MP Materials

MP Materials supplies rare earth materials used in electric vehicles and electronics. Its magnets help power motors in cars and smartphones. The company supports U.S. manufacturers by providing key materials for advanced technology.

Rare Earths, Real Impact: What MP Materials Sells

• Rare Earth Oxides (Materials, 71.5% of 2025 revenue): Supplies neodymium-praseodymium, cerium, lanthanum, and samarium for magnets, batteries, and glass polishing. Main buyers are manufacturers of electric vehicles, electronics, and industrial equipment.
• Magnetic Precursor Products (Magnetics, 29.8% of 2025 revenue): Produces neodymium-praseodymium metal and alloy flakes, used to make permanent magnets. Customers include automakers and electronics companies.
• Sintered Magnets: Manufactures neodymium-iron-boron magnets, which are essential for electric motors in cars and consumer electronics. Production began in late 2025.
• Recycling Services: Offers closed-loop recycling for rare earth magnets, helping customers like Apple recover and reuse materials from old devices.
• Heavy Rare Earth Elements: Develops mixed heavy rare earth products for specialized electronics and defense applications.

Growth Spurts and Strategic Moves

• Launched the Independence Facility in Texas for magnet manufacturing in 2025.
• Formed a public-private partnership with the U.S. Department of War in July 2025, securing price protection and expansion funding.
• Signed long-term supply agreements with General Motors and Apple in 2025 for magnets and recycling.
• Ceased all product sales to China in July 2025, focusing on U.S. and Japanese customers.
• Announced construction of the 10X Facility, a new magnet plant, with commissioning expected in 2028.

Why MP Materials Stands Out

MP Materials is the only large-scale rare earth miner and magnet producer in North America. Its vertically integrated model covers mining, processing, and magnet manufacturing. The company’s U.S. focus and government partnerships support domestic supply chain security.

Five Things You Need to Know

• Total revenue was $224.4 million in 2025, up 10% from 2024.
• Materials segment made up 71.5% of 2025 revenue; Magnetics 29.8%.
• Net loss was $(85.9) million in 2025, compared to $(65.4) million in 2024.
• Free cash flow was $(303.9) million in 2025, down from $(173.0) million in 2024.
• Ceased all sales to China in July 2025, shifting focus to U.S. and Japan.

Bottom Line

MP Materials has shifted from raw material sales to integrated magnet production. The company’s U.S. focus and new partnerships mark a major strategic transition.