MP Materials Corp. reported its financial results for the third quarter of 2025, revealing a total revenue of $53.6 million, a decrease of 15% from $62.9 million in the same period last year. The decline was primarily attributed to the cessation of sales to China, which had historically been a significant market for the company. For the nine months ending September 30, 2025, revenue increased by 20% to $171.8 million, compared to $142.9 million in the prior year, driven by higher sales of neodymium-praseodymium (NdPr) oxide and metal, as well as the introduction of magnetic precursor products.
The company reported a net loss of $41.8 million for the third quarter, a 64% increase from a loss of $25.5 million in the same quarter of 2024. For the nine-month period, the net loss was $95.3 million, compared to a loss of $43.1 million in the previous year. The basic loss per share for the third quarter was $0.24, compared to $0.16 in the prior year, while the nine-month loss per share was $0.57, up from $0.26.
In terms of operational developments, MP Materials has made significant strides in its strategic initiatives. The company entered into a long-term supply agreement with Apple Inc. for the development and supply of magnets, which includes a prepayment of $40 million received in September 2025. Additionally, MP Materials established a public-private partnership with the U.S. Department of War, which includes commitments to expand its manufacturing capabilities and construct a new facility for producing NdFeB permanent magnets. This partnership is expected to enhance the company's position in the domestic supply chain for rare earth materials.
The company’s operational metrics showed a notable increase in NdPr oxide and metal revenue, which rose by 61% to $30.9 million in the third quarter, and by 136% to $80.3 million for the nine months. The introduction of magnetic precursor products contributed $21.9 million in revenue during the third quarter. However, the cessation of rare earth concentrate sales to China led to a complete drop in that revenue stream, which had previously accounted for a significant portion of the company's income.
Looking ahead, MP Materials anticipates that the implementation of the Price Protection Agreement with the Department of War will stabilize its revenue streams starting in the fourth quarter of 2025. The company is focused on ramping up production of separated rare earth products and magnetic precursor products, which are expected to become a larger part of its revenue mix in the future. Despite the challenges posed by market volatility and operational adjustments, MP Materials remains optimistic about its growth trajectory and the strategic partnerships that will support its long-term objectives.
About MP Materials Corp. / DE
MP Materials Corp. is a leading North American producer of rare earth elements, primarily supplying materials for high-growth industries like electric vehicles, wind energy, robotics, and defense. It operates the Mountain Pass mine and processing facility, producing refined rare earth oxides and developing downstream magnet manufacturing in Texas. The company offers a secure, sustainable, and cost-efficient supply chain to reduce reliance on Chinese sources and support U.S. technological and environmental goals.
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