MP Materials Corp.

mpmaterials.com

What Do They Do?

Produces rare earth materials, including refined oxides and metals, and manufactures magnetic precursor products and permanent magnets for manufacturers and other end users.

How Do They Make Money?

Customers pay for rare earth materials, separated rare earth products, and magnetic precursor products when the finished goods are ready for shipment. Some material prices are adjusted based on the price Shenghe later receives when it sells the product.

revenue

Segment	Share	Revenue	How money arrives
Materials Segment Sold outright	71% FY2022: 100%		Sold outright
Magnetics Segment Sold outright	30% FY2022: 0.0%		Sold outright

Who Are Their Customers?

Rare earth products go to customers in Japan, South Korea and broader Asia, including buyers of separated materials; rare earth material sales have gone through a distributor. Magnetic precursor products are sold to GM in the United States.

Customers above 10% of revenue, FY2025

of revenue from three customers (30%, 23%, 31%)

FY2024: 98% from two customers

Do Revenues Turn Into Profits?

No. It lost $85.9M in FY2025.

Operating income, FY2025

−67% of revenue

▼ −12% (Loss) vs FY2024 (−$169.4M, −83%)

Net income, FY2025

−38% of revenue

▲ +31% (Loss) vs FY2024 (−$65.4M, −32%)

Free cash flow, FY2025

−146% of revenue

▲ +90% (Loss) vs FY2024 (−$173.1M, −85%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +89%; vs $57.4M in Q2 FY2025
Net income: ▼ −34% (Loss); vs −$30.9M in Q2 FY2025

Materials Segment share of revenue vs 100.0% in Q2 FY2025

Shrinking. Revenue fell 32% in 4 years, from $332M in FY2021 to $224.4M in FY2025, about 9% a year.

From concentrate to separated materials The business has moved beyond selling rare earth concentrate through distributors, adding separated rare earth products that are marketed directly to end users and through distributors.

Added magnet manufacturing The business has expanded from plans for a Fort Worth magnet facility to selling magnetic precursor products and manufacturing permanent magnets, with magnet products marketed directly to end users.

Revenue over time

Materials Segment Magnetics Segment

$1B$500M$0

FY2022 FY2023 FY2024 FY2025

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