MP Materials (MP) Q4 2025 earnings summary

Executive summary

• Achieved record NdPr oxide production of 2,599 MT in 2025 (+101% YoY), with sales up 75% to 1,994 MT, and record REO production of 50,692 MT (+12% YoY), reinforcing global leadership.

• Secured major partnerships with the Department of War and Apple, and signed significant long-term NdPr offtake agreements with U.S. technology companies and OEMs.

• Produced first commercial-scale magnets at the Independence facility, with initial deliveries and revenue expected in the second half of 2026.

• Selected Northlake, Texas, as the site for the new 10X magnetics facility, securing over $200 million in incentives and grants.

• Ceased all sales to China in July 2025, impacting revenue mix and stockpiling excess concentrate for future refining.

Financial highlights

• FY25 consolidated revenue was $224.4 million, up 10% year-over-year, driven by higher NdPr sales and magnetic precursor product deliveries.

• Adjusted EBITDA improved to $102.5 million in FY25 from $(50.2) million in FY24, with Q4 Adjusted EBITDA at $39.2 million.

• Adjusted Diluted EPS for FY25 was $0.39, compared to $(0.44) in FY24; Q4 2025 Adjusted Diluted EPS was $0.09.

• Price protection agreement income totaled $51 million in Q4, supporting a $110/kg price floor for sold products.

• Cash, cash equivalents, and short-term investments at year-end totaled $1.83 billion, up from $850.9 million.

Outlook and guidance

• Targeting over 20% sequential NdPr oxide production growth in Q1 2026, aiming for a 6,000 MT annualized run rate by year-end.

• Capital expenditures expected to be $500–$600 million in 2026, mainly for the 10X facility and growth initiatives.

• Dy/Tb separation commissioning remains on track for mid-year 2026, with deferred revenue of $74 million to be recognized as magnet deliveries commence.

• Plans to break ground on the 10X magnetics facility in Northlake, Texas in 2026, ramping up magnet production for key customers.

• Strong liquidity with over $1.8 billion in cash, supporting full funding of major projects.