2021 Q4 Form 10-Q Financial Statement

#000180136821000046 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $99.11M $99.75M $41.02M
YoY Change -26.2% 143.17%
Cost Of Revenue $18.46M $21.91M
YoY Change -72.12%
Gross Profit $80.65M $77.85M
YoY Change 18.43%
Gross Profit Margin 81.38% 78.04%
Selling, General & Admin $15.88M $13.70M $3.100M
YoY Change -33.0% 341.9%
% of Gross Profit 19.69% 17.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.615M $6.951M $2.179M
YoY Change -33.41% 219.0%
% of Gross Profit 5.72% 8.93%
Operating Expenses $23.23M $22.57M $3.100M
YoY Change -29.19% 628.13%
Operating Profit $57.43M $54.09M $16.15M
YoY Change 62.69% 234.86%
Interest Expense -$2.487M $2.624M $1.713M
YoY Change -51.24% 53.18%
% of Operating Profit -4.33% 4.85% 10.6%
Other Income/Expense, Net $98.00K $97.00K $61.00K
YoY Change -67.33% 59.02%
Pretax Income $54.69M $51.57M $14.50M
YoY Change -251.49% 255.58%
Income Tax $5.700M $8.803M -$125.0K
% Of Pretax Income 10.42% 17.07% -0.86%
Net Earnings $48.99M $42.76M $14.63M
YoY Change -366.24% 192.36%
Net Earnings / Revenue 49.43% 42.87% 35.66%
Basic Earnings Per Share $0.24 $0.20
Diluted Earnings Per Share $253.2K $0.23 $0.20
COMMON SHARES
Basic Shares Outstanding 177.7M shares 176.1M shares 71.94M shares
Diluted Shares Outstanding 193.2M shares 71.94M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.179B $1.179B $900.0K
YoY Change 126.92% 130941.22%
Cash & Equivalents $1.179B $1.179B $30.24M
Short-Term Investments $0.00
Other Short-Term Assets $7.809M $4.954M $300.0K
YoY Change 41.98% 1551.33%
Inventory $38.69M $34.13M
Prepaid Expenses $334.5K
Receivables $51.01M $37.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.277B $1.256B $1.243M
YoY Change 127.58% 100869.04%
LONG-TERM ASSETS
Property, Plant & Equipment $610.6M $582.8M
YoY Change 21.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $345.1M
YoY Change
Other Assets $2.247M $1.099M
YoY Change 97.28%
Total Long-Term Assets $612.9M $593.9M $345.1M
YoY Change 19.41% 72.11%
TOTAL ASSETS
Total Short-Term Assets $1.277B $1.256B $1.243M
Total Long-Term Assets $612.9M $593.9M $345.1M
Total Assets $1.890B $1.849B $346.3M
YoY Change 75.9% 434.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.73M $27.84M $3.400M
YoY Change 120.58% 718.88%
Accrued Expenses $357.0K $344.0K $100.0K
YoY Change 244.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $59.54M $70.77M $3.533M
YoY Change 38.28% 1902.88%
LONG-TERM LIABILITIES
Long-Term Debt $674.9M $674.1M $0.00
YoY Change 70131.74%
Other Long-Term Liabilities $7.751M $7.918M $12.10M
YoY Change 376.11% -34.56%
Total Long-Term Liabilities $821.4M $824.5M $12.10M
YoY Change 363.15% 6713.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.54M $70.77M $3.533M
Total Long-Term Liabilities $821.4M $824.5M $12.10M
Total Liabilities $880.9M $895.3M $15.61M
YoY Change 299.68% 5635.8%
SHAREHOLDERS EQUITY
Retained Earnings $72.42M $23.43M -$3.389M
YoY Change -215.64% -791.26%
Common Stock $18.00K $18.00K
YoY Change 5.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.009B $954.2M -$10.12M
YoY Change
Total Liabilities & Shareholders Equity $1.890B $1.849B $346.3M
YoY Change 75.9% 434.04%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $48.99M $42.76M $14.63M
YoY Change -366.24% 192.36%
Depreciation, Depletion And Amortization $4.615M $6.951M $2.179M
YoY Change -33.41% 219.0%
Cash From Operating Activities $31.51M $22.49M -$480.0K
YoY Change 659.2% -4786.46%
INVESTING ACTIVITIES
Capital Expenditures -$37.45M -$41.73M
YoY Change 67.41%
Acquisitions
YoY Change
Other Investing Activities $1.767M $2.615M $0.00
YoY Change -99.49%
Cash From Investing Activities -$35.68M -$39.11M $0.00
YoY Change -111.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.501M -880.0K -40.00K
YoY Change -102.0% 2100.0%
NET CHANGE
Cash From Operating Activities 31.51M 22.49M -480.0K
Cash From Investing Activities -35.68M -39.11M 0.000
Cash From Financing Activities -3.501M -880.0K -40.00K
Net Change In Cash -7.677M -17.50M -520.0K
YoY Change -101.53% 3265.19%
FREE CASH FLOW
Cash From Operating Activities $31.51M $22.49M -$480.0K
Capital Expenditures -$37.45M -$41.73M
Free Cash Flow $68.96M $64.22M
YoY Change 160.02%

Facts In Submission

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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
176053586 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71941538 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
172577303 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68875874 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193215313 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71941538 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
188639373 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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68875874 shares
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
906625000 USD
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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4552000 USD
CY2021Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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36000 USD
CY2021Q3 us-gaap Net Income Loss
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42763000 USD
CY2021Q3 us-gaap Stockholders Equity Other
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-291000 USD
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
954195000 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
