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MP Materials (MP) investor relations material
MP Materials Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record NdPr oxide production of 721 metric tons, up 51% year-over-year and 21% sequentially, with second-highest quarterly REO production at 13,254 metric tons.
Magnetics segment ramped up, generating $21.9M in revenue and $9.5M in Adjusted EBITDA, with first commercial output from Independence expected by year-end.
Ceased all sales to China, shifting focus to separated products and magnetics, impacting revenue mix and driving a 15% year-over-year revenue decline to $53.6M.
Received $40M prepayment from Apple as part of a $200M supply agreement for recycled magnet production.
Established a transformational public-private partnership with the U.S. Department of War (DoW), including a price floor for NdPr products and guaranteed EBITDA for new magnet facilities.
Financial highlights
Q3 2025 revenue was $53.6M, down 15% year-over-year, with net loss of $41.8M, reflecting the cessation of concentrate sales to China and higher project expenses.
Adjusted EBITDA for Q3 2025 was $(12.6)M, with Magnetics segment offsetting some decline; Adjusted Net Loss improved by $1.8M to $(17.8)M.
Adjusted Diluted EPS improved to $(0.10), aided by higher tax benefit and interest income.
Cash, cash equivalents, and short-term investments totaled $1.94B as of September 30, 2025.
Capital expenditures for the nine months ended September 30, 2025, were $110M.
Outlook and guidance
Return to profitability anticipated in Q4 2025 and beyond, with heavy rare earth separation facility commissioning at Mountain Pass set for mid-2026.
Initial commercial magnet production from Independence expected by year-end 2025, with GM qualification underway and magnet revenue expected in H2 2026.
NdPr oxide production expected to be flat to slightly up sequentially in Q4, with strong growth resuming in Q1 2026.
Targeting 60,000 metric tons of annual REO output and 10,000 metric tons of high-performance NdFeB magnets per year.
Expect gross CapEx for 2025 to be at the low end of the $150M–$175M range.
PPA's impact on NdPr separation ramp strategy
HREE feedstock sourcing priorities
Magnetics growth beyond current contracts
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Next MP Materials earnings date
Baird 55th Annual Global Industrial Conference11 Nov, 2025
Next MP Materials earnings date
Baird 55th Annual Global Industrial Conference11 Nov, 2025
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Frequently asked questions
MP Materials Corp. owns and operates the largest rare earth mining and processing facilities in the U.S. for the production of rare earth oxides. MPM is focused on creating clean, technology-critical materials for electric vehicles, wind turbines, consumer electronics and other growing industries. With vertically integrated operations from mines, to refining and separation facilities located in Mountain Pass, California, MPM is a leader in developing a sustainable domestic supply chain to meet existing and future demand of rare earth materials. The company was founded in 2017 and is headquartered in Las Vegas, Nevada.
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