**MP Materials Corp. Reports Fiscal Year 2025 Results**
MP Materials Corp. (NYSE: MP) reported its financial results for the fiscal year ended December 31, 2025, showcasing a mix of strategic shifts and operational advancements. The company's total revenue reached $224.4 million, a 10% increase compared to $203.9 million in 2024, but a 20% decrease compared to $253.4 million in 2023. The company reported a net loss of $85.9 million, a 31% increase compared to a net loss of $65.4 million in 2024, and a significant shift from a net income of $24.3 million in 2023. Adjusted EBITDA was $11.4 million, a significant increase compared to an Adjusted EBITDA loss of $50.2 million in 2024, but a significant decrease compared to $102.5 million in 2023.
A key strategic decision during the year was the cessation of all product sales to China in July 2025, aligning with the company's domestic supply chain objectives and the terms of its partnership with the U.S. Department of War (DoW). This shift led to a 71% decrease in rare earth concentrate revenue, which was partially offset by a 99% increase in neodymium-praseodymium (NdPr) oxide and metal revenue, driven by higher volumes and realized prices. The Magnetics segment also began generating revenue, contributing $66.9 million from sales of magnetic precursor products. The company also entered into a long-term supply agreement with Apple Inc. for magnet production and recycling capabilities.
Operationally, MP Materials achieved record production volumes of both rare earth oxide (REO) in concentrate and NdPr oxide at its Mountain Pass facility. REO production volume increased by 12% to 50,692 metric tons (MTs), while NdPr production volume more than doubled, increasing by 101% to 2,599 MTs. The company also commenced manufacturing of neodymium-iron-boron (NdFeB) permanent magnets at its Independence Facility in December 2025. The company's employee base grew by 24% to 998 employees as of December 31, 2025, with approximately 83% being field-based employees.
The company's financial position remained strong, with cash, cash equivalents, and short-term investments totaling $1.8 billion as of December 31, 2025. This was bolstered by a public offering of common stock that generated net proceeds of $724.2 million and the receipt of the final $50.0 million prepayment from General Motors. The company also issued 400,000 shares of Series A Preferred Stock to the DoW for $400.0 million and obtained a $150.0 million unsecured promissory note from the DoW. Capital expenditures were significant, driven by the completion of the Independence Facility and various projects at Mountain Pass, including the HREE Facility and recycling facilities.
Looking ahead, MP Materials anticipates continued growth in its Magnetics segment and further optimization of its Materials segment. The company expects to invest between $500 million and $600 million in capital expenditures in 2026. The company's strategic focus remains on establishing a secure and sustainable domestic supply chain for rare earth materials and magnets, capitalizing on the increasing demand for these critical components in various high-growth industries.
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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