement.

The partnership includes a long-term service agreement with an anticipated initial term of 10 years. INERGX intends to source cells, packs, and battery management systems through qualified European or other approved non-China partners, ensuring full country-of-origin documentation. This aligns with EM&T's mandate to avoid dependency on China, which hosted about 85% of global battery cell manufacturing capacity in 2024 according to the International Energy Agency.

Implementation timeline

The LOI sets an accelerated timetable for the initial phase of the project. The key milestones are as follows:

The First Block Study will model on-site generation together with energy storage against EM&T's site load profile. It will define recommended storage capacity, power rating, configuration, and indicative capital and operating costs. The design will be validated through INERGX's testing and certification partner in Italy, accredited to European and U.S. standards.

Strategic context

The partnership comes as EM&T executes on its previously announced fiscal 2027 revenue guidance of $400 million to $460 million. This guidance reflects the expected first full-year contribution from the expansion of its rare earth magnet production capacity in Pohang, Republic of Korea, to approximately 10,000 metric tons annually.

David Wilcox, Executive Chairman of Evolution Metals & Technologies, stated that the facility is planned to draw as much power as five nuclear reactors. The initiative aims to build a closed-loop, American-controlled critical materials platform from the power plant up. Dominic White, Director of INERGX Energy Optimisation Ltd., noted that the team is ready to move quickly on the First Block Study to deliver a design that scales cleanly from the first block to full build-out.