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Dec 31, 2025
MP Materials Q4 2025 Earnings Report
MP Materials reported fourth quarter 2025 results with positive net income and strong Adjusted EBITDA driven by price protection agreement income and initial magnetics revenue.
Key Takeaways
MP Materials generated $52.69 million in revenue and $9.43 million in net income in Q4 2025, supported by $51.02 million of price protection agreement income and initial magnetic precursor product sales, partially offset by the cessation of concentrate sales to China.
Revenue declined year-over-year due to no rare earth concentrate sales in the quarter.
Net income turned positive at $9.43 million versus a loss in the prior year period.
Adjusted EBITDA improved significantly to $39.22 million driven by price protection agreement income.
Magnetics segment contributed $19.90 million in revenue with no comparable prior year sales.
Revenue by Segment
Forward Guidance
The company expects to break ground on its 10X magnetics facility in 2026, ramp magnet production for General Motors, and continue growth in NdPr output.
Positive Outlook
- Planned groundbreaking of 10X magnetics facility in Northlake, Texas.
- Expected ramp of magnet production for General Motors.
- Continued growth in NdPr oxide production.
- Strategic partnership with the U.S. Department of War.
- Long-term agreement to supply Apple with rare earth magnets.
Challenges Ahead
- Cessation of rare earth concentrate sales to China impacts revenue mix.
- Exposure to fluctuations in NdPr market prices.
- Higher operating expenses related to advanced projects and development.
- Potential volatility from government funding and appropriations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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