MP Materials Corp. · Q3 2024 earnings

Briefing

MP Materials reported financial and operational results for Q3 2024, with increased revenue and record REO production.

MP Materials reported a 20% year-over-year increase in revenue to $62.9 million, driven by increased NdPr sales volumes and a rise in REO concentrate sales volumes. The company achieved record REO production of 13,742 metric tons. However, the company experienced a net loss of $25.5 million and an adjusted EBITDA of $(11.2) million, impacted by higher cost of sales and increased operating expenses.

• Revenue increased 20% year-over-year to $62.9 million.
• Record REO production of 13,742 metric tons, a 28% increase year-over-year.
• NdPr sales volumes nearly tripled sequentially to 404 metric tons.
• Net loss was $(25.5) million, and adjusted EBITDA was $(11.2) million.

Headline financials

Revenue & EPS history

This press release contains forward-looking statements regarding the price and market for rare earth materials, the continued demand for rare earth materials and the market for rare earth materials generally, future demand for electric vehicles and magnets, estimates and forecasts of the Company’s results of operations and other financial and performance metrics, including NdPr oxide production and shipments, expected NdPr oxide production and sales in the fourth quarter of 2024.