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.
Produced record 2,599 metric tons of NdPr oxide in 2025, a 101% increase year-over-year.
positiveSold record 1,994 metric tons of NdPr oxide in 2025, a 75% increase year-over-year.
positiveProduced record 50,692 metric tons of REO in concentrate in 2025, a 12% increase year-over-year.
positiveAwarded $200 million incentive package for new 10X magnetics facility in Northlake, Texas.
positiveGenerated $9.4 million Net income in Q4 2025, a significant improvement from a net loss of $(22.3) million in Q4 2024.
positiveAdjusted 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.
positiveConsolidated 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.
attentionMaterials Segment revenue decreased 42% year-over-year to $35.6 million in Q4 2025, primarily due to the cessation of REO sales to China.
attentionNet loss for the full year 2025 increased by $20.5 million year-over-year to $(85.9) million.
negativeOperating loss for the full year 2025 was $(149.4) million.
negativeInventories 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.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Materials Segment | N/A | — | — | — |
Magnetics Segment | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
2025 was a transformational year for MP Materials.
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.
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.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.