MP Materials Corp. / DE

MP 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 224,441 203,855 +10.1%
Show Product Lines breakouts
Magnetic precursor products · Magnetics Segment 66,861 — —
NdPr oxide and metal · Materials Segment 115,131 57,762 +99.3%
NdPr oxide and metal · Related Party 9,315 14,452 -35.5%
Other revenue · Materials Segment 3,246 1,730 +87.6%
Rare earth concentrate · Materials Segment 41,992 144,363 -70.9%
Rare earth concentrate · Related Party 41,992 143,586 -70.8%
Revenue Under Bill-and-Hold Arrangement 66.9 — —
Show Business Segments breakouts
Magnetics Segment · Operating Segments 66,861 — —
Magnetics Segment · Operating Segments 66,861 — —
Materials Segment · Operating Segments 160,369 203,855 -21.3%
Materials Segment · Operating Segments 157,580 — —
Materials Segment · Operating Segments 2,789 — —
Show Consolidation Items breakouts
Intersegment Elimination -2,789 — —
Operating Segments 227,230 203,855 +11.5%
Operating Segments · External Customers 224,441 — —
Operating Segments · Intersegment Customers 2,789 — —
Price Protection Agreement Income Or Expense 51,016 — —
Show Business Segments breakouts
Materials Segment · Operating Segments 51,016 — —
Show Counterparty Name breakouts
United States Department of War 51 — —
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 192,789 192,586 +0.1%
Show Related Party Transactions By Related Party breakouts
Related Party 31,461 109,549 -71.3%
Selling, General & Administrative 112,066 83,299 +34.5%
Depreciation & Amortization 89,267 78,057 +14.4%
Start Up Costs 4,286 5,684 -24.6%
Advanced Projects And Development Costs 24,208 9,307 +160.1%
Other Operating Income Expense Net 2,215 4,348 -49.1%
Total Costs & Expenses 424,831 373,281 +13.8%
Operating Income -149,374 -169,426 +11.8%
Interest Expense -31,481 -23,010 -36.8%
Other Non-Operating Income (Expense) 63,081 46,178 +36.6%
Income Before Taxes -117,774 -93,347 -26.2%
Income Tax Expense (Benefit) 31,900 27,923 +14.2%
Net Income -85,874 -65,424 -31.3%
Show Equity Components breakouts
Retained Earnings -85,874 -65,424 -31.3%
EPS (Basic) -0.5 -0.39 -28.2%
EPS (Diluted) -0.5 -0.57 +12.3%
Wtd Avg Shares (Basic) 170,126,753 166,840,611 +2.0%
Wtd Avg Shares (Diluted) 170,126,753 169,882,640 +0.1%
Comprehensive Income -85,660 -65,396 -31.0%
Net Income Loss Available To Common Stockholders Basic -85,874 -65,424 -31.3%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 1,166,011 282,442 +312.8%
Available For Sale Securities Debt Securities Current 664,275 568,426 +16.9%
Show Financial Instrument breakouts
Certificates Of Deposit 5,923 4,899 +20.9%
Commercial Paper 21,771 16,667 +30.6%
US Treasury Securities 636,581 544,620 +16.9%
Cash Cash Equivalents And Short Term Investments 1,830,286 850,868 +115.1%
Accounts Receivable 14,642 18,645 -21.5%
Income Taxes Receivable 1,004 23,672 -95.8%
Other Receivables 131,038 20,599 +536.1%
Inventory 171,560 107,905 +59.0%
Prepaid Expenses & Other Current Assets 17,271 9,633 +79.3%
Total Current Assets 2,165,801 1,031,322 +110.0%
Non-Current Assets
Property, Plant & Equipment 1,369,817 1,251,496 +9.5%
Inventory Noncurrent 80,539 19,031 +323.2%
Price Protection Agreement Upfront Asset Net 209,668 — —
Other Non-Current Assets 38,335 31,709 +20.9%
Assets Noncurrent 1,698,359 1,302,236 +30.4%
Total Assets 3,864,160 2,333,558 +65.6%
Operating Lease Right-of-Use Assets 13,214 8,680 +52.2%
Intangible Assets 6,175 — —
Current Liabilities
Accounts Payable 36,655 23,562 +55.6%
Accrued Liabilities 95,086 64,727 +46.9%
Current Portion of Long-Term Debt 67,411 — —
Deferred Revenue (Current) 74,301 56,880 +30.6%
Show Major Customers breakouts
General Motors Company 74.3 — —
Other Liabilities Current 25,596 18,850 +35.8%
Total Current Liabilities 299,049 164,019 +82.3%
Non-Current Liabilities
Long-Term Debt 931,330 908,729 +2.5%
Contract With Customer Liability Noncurrent 83,889 43,120 +94.5%
Show Major Customers breakouts
Apple 72 — —
General Motors Company 8.8 — —
United States Department of War 2.3 — —
Deferred Income Noncurrent 22,101 20,087 +10.0%
Accumulated Deferred Investment Tax Credit 26,860 25,502 +5.3%
Deferred Tax Liabilities 51,558 85,309 -39.6%