-24742000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
14627000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
-10115000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
853877000 USD
mp Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
-1000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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14723000 USD
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
563000 USD
us-gaap Net Income Loss
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86048000 USD
us-gaap Stockholders Equity Other
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-111000 USD
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
954195000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-18022000 USD
mp Stock Issued During Period Value Warrants
StockIssuedDuringPeriodValueWarrants
53846000 USD
us-gaap Net Income Loss
NetIncomeLoss
-45939000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
-10115000 USD
us-gaap Net Income Loss
NetIncomeLoss
86048000 USD
us-gaap Net Income Loss
NetIncomeLoss
-45939000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19767000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4832000 USD
us-gaap Accretion Expense Including Asset Retirement Obligations
AccretionExpenseIncludingAssetRetirementObligations
1780000 USD
us-gaap Accretion Expense Including Asset Retirement Obligations
AccretionExpenseIncludingAssetRetirementObligations
1691000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
3401000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-219000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
14723000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
5388000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1866000 USD
us-gaap Inventory Write Down
InventoryWriteDown
1809000 USD
us-gaap Inventory Write Down
InventoryWriteDown
0 USD
us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
0 USD
us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
-66615000 USD
mp Contract With Customer Liability Related Parties Revenue Recognized For Debt Principal Reduction
ContractWithCustomerLiabilityRelatedPartiesRevenueRecognizedForDebtPrincipalReduction
38858000 USD
mp Contract With Customer Liability Related Parties Revenue Recognized For Debt Principal Reduction
ContractWithCustomerLiabilityRelatedPartiesRevenueRecognizedForDebtPrincipalReduction
14741000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-11262000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
0 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
33506000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3204000 USD
mp Increase Decrease In Contract With Customer Liability Related Parties
IncreaseDecreaseInContractWithCustomerLiabilityRelatedParties
1933000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3663000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7992000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2352000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1204000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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4304000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2874000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
8097000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0 USD
mp Increase Decrease In Contract With Customer Liability Related Parties Refund Liability
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0 USD
mp Increase Decrease In Contract With Customer Liability Related Parties Refund Liability
IncreaseDecreaseInContractWithCustomerLiabilityRelatedPartiesRefundLiability
-2746000 USD
mp Increase Decrease In Contract With Customer Liability Related Parties
IncreaseDecreaseInContractWithCustomerLiabilityRelatedParties
0 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1153000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1445000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
70464000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-318000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
86420000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9695000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
125000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
mp Proceeds From Government Reimbursements For Property Plant And Equipment
ProceedsFromGovernmentReimbursementsForPropertyPlantAndEquipment
2615000 USD
mp Proceeds From Government Reimbursements For Property Plant And Equipment
ProceedsFromGovernmentReimbursementsForPropertyPlantAndEquipment
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-83680000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9695000 USD
us-gaap Proceeds From Issuance Of Other Long Term Debt
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690000000 USD
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
3364000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
35450000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1707000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1049000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
17749000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1579000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-934000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
669610000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
36186000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
656394000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
