MP Materials Corp. / DE

Listed Company

MPCIK 0001801368NYSELarge AcceleratedMetal MiningDelawareFY ends Dec 31

Period

FY 2025

Revenue

$224.44M

Net Income

$-85.87M

Total Assets

$3.86B

Equity

$1.98B

Shares Out

177.67M

Op. Cash Flow

$-155.75M

Business

MP Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere and operates the Mountain Pass mine and processing facility and the Independence rare earth metal, alloy and magnet manufacturing facility. The company produces rare earth concentrate, separated oxides including neodymium‑praseodymium (NdPr) oxide, NdPr metal, alloy flake, magnetic precursor products and NdFeB permanent magnets. Its operations are organized into two segments: Materials (upstream mining, milling, flotation and separations) and Magnetics (downstream metal, alloy and magnet manufacturing). The company distributes concentrate largely via an offtake arrangement into China and sells separated products and magnets to customers and distributors in the U.S., Japan, South Korea and broader Asia.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue (including related party)	224	204	253	528	332
Price protection agreement income	51	0	0	—	—
Cost of sales (excluding depreciation, depletion and amortization) (including related party)	193	193	93	92	—
Selling, general and administrative	112	83	79	76	57
Depreciation, depletion and amortization	89	78	56	18	24
Start-up costs	4	6	21	8	378,000
Advanced projects and development	24	9	15	4	4
Other operating costs and expenses	2	4	7	—	—
Total operating costs and expenses, net	425	373	271	200	167
Operating loss	−149	−169	−18	327	165
Interest expense, net	−31	−23	−5	−6	—
Gain on early extinguishment of debt	0	53	0	0	—
Other income, net	63	46	56	20	4
Income (loss) before income taxes	−118	−93	33	341	160
Income tax benefit (expense)	32	28	−9	−52	−25
Net income (loss)	−86	−65	24	289	135
Basic (in USD per share)	−0.5	−0.39	0.14	1.64	0.78
Diluted (in USD per share)	−0.5	−0.57	0.14	1.52	0.73
Basic (in shares)	170	167	177	177	173
Diluted (in shares)	170	170	178	193	190

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,166	282	263	137	1,179
Short-term investments	664	568	734	1,046	0
Total cash, cash equivalents and short-term investments	1,830	851	998	1,182	1,179
Trade accounts receivable, net of allowance for credit losses of $0 and $0, respectively (including related party)	15	19	10	33	51
Income taxes receivable	1	24	830,000	2	0
Other receivables	131	21	—	—	—
Inventories	172	108	95	58	39
Prepaid expenses and other current assets	17	10	8	21	8
Total current assets	2,166	1,031	1,131	1,294	1,277
Property, plant and equipment, net	1,370	1,251	1,158	936	611
Inventories	81	19	13	6	0
Price protection agreement upfront asset, net	210	0	—	—	—
Other non-current assets	38	32	15	2	2
Total non-current assets	1,698	1,302	1,205	944	613
Total assets	3,864	2,334	2,336	2,238	1,890
Accounts and construction payable	37	24	28	15	—
Accrued liabilities	95	65	74	57	—
Current portion of long-term debt	67	0	—	—	—
Deferred revenue	74	57	0	—	—
Other current liabilities	26	19	7	4	4
Total current liabilities	299	164	109	97	60
Long-term debt, net of current portion	931	909	682	678	675
Deferred revenue	84	43	0	—	—
Deferred government grant	22	20	17	0	—
Deferred investment tax credit	27	26	0	—	—
Deferred income taxes	52	85	131	122	105
Other non-current liabilities	57	32	25	5	8
Total non-current liabilities	1,173	1,115	862	828	821
Total liabilities	1,472	1,279	971	925	881
Commitments and contingencies (Note 13)	—	—	—	—	—
Redeemable preferred stock	414	0	—	—	—
Preferred stock, undesignated ($0.0001 par value, 49,600,000 and 50,000,000 shares authorized as of December 31, 2025, and December 31, 2024, respectively, zero issued and outstanding in either year)	0	0	0	0	0
Common stock ($0.0001 par value, 450,000,000 shares authorized, 192,607,429 and 178,445,570 shares issued, and 177,357,647 and 163,195,788 shares outstanding, as of December 31, 2025, and December 31, 2024, respectively)	19,000	18,000	17,000	18,000	18,000
Additional paid-in capital	1,971	961	980	951	936
Retained earnings	234	320	386	361	72
Accumulated other comprehensive income	387,000	173,000	145,000	189,000	0
Treasury stock, at cost, 15,249,782 shares for both periods	−227	−227	0	—	—
Total stockholders equity	1,979	1,055	1,366	1,313	1,009
Total liabilities, redeemable preferred stock and stockholders equity	3,864	2,334	2,336	2,238	1,890
Common stock, par value (usd per share)	0	0	0	0	0

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Accretion of discount on short-term investments	−24	−30	−26	−10	0
Stock-based compensation expense	30	23	25	32	23
Amortization of debt discount and debt issuance costs	5	4	4	4	7
Write-downs of inventories	3	22	2	0	2
Deferred income taxes	−30	−28	8	18	17
Other	−7	5	2	2	—
Trade accounts receivable (including related party)	4	−9	23	18	−47
Income taxes receivable	23	−23	1	−2	0
Other receivables	−110	−36,000	−18	0	0
Inventories	−115	−42	−47	−24	−8
Prepaid expenses, other current and non-current assets	−9	−2	−574,000	−6	−4
Accounts payable and accrued liabilities	9	1	11	2	6
Income taxes payable	360,000	0	−21	18	3
Deferred revenue	58	100	0	0	—
Deferred government grant	5	5	19	0	0
Other current and non-current liabilities	−1	27	−294,000	−1	−902,000
Net cash provided by (used in) operating activities	−156	13	63	344	102
Additions to property, plant and equipment	−172	−186	−262	−327	−124
Purchases of short-term investments	−1,819	−1,568	−1,185	−2,780	0
Proceeds from sales of short-term investments	176	166	508	1,463	0
Proceeds from maturities of short-term investments	1,571	1,598	1,015	281	0
Investment in equity method investee	0	0	−10	0	0
Proceeds from return of investment in equity method investee	10	0	0	—	—
Proceeds from sale of property, plant and equipment	4	0	18,000	0	125,000
Proceeds from government awards used for construction	24	96,000	3	5	4
Net cash provided by (used in) investing activities	−206	10	69	−1,357	−119
Proceeds from issuance of long-term debt	62	748	0	0	—
Proceeds from issuance of common stock	748	0	0	—	—
Proceeds from issuance of Series A preferred stock	299	0	0	—	—
Proceeds from issuance of warrant	189	0	0	—	—
Payment of debt issuance costs	−4	−21	0	0	−18
Payments to retire long-term debt	0	−429	0	0	—
Payment of equity issuance costs	−31	0	0	0	0
Purchase of capped call options	0	−65	0	0	—
Repurchases of common stock	0	−225	0	0	—
Principal payments on debt obligations	−6	−3	−3	−6	—
Tax withholding on stock-based awards	−11	−10	−7	−18	−3
Net cash provided by (used in) financing activities	1,246	−5	−10	−24	666
Net change in cash, cash equivalents and restricted cash	884	19	121	−1,038	649

Filings

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