Other Non-Current Liabilities 57,005 31,912 +78.6%
Liabilities Noncurrent 1,172,743 1,114,659 +5.2%
Total Liabilities 1,471,792 1,278,678 +15.1%
Long-Term Debt 998,741 908,729 +9.9%
Show Debt Instrument breakouts
Convertible Notes Due 2026 · Convertible Debt 67,411 67,259 +0.2%
Convertible Notes due 2030 · Convertible Debt 845,301 841,470 +0.5%
Samarium Project Loan · Notes Payable Other Payables 86,029 — —
Operating Lease Liabilities 8,429 5,798 +45.4%
Other Liabilities
Temporary Equity Carrying Amount Attributable To Parent 413,611 — —
Show Counterparty Name breakouts
United States Department of War · Series A Convertible Preferred Stock 413.6 — —
Show Statement Class Of Stock breakouts
Series A Convertible Preferred Stock 413,611 — —
Stockholders' Equity
Common Stock 19 18 +5.6%
Additional Paid-In Capital 1,970,970 961,434 +105.0%
Retained Earnings 234,428 320,302 -26.8%
Accumulated Other Comprehensive Income 387 173 +123.7%
Treasury Stock Value -227,047 -227,047 0.0%
Total Stockholders' Equity 1,978,757 1,054,880 +87.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 387 173 +123.7%
Additional Paid In Capital 1,970,970 961,434 +105.0%
Common Stock 19 18 +5.6%
Retained Earnings 234,428 320,302 -26.8%
Treasury Stock Common 227,047 227,047 0.0%
Total Liabilities & Equity 3,864,160 2,333,558 +65.6%
Common Stock Par Or Stated Value Per Share 0 0 0.0%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Accretion Amortization Of Discounts And Premiums Investments -24,087 -30,255 +20.4%
Stock-Based Compensation 30,163 23,183 +30.1%
Amortization Of Financing Costs And Discounts 5,412 3,901 +38.7%
Inventory Write Down 3,038 21,527 -85.9%
Increase Decrease In Deferred Income Taxes -30,393 -27,775 -9.4%
Other Non-Cash Items -7,082 4,837 -246.4%
Change in Accounts Receivable 4,003 -8,931 +144.8%
Increase Decrease In Income Taxes Receivable 22,668 -22,842 +199.2%
Increase Decrease In Other Receivables -110,439 -36 -306675.0%
Change in Inventory -115,019 -41,537 -176.9%
Change in Prepaid & Other Assets -8,959 -1,676 -434.5%
Increase Decrease In Accounts Payable And Accrued Liabilities 9,392 1,332 +605.1%
Increase Decrease In Accrued Income Taxes Payable 360 — —
Change in Deferred Revenue 58,190 100,000 -41.8%
Increase Decrease In Deferred Government Grant 4,826 4,911 -1.7%
Increase Decrease In Other Operating Liabilities -1,221 26,988 -104.5%
Net Cash from Operations -155,755 13,349 -1266.8%
Deferred Income Taxes 30,393 27,775 +9.4%
Investing Activities
Capital Expenditures -172,375 -186,418 +7.5%
Purchases of Investments -1,819,026 -1,567,983 -16.0%
Proceeds From Sale Of Available For Sale Securities Debt 176,074 166,371 +5.8%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 1,571,342 1,597,991 -1.7%
Proceeds From Sale Of Equity Method Investments 9,673 — —
Proceeds From Sale Of Property Plant And Equipment 4,063 — —
Proceeds From Government Reimbursements For Property Plant And Equipment 24,200 96 +25108.3%
Show Government Assistance Type breakouts
HREE production project agreement 24.2 — —
Net Cash from Investing -206,049 10,057 -2148.8%
Financing Activities
Proceeds From Issuance Of Long Term Debt 61,540 747,500 -91.8%
Proceeds From Issuance Of Common Stock 747,500 — —
Proceeds From Issuance Of Convertible Preferred Stock 299,402 — —
Proceeds From Issuance Of Warrants 189,058 — —
Debt Issuance Costs -3,780 -20,648 +81.7%
Payments Of Stock Issuance Costs -31,104 — —
Repayments Of Other Long Term Debt -6,137 -2,532 -142.4%
Tax Withholding for Share Compensation -10,919 -10,112 -8.0%
Net Cash from Financing 1,245,560 -4,791 +26097.9%
Amortization of Financing Costs (FY) — — —
Show Long-Term Debt Type breakouts
Convertible Debt 4,182 3,901 +7.2%
Supplemental
Income Taxes Paid (FY) — — —
Show Income Tax Authority Name breakouts
Domestic Country -23,460 — —
State And Local Jurisdiction 138 870 -84.1%
Interest Paid 23,097 12,127 +90.5%
Other Cash Flow
Net Change in Cash 883,756 18,615 +4647.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,167,359 283,603 +311.6%
Restricted Cash Current 810 812 -0.2%
Restricted Cash Noncurrent 538 349 +54.2%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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