{
  "docId": "019dd923-622c-750b-8b99-ccb50c0de40d",
  "docSlug": "2ce2200974d3",
  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-11-12 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 34,
  "pageCount": 93,
  "prevPage": 33,
  "nextPage": 35,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "Uses a red box and arrow to emphasize the low number of active engagements.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "infographic"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ccb50c0de40d/34",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ccb50c0de40d#slide-34",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.22,
        "x": 0.54,
        "y": 0.7
      },
      "kind": "callout",
      "text": "Only 22 active commercial engagements",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ae9198a-bfbd-4dcb-82c4-6bb76f0b0452",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Recall on the previous slide that in the September 2024 quarter, IPX said it counted ~100 active potential customer programs but now it is showing just 22 active engagements across four sectors.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64e2c052-9395-4a30-9c8e-c53d32417eba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "active engagements: 22",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-beae-25c9e2cecff6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Q1 2026 Quarterly Report and Spruce Point red emphasis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e8e36b9-1d43-48e5-b8a1-ebc9802a4738",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.125,
        "w": 0.785,
        "x": 0.115,
        "y": 0.455
      },
      "kind": "table",
      "text": "Sector, Active engagements, Potential product lines; Consumer electronics and consumer goods, 7, 9; Aerospace & defense, 7, 7; Fasteners, 7, 4; Automotive, 1, 5",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "886e366d-6cf0-4a6c-8f83-501cbe2de7ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Another Recent Indicator Suggests More Limited Active Customer Engagement",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e560fe65-4b2e-4bb2-9f12-b6ef9ee11b29",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "14ed4ff4-8c6d-4e23-a6cf-344fe5ce3718",
      "evidence": "Contrasts past claims of 100 programs with current report of 22 engagements.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "f2e3c9e9-4e3e-4778-b04f-3f831eb2ec3a",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "The document preempts potential rebuttals to its concerns and discrepancies",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}