MP Materials Corp. / DE (MP) Company Report

MP Materials doubled NdPr oxide output to 2,599 metric tons in 2025, exiting the year at an annualized run rate of nearly 4,000 metric tons, and anticipates over 20% sequential production growth in Q1 2026 towards a 6,000 metric ton annualized run rate by year-end.
The company reported $40.3 million in adjusted segment EBITDA for the materials segment and $8.4 million for the magnetics segment in Q4 2025, with full-year magnetics EBITDA reaching $26.4 million, significantly benefiting from $51 million in price protection agreement (PPA) income in Q4.
MP Materials selected Northlake, Texas, as the site for its new 10X facility, securing over $200 million in incentives, and projects $500 million-$600 million in capital expenditures for 2026, primarily for this accelerated investment and other growth initiatives.
Initial deliveries and revenue from magnet production at the Independence facility are expected in the second half of 2026, following the achievement of commercial-scale magnet production in late 2025.

1 day ago

Transcript

MP Materials Reports Strong 2025 Performance and Outlines 2026 Growth Initiatives

Earnings

New Projects/Investments

Product Launch

MP Materials reported a landmark year in 2025, with NdPr oxide output doubling to 2,599 metric tons and total oxide sales volumes increasing 75% to nearly 2,000 metric tons. The company exited 2025 at an annualized run rate of nearly 4,000 metric tons of separated NdPr oxide.
The company achieved its target of producing its first magnets on commercial scale equipment at its Independence facility in late 2025, with initial deliveries and revenue from magnets expected in the second half of 2026.
MP Materials secured a $32 million prepayment from Apple for magnet capacity expansion and selected Northlake, Texas, as the site for its new 10X facility, securing over $200 million in incentives and grants.
For Q4 2025, the Materials segment generated $40.3 million in adjusted EBITDA, and the Magnetics segment generated $8.4 million in adjusted EBITDA, with PPA income totaling $51 million.
Looking ahead, total capital expenditures are projected to be between $500 million and $600 million in 2026, primarily for the accelerated 10X investment and other growth initiatives, supported by over $1.8 billion of cash on hand.

1 day ago

Transcript

MP Materials Reports Strong 2025 Production Growth and Outlines Significant Strategic Investments

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

MP Materials doubled its NdPr oxide output to 2,599 metric tons in 2025, with sales volumes increasing 75% for the year, and exited 2025 at an annualized run rate of nearly 4,000 metric tons.
Consolidated revenue for 2025 increased 10% year-over-year, driven by oxide sales and initial magnetic precursor sales, leading to a meaningful improvement in adjusted EBITDA and adjusted diluted earnings per share, partly due to $51 million in Price Protection Agreement income in Q4 2025.
The company selected Northlake, Texas, for its new 10X facility, securing over $200 million in incentives and grants, with expected capital expenditures of $500 million-$600 million in 2026, targeting commissioning in 2028.
MP Materials signed a new long-term NdPr offtake agreement with a leading technology company, received an additional $32 million prepayment from Apple for capacity expansion, and began producing magnets on commercial scale equipment at its Independence facility, with initial deliveries expected in the second half of 2026.

1 day ago

Transcript

MP Materials Reports Q4 and Full Year 2025 Results

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

For Q4 2025, MP Materials reported consolidated Revenue & PPA Income of $52.7 million, Adjusted EBITDA of $39.2 million, and Adjusted Diluted EPS of $0.09.
For the full year 2025, consolidated Revenue & PPA Income was $224.4 million, Adjusted EBITDA was $11.4 million, and Adjusted Diluted EPS was -$0.24.
The Materials Segment achieved record annual NdPr Production Volumes of 2,599 MT for FY25, representing a 101% year-over-year increase, and record annual REO production volume of 50,692 MT, up 12% year-over-year.
The Magnetics Segment generated $21.9 million in Segment Revenue and $8.4 million in Segment Adjusted EBITDA during Q4 2025 , and received a $32.0 million prepayment from Apple in February.
MP Materials announced Northlake, Texas, as the site for its new 10X magnetics facility and secured over $200 million in state and local incentives and grants.

