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MP Materials

MP Q2 2025 Earnings

Reported Aug 7, 2025 at 4:21 PM ET · SEC Source

Q2 25 EPS

$-0.19

BEAT +4.52%

Est. $-0.20

Q2 25 Revenue

$57.4M

BEAT +25.79%

Est. $45.6M

vs S&P Since Q2 25

-26.6%

TRAILING MARKET

MP -13.5% vs S&P +13.1%

Market Reaction

Did MP Beat Earnings? Q2 2025 Results

MP Materials delivered a standout second quarter, beating Wall Street expectations on both the top and bottom lines as its pivot away from low-value rare earth concentrate and toward higher-margin separated products began paying off in earnest. Reven… Read more MP Materials delivered a standout second quarter, beating Wall Street expectations on both the top and bottom lines as its pivot away from low-value rare earth concentrate and toward higher-margin separated products began paying off in earnest. Revenue surged 83.6% year over year to $57.39 million, well ahead of the $45.63 million consensus, while the loss per share of $0.19 edged past the $0.20 estimate, a 4.52% beat. The single biggest driver was the Magnetics segment's debut contribution of $19.86 million from magnetic precursor product sales at its Fort Worth facility, a revenue stream that simply didn't exist a year ago. The company also recorded record NdPr oxide production of 597 metric tons, up 119% year over year, even as it deliberately halted rare earth concentrate shipments to China. Landmark partnerships with the Pentagon and Apple add further momentum as MP eyes NdFeB permanent magnet production at Independence by year-end, with per-unit costs expected to ease as refining capacity ramps toward normalized levels.

Key Takeaways

  • • Record NdPr oxide production of 597 metric tons, up 119% year over year
  • • NdPr sales volumes more than tripled year over year to 443 metric tons
  • • Second-best quarterly REO production of 13,145 metric tons, up 45% year over year
  • • Initial magnetic precursor product deliveries generating $19.9 million in Magnetics revenue
  • • 19% improvement in NdPr realized pricing year over year
  • • Higher 45X tax credit impacts and lower inventory reserves reducing cost of sales
24/7 Wall St

MP YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

MP Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“In the second quarter, our Materials segment achieved record NdPr oxide production and delivered the second-highest REO output in MP's history. At the same time, our Magnetics segment advanced commissioning and began profitably ramping metal production.”

— James Litinsky, Q2 2025 Earnings Press Release

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