26173000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
532440000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29572000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1188834000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55745000 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1179371000 USD
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
30244000 USD
CY2021Q3 us-gaap Restricted Cash Current
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339000 USD
CY2020Q3 us-gaap Restricted Cash Current
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96000 USD
CY2021Q3 us-gaap Restricted Cash Noncurrent
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9124000 USD
CY2020Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
25405000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1188834000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55745000 USD
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
As of September 30, 2021, Shenghe accounted for more than 90% of product sales. Shenghe, a related party of the Company, has entered into an arrangement to purchase substantially all of the Company’s production, and has previously purchased portions of the Company’s stockpile inventory. While as with any contract there is risk of nonperformance, we do not believe that it is reasonably possible that Shenghe would terminate the agreement as it would significantly delay Shenghe’s recovery of non-interest-bearing advance payments that are recognized by the Company as debt. As discussed in <span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i92e5f9547ed34fb180833d3e12741ddf_55" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 8, “Debt Obligations,”</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> based on current forecasts, the Company expects to repay the obligation within the next year. See </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i92e5f9547ed34fb180833d3e12741ddf_40" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 3, “Relationship and Agreements with Shenghe,”</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for additional information.</span><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, while revenue is generated in the United States, our principal customer is located in China and may transport and sell products in the Chinese market; therefore, the Company’s gross profit is affected by Shenghe’s ultimate realized prices in China. In addition, there is an ongoing economic conflict between China and the United States that has resulted in tariffs and trade barriers that may negatively affect the Company’s business and results of operations.</span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2019, a novel strain of coronavirus (known as “COVID-19”) began to impact the population of China, where our principal customer is located. The outbreak of COVID-19 has grown both in the United States and globally, and related government and private sector responsive actions have adversely affected the global economy, including significant business and supply chain disruption as well as broad-based changes in supply and demand. In December 2019, a series of emergency quarantine measures taken by the Chinese government disrupted domestic business activities in China during the weeks after the initial outbreak of COVID-19. These disruptions have occurred periodically since the start of COVID-19 outbreak as measures intended to impede the spread of the virus have adapted. Since the initial COVID-19 outbreak, many countries, including the United States, have imposed restrictions on travel to and from China and elsewhere, as well as general movement restrictions, business closures and other measures imposed to slow the spread of COVID-19.</span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the onset of the outbreak in the first quarter of 2020, we initially experienced shipping delays due to overseas port slowdowns and container shortages, but we did not experience a reduction in production or sales. However, beginning in the fourth quarter of 2020 and continuing through the third quarter of 2021, we again saw shipping delays and container shortages from congestion at port facilities and trucking shortages, which has been exacerbated by COVID-19 and resulting supply chain disruptions. Congestion at U.S. and international ports could affect the capacity at ports to receive deliveries of products or the loading of shipments onto vessels.</span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As the situation continues to develop, including as a result of new variants of COVID-19 (such as the Delta variant), it is impossible to predict the effect and ultimate impact of the COVID-19 pandemic on the Company’s business and results of operations. While the quarantine, social distancing and other regulatory measures instituted or recommended in response to COVID-19 are expected to be temporary, the duration of the business disruptions, and related financial impact, cannot be estimated at this time.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
The preparation of the unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the unaudited Condensed Consolidated Financial Statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results may differ from those estimates.
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Certain amounts in prior periods have been reclassified to conform to the current year presentation.
