MP Materials Corp.MPEarnings & Financial Report
MP Materials Corp. is a U.S.-based producer of rare earth materials. The company owns and operates the Mountain Pass mine in California, the only active rare earth mining and processing facility in the Western Hemisphere, producing essential materials for electric vehicles, wind turbines, and defense applications.
Revenue
$60.8M
Gross Profit
N/A
Operating Profit
$-34.8M
Net Profit
$-22.6M
Gross Margin
N/A
Operating Margin
-57.2%
Net Margin
-37.2%
YoY Growth
24.9%
EPS
$-0.14
Financial Flow
MP Materials Corp. Q1 2025 Financial Summary
MP Materials Corp. reported revenue of $60.8M (up 24.9% YoY) for Q1 2025, with a net profit of $-22.6M (down 237.4% YoY) (-37.2% margin). Cost of goods sold was N/A.
Key Financial Metrics
| Total Revenue | $60.8M |
|---|---|
| Net Profit | $-22.6M |
| Gross Margin | N/A |
| Operating Margin | -57.2% |
| Report Period | Q1 2025 |
Revenue Breakdown
MP Materials Corp. Q1 2025 revenue of $60.8M breaks down across 4 segments, led by Rare Earth Concentrate at $30.1M (49.5% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Rare Earth Concentrate | $30.1M | 49.5% |
| Nd Pr Oxide And Metal | $24.3M | 40.0% |
| Revenue Under Bill And Hold Arrangement | $5.2M | 8.6% |
| Other Revenue | $1.2M | 1.9% |
MP Materials Corp. Revenue by Segment — Quarterly Trend
MP Materials Corp. revenue by segment across the last 4 reported quarters, showing how each business line (such as Rare Earth Concentrate and Nd Pr Oxide And Metal) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Rare Earth Concentrate | — | — | $11.9M | $30.1M |
| Nd Pr Oxide And Metal | — | — | $25.0M | $24.3M |
| Revenue Under Bill And Hold Arrangement | — | $21.9M | $19.9M | $5.2M |
| Other Revenue | — | — | — | $1.2M |
MP Materials Corp. Annual Revenue by Year
MP Materials Corp. annual revenue history includes year-by-year totals (for example, 2025 revenue was $224.4M).
| Year | Annual Revenue |
|---|---|
| 2025 | $224.4M |
| 2024 | $203.9M |
| 2023 | $253.4M |
| 2022 | $527.5M |
MP Materials Corp. Quarterly Revenue & Net Profit History
MP Materials Corp. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $52.7M | -13.6% | $9.4M | 17.9% |
| Q3 2025 | $53.6M | -14.9% | $-41.8M | -78.0% |
| Q2 2025 | $57.4M | +83.6% | $-30.9M | -53.8% |
| Q1 2025 | $60.8M | +24.9% | $-22.6M | -37.2% |
| Q4 2024 | $61.0M | +48.0% | $-22.3M | -36.6% |
| Q3 2024 | $62.9M | +19.8% | $-25.5M | -40.5% |
| Q2 2024 | $31.3M | -51.2% | $-34.1M | -108.9% |
| Q1 2024 | $48.7M | -49.1% | $16.5M | 33.9% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $48.7M | $31.3M | $62.9M | $61.0M | $60.8M | $57.4M | $53.6M | $52.7M |
| YoY Growth | -49.1% | -51.2% | 19.8% | 48.0% | 24.9% | 83.6% | -14.9% | -13.6% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $2.35B | $2.36B | $2.30B | $2.33B | $2.37B | $2.34B | $3.80B | $3.86B |
| Liabilities | $1.22B | $1.26B | $1.24B | $1.28B | $1.33B | $1.33B | $1.42B | $1.47B |
| Equity | $1.14B | $1.11B | $1.06B | $1.05B | $1.04B | $1.01B | $1.96B | $1.98B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-41.1M | $30.8M | $-6.8M | $30.5M | $-63.2M | $-3.7M | $-42.0M | $-46.9M |