1 day ago

Presentation

MP Materials Reports Q4 EPS Beat, Revenue Miss, and Production Expansion

Earnings

New Projects/Investments

Product Launch

MP Materials reported adjusted Q4 EPS of $0.09, surpassing expectations, though revenue declined to $52.69 million and missed estimates.
The company made significant operational progress, doubling NdPr oxide production to approximately 2,599 metric tons and achieving an annualized run rate nearing 4,000 metric tons.
MP Materials is expanding its operations with a Northlake, Texas facility supported by over $200 million in incentives and plans for a larger $1.25 billion investment in Texas, alongside securing long-term offtake deals and commencing commercial-scale magnet production.
Despite strong liquidity, evidenced by a current ratio of 8.05, the company's margins remain under pressure, with a net margin of -50.55%.

1 day ago

WSJ

MP Materials Reports Fourth Quarter and Full Year 2025 Results

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

MP Materials reported Net income of $9.4 million and Adjusted EBITDA of $39.2 million for the fourth quarter of 2025. For the full year 2025, revenue increased 10% to $224.4 million.
In 2025, the company produced a record 2,599 metric tons of NdPr oxide, a 101% increase year-over-year, and produced its first NdFeB magnets on commercial equipment at Independence.
Strategic highlights include a $200 million incentive package for a new 10X magnetics facility in Northlake, Texas, a public-private partnership with the U.S. Department of War, and a long-term agreement to supply Apple with rare earth magnets.
The company ceased all product sales to China in July 2025, but a NdPr price floor protection agreement with the U.S. Department of War commenced in Q4 2025, contributing to improved Adjusted EBITDA.

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Press Release

MP Materials Reports Q4 and Full Year 2025 Results

Earnings

New Projects/Investments

Convertible Preferred Issuance

MP Materials reported Q4 2025 net income of $9.4 million and Adjusted EBITDA of $39.2 million, with Diluted EPS of $0.05.
For the full year 2025, the company produced a record 2,599 metric tons of NdPr oxide, a 101% increase year-over-year, and sold 1,994 metric tons, up 75% year-over-year.
Strategic developments include being awarded a $200 million incentive package for a new 10X magnetics facility in Northlake, Texas, and producing its first NdFeB magnets on commercial equipment at Independence.
MP Materials ceased all product sales to China in July 2025 and entered into a NdPr price floor protection agreement with the U.S. Department of War, effective October 2025. The company also signed a long-term agreement to supply Apple with rare earth magnets.

1 day ago

8-K

MP Materials Selects Northlake, Texas, for New Rare Earth Magnet Manufacturing Campus

New Projects/Investments

Hiring

MP Materials has selected Northlake, Texas, as the site for its new "10X" rare earth magnet manufacturing campus.
The company plans to invest more than $1.25 billion in the project, creating over 1,500 direct manufacturing and engineering jobs.
The new campus is expected to contribute to a total production capacity of approximately 10,000 metric tons of NdFeB rare earth magnets per year once operational, with commissioning set to begin in 2028.
This project is supported by a roughly $200 million incentive package from state and local entities and is a cornerstone of MP's public-private partnership with the U.S. Department of War.

1 day ago

Press Release

MP Materials receives significant U.S. government and commercial investment

New Projects/Investments

Debt Issuance

The U.S. Government became MP Materials' largest shareholder in July 2025 through the purchase of $400 million in preferred stock.
The Department of War extended a $150 million loan to MP Materials to support the expansion of its rare earth separation capabilities.
These government investments have unlocked $1 billion in commercial debt from JPMorgan Chase and Goldman Sachs for MP Materials.

Dec 1, 2025, 7:30 AM

Press Release

MP Materials announces rare earth refinery joint venture in Saudi Arabia

New Projects/Investments

M&A

MP Materials Corp. has partnered with the U.S. Department of War and the Saudi Arabian Mining Company (Maaden) to establish a strategic joint venture for a rare earth refinery in Saudi Arabia.
The joint venture will have MP Materials and the U.S. Department of War holding a combined 49% equity position, while Maaden will hold no less than 51%.
The U.S. Department of War will provide full non-recourse financing for the U.S. contribution, with MP Materials contributing technical expertise.
This is described as a capital-light opportunity for MP Materials, aimed at expanding its global footprint and accelerating long-term growth potential for shareholders.