MP Materials Corp. / DE (MP) Earnings History

MP Materials Corp. / DE - Q4 2025 Earnings

Filed at: Feb 26, 2026, 4:04 PM EST|Read from source

EXECUTIVE SUMMARY

MP Materials reported a transformational year in 2025, marked by significant operational advancements and strategic partnerships, including a major agreement with the U.S. Department of War and a supply deal with Apple. While revenue saw a year-over-year decline due to strategic shifts in sales channels, operational execution led to substantial improvements in Adjusted EBITDA, driven by new pricing agreements and segment performance.

POSITIVE HIGHLIGHTS

  • •

    Produced record 2,599 metric tons of NdPr oxide in 2025, a 101% increase year-over-year.

    positive
  • •

    Sold record 1,994 metric tons of NdPr oxide in 2025, a 75% increase year-over-year.

    positive
  • •

    Produced record 50,692 metric tons of REO in concentrate in 2025, a 12% increase year-over-year.

    positive
  • •

    Awarded $200 million incentive package for new 10X magnetics facility in Northlake, Texas.

    positive
  • •

    Generated $9.4 million Net income in Q4 2025, a significant improvement from a net loss of $(22.3) million in Q4 2024.

    positive
  • •

    Adjusted EBITDA increased by $49.9 million year-over-year to $39.2 million in Q4 2025, primarily due to the NdPr price floor protection agreement.

    positive

CONCERNS & RISKS

  • •

    Consolidated revenue declined 14% year-over-year to $52.7 million in Q4 2025, driven by the cessation of all sales of rare earth concentrate to China.

    attention
  • •

    Materials Segment revenue decreased 42% year-over-year to $35.6 million in Q4 2025, primarily due to the cessation of REO sales to China.

    attention
  • •

    Net loss for the full year 2025 increased by $20.5 million year-over-year to $(85.9) million.

    negative
  • •

    Operating loss for the full year 2025 was $(149.4) million.

    negative
  • •

    Inventories increased to $171.6 million in current assets and $80.5 million in non-current assets as of December 31, 2025, compared to $107.9 million and $19.0 million respectively in the prior year.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$52.69M
-13.6%
Prior year: $60.99M
Annual (YTD)
$224.44M
N/A
Prior year: $203.85M
Net Income
Quarterly
$9.43M
N/A
Prior year: $-22.34M
Annual (YTD)
$-85.87M
N/A
Prior year: $-65.42M
EPS (Diluted)
Quarterly
$0.05
N/A
Prior year: $-0.14
Operating Income
Quarterly
$-3.69M
N/A
Prior year: $-43.96M
Annual (YTD)
$-149.37M
N/A
Prior year: $-169.43M
EPS (Basic)
Quarterly
$0.05
N/A
Prior year: $-0.14

MARGIN ANALYSIS

Operating Margin
Current Quarter
-7.0%
Prior Year
-72.1%
YoY Change
+6510 bps
Net Margin
Current Quarter
17.9%
Prior Year
-36.6%
YoY Change
+5452 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q4 2025 2025

VISUAL OVERVIEW

|
Materials Segment
0.0%
N/A
Magnetics Segment
0.0%
N/A

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% Total
Materials Segment
N/A———
Magnetics Segment
N/A———
Total Revenue$0.00M——100.0%

Segment performance shows business unit health and growth drivers.

MANAGEMENT COMMENTARY

2025 was a transformational year for MP Materials.

— MP Materials Corp. / DE, Q4 2025 2025 Earnings Call

Operationally, we executed with discipline across the business — doubling NdPr oxide production at Mountain Pass and producing our first magnets on commercial-scale equipment at Independence.

— MP Materials Corp. / DE, Q4 2025 2025 Earnings Call

In 2026, we expect to break ground on our 10X magnetics facility in Northlake, ramp magnet production for General Motors and deliver continued growth in NdPr output.

— MP Materials Corp. / DE, Q4 2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

NdPr Production Volume (MTs)
2.6K
+100.8% YoY
Prior year: 1.3K
MTs
NdPr Sales Volume (MTs)
2.0K
+74.6% YoY
Prior year: 1.1K
MTs
REO Production Volume (MTs)
50.7K
+11.5% YoY
Prior year: 45.5K
MTs

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.

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