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MP Materials
MP Materials (MP) investor relations material
MP Materials Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
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.
How does PPA asset amortization affect future earnings?
Offset strategy for lost China concentrate sales revenue
What are 10X facility capex and ramp-up plans?
Update on 10X facility acceleration efforts
How does physical AI impact NdPr demand outlook
Expected improvement in production-sales lag
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Next MP Materials earnings date
Q1 20267 May, 2026
MP Materials
Next MP Materials earnings date
Q1 20267 May, 2026
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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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