CY2020Q2 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
-66600000 USD
CY2020Q4 mp Contract With Customer Liability Related Parties Deferred Revenue
ContractWithCustomerLiabilityRelatedPartiesDeferredRevenue
0 USD
CY2019Q4 mp Contract With Customer Liability Related Parties Deferred Revenue
ContractWithCustomerLiabilityRelatedPartiesDeferredRevenue
35543000 USD
mp Contract With Customer Liability Related Parties Deferred Revenue Additions
ContractWithCustomerLiabilityRelatedPartiesDeferredRevenueAdditions
0 USD
mp Contract With Customer Liability Related Parties Deferred Revenue Additions
ContractWithCustomerLiabilityRelatedPartiesDeferredRevenueAdditions
11050000 USD
mp Contract With Customer Liability Related Parties Revenue Recognized
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0 USD
mp Contract With Customer Liability Related Parties Revenue Recognized
ContractWithCustomerLiabilityRelatedPartiesRevenueRecognized
9117000 USD
mp Contract With Customer Liability Related Parties Derecognition From Contract Modification
ContractWithCustomerLiabilityRelatedPartiesDerecognitionFromContractModification
0 USD
mp Contract With Customer Liability Related Parties Derecognition From Contract Modification
ContractWithCustomerLiabilityRelatedPartiesDerecognitionFromContractModification
37476000 USD
CY2021Q3 mp Contract With Customer Liability Related Parties Deferred Revenue
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CY2020Q3 mp Contract With Customer Liability Related Parties Deferred Revenue
ContractWithCustomerLiabilityRelatedPartiesDeferredRevenue
0 USD
CY2020Q3 mp Contract With Customer Liability Deferred Revenue Current
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CY2021Q3 us-gaap Restricted Cash
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CY2020Q4 us-gaap Restricted Cash
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CY2021Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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CY2020Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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5124000 USD
CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
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23992000 USD
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
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CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2020Q4 us-gaap Inventory Net
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CY2021Q3 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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516866000 USD
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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34394000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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14892000 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
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582838000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
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501974000 USD
us-gaap Property Plant And Equipment Additions
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us-gaap Property Plant And Equipment Additions
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12300000 USD
us-gaap Interest Costs Capitalized
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200000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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CY2020Q3 us-gaap Interest Costs Capitalized
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CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020Q4 mp Technology Investment Agreement Stage Ii Optimization Contribution
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9600000 USD
CY2021Q3 mp Proceeds From Government Reimbursements For Property Plant And Equipment
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2600000 USD
CY2021Q3 mp Technology Investment Agreement Stage Ii Optimization Contribution
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7000000 USD
CY2021Q3 us-gaap Depreciation
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2109000 USD
CY2020Q3 us-gaap Depreciation
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1277000 USD
us-gaap Depreciation
Depreciation
5528000 USD
us-gaap Depreciation
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CY2020Q3 us-gaap Depletion
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us-gaap Depletion
Depletion
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us-gaap Depletion
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86000 USD
CY2021Q3 us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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CY2020Q3 us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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CY2021Q3 us-gaap Deferred Finance Costs Net
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CY2020Q4 us-gaap Deferred Finance Costs Net
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CY2021Q3 us-gaap Long Term Debt
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674050000 USD
CY2020Q4 us-gaap Long Term Debt
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CY2021Q3 us-gaap Long Term Debt Current
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CY2020Q4 us-gaap Long Term Debt Current
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2403000 USD
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674050000 USD
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
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CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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CY2021Q3 mp Asset Retirement Obligations Estimated Undiscounted Cash Flows To Satisfy Obligation
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142300000 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q3 us-gaap Interest Expense Debt
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CY2020Q3 us-gaap Interest Expense Debt
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1713000 USD
us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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CY2021Q3 us-gaap Interest Costs Capitalized
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CY2020Q3 us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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203000 USD
us-gaap Interest Costs Capitalized
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CY2021Q3 us-gaap Interest Expense
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CY2020Q3 us-gaap Interest Expense
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us-gaap Interest Expense
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6417000 USD
us-gaap Interest Expense
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3582000 USD
CY2021Q3 us-gaap Operating Lease Liability Current
