MP Materials reported a challenging third quarter with a significant year-over-year revenue decline, primarily due to ceasing sales to China. However, the company achieved record production metrics and saw growth in its Magnetics segment, with expectations of returning to profitability in Q4 2025.
Record NdPr production of 721 metric tons, a 51% increase year over year.
positiveSecond best quarterly REO production of 13,254 metric tons.
positiveMagnetics Segment scaled, generating $21.9 million in revenue and $9.5 million in Adjusted EBITDA.
positiveDoW Price Protection Agreement commenced October 1, 2025, enhancing cash flow visibility.
positiveNdPr oxide and metal sales increased by $11.7 million driven by higher production volume and a 26% increase in realized price.
positiveConsolidated revenue decreased 15% year over year to $53.6 million, driven by ceasing sales of rare earth concentrate to China.
negativeNet loss increased by 64% year over year to $(41.8) million.
negativeMaterials Segment Adjusted EBITDA declined significantly by 466% year over year to $(14.5) million.
negativeAdvanced projects and development expenses increased significantly, including transaction costs associated with DoW agreements.
attentionMargin metrics will be available once backend extracts data from insights_json
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
MP Materials delivered another strong quarter, achieving record NdPr oxide production at Mountain Pass and record NdPr metal output at Independence.
Key portions of agreements with the Department of War commenced, enhancing cash flow visibility to accelerate scaled magnet production.
Heavy rare earth separation facility commissioning planned for mid-2026, prioritizing dysprosium (Dy) and terbium (Tb) production.
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