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CY2020Q4 us-gaap Operating Lease Liability Current
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CY2021Q3 us-gaap Operating Lease Liability Noncurrent
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CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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357000 USD
CY2021Q3 us-gaap Operating Lease Liability
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441000 USD
CY2020Q4 us-gaap Operating Lease Liability
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CY2021Q3 us-gaap Finance Lease Right Of Use Asset
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CY2020Q4 us-gaap Finance Lease Right Of Use Asset
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CY2021Q3 us-gaap Finance Lease Liability Current
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CY2020Q4 us-gaap Finance Lease Liability Current
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266000 USD
CY2021Q3 us-gaap Finance Lease Liability Noncurrent
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CY2020Q4 us-gaap Finance Lease Liability Noncurrent
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736000 USD
CY2021Q3 us-gaap Finance Lease Liability
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879000 USD
CY2020Q4 us-gaap Finance Lease Liability
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1002000 USD
CY2021Q3 us-gaap Asset Retirement Obligation Current
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100000 USD
CY2020Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
100000 USD
CY2020Q4 mp Asset Retirement Obligations Estimated Undiscounted Cash Flows To Satisfy Obligation
AssetRetirementObligationsEstimatedUndiscountedCashFlowsToSatisfyObligation
142300000 USD
CY2021Q3 mp Asset Retirement Obligation Closure And Reclamation Obligations Financial Assurances
AssetRetirementObligationClosureAndReclamationObligationsFinancialAssurances
38700000 USD
CY2020Q4 mp Asset Retirement Obligation Closure And Reclamation Obligations Financial Assurances
AssetRetirementObligationClosureAndReclamationObligationsFinancialAssurances
38400000 USD
mp Accrual For Environmental Loss Contingencies Remediation Term
AccrualForEnvironmentalLossContingenciesRemediationTerm
P26Y
CY2021Q3 us-gaap Accrual For Environmental Loss Contingencies Discount Rate
AccrualForEnvironmentalLossContingenciesDiscountRate
0.0293
CY2021Q3 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
27800000 USD
CY2020Q4 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
28200000 USD
CY2021Q3 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
500000 USD
CY2020Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
500000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.171
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.184
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.009
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.005
CY2020Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2021Q3 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-1000000 USD
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-1000000 USD
CY2020Q4 mp Capital Stock Authorized
CapitalStockAuthorized
221000000 shares
CY2020Q4 mp Capital Stock Authorized
CapitalStockAuthorized
500000000 shares
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4500000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14700000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
176053586 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71941538 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
172577303 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68875874 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3787498 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
15584409 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
10789206 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193215313 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71941538 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
188639373 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68875874 shares
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
42763000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
14627000 USD
us-gaap Net Income Loss
NetIncomeLoss
86048000 USD
us-gaap Net Income Loss
NetIncomeLoss
-45939000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
176053586 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71941538 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
172577303 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68875874 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
42763000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
14627000 USD
us-gaap Net Income Loss
NetIncomeLoss
86048000 USD
us-gaap Net Income Loss
NetIncomeLoss
-45939000 USD
CY2021Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
1084000 USD
CY2020Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
2190000 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0 USD
CY2021Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
43847000 USD
CY2020Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
14627000 USD
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
88238000 USD
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-45939000 USD
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193215313 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71941538 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
188639373 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68875874 shares
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.171
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.184
us-gaap Interest Paid Net
InterestPaidNet
1116000 USD
us-gaap Interest Paid Net
InterestPaidNet
433000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
mp Capital Expenditures Acquired On Seller Financed Equipment Notes
CapitalExpendituresAcquiredOnSellerFinancedEquipmentNotes
9407000 USD
mp Capital Expenditures Acquired On Seller Financed Equipment Notes
CapitalExpendituresAcquiredOnSellerFinancedEquipmentNotes
1216000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
7416000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2613000 USD
mp Transaction Costs Incurred But Not Yet Paid
TransactionCostsIncurredButNotYetPaid
0 USD
mp Transaction Costs Incurred But Not Yet Paid
TransactionCostsIncurredButNotYetPaid
4889000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
87000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 USD
mp Notes Reduction Due To Revenue Recognized In Exchange
NotesReductionDueToRevenueRecognizedInExchange
38858000 USD
mp Notes Reduction Due To Revenue Recognized In Exchange
NotesReductionDueToRevenueRecognizedInExchange
14741000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
3401000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD

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