MP Materials

MP Materials mines and processes rare earth minerals in California. These materials help power electric vehicle motors and wind turbines. The company also makes magnets for high-tech electronics and defense systems.

What MP Materials Makes

• Materials Segment: Upstream and midstream operations that produce rare earth oxides and concentrate; generates the majority of revenue from neodymium-praseodymium (NdPr) used in high-strength magnets.
• Magnetics Segment: Downstream manufacturing of alloys and finished magnets; began generating revenue in early 2025 through sales to General Motors.
• Separated Rare Earths: Refined products including cerium and lanthanum; these are used in catalysts for vehicle emissions and glass polishing.
• Heavy Rare Earths: Concentrated minerals like terbium and dysprosium; these help magnets stay strong at high temperatures.

A National Supply Chain Pivot

• Entered a public-private partnership with the U.S. Department of War in July 2025 to build a domestic magnet supply chain.
• Signed a long-term agreement with Apple in July 2025 to supply magnets and develop recycling capabilities at the Mountain Pass site.
• Partnered with General Motors in April 2022 to provide magnetic precursor products and finished magnets from the Texas facility.
• Established a distribution deal with Sumitomo Corporation of Americas in February 2023 to serve the Japanese market through 2030.

Why This Mine Matters

MP Materials operates the only scaled rare earth mining and processing site in North America, reducing reliance on single-region supply chains. Its facility uses a dry-stack tailings process that recycles roughly 95% of the water used during milling and flotation.

The Recent Numbers

• Revenue reached $104 million in Q4 2025, up 70% from $61 million in Q4 2024.
• Net income hit $9.4 million in Q4 2025, up 142% from a $22 million loss in Q4 2024.
• Gross profit rose to $34 million in Q4 2025, up 276% year-over-year.
• Market capitalization grew to $9 billion in Q4 2025, a 252% increase from $2.5 billion in Q4 2024.
• Free cash flow was negative $109 million in Q4 2025, reflecting heavy spending on new manufacturing facilities.

The Evolution of Mountain Pass

MP Materials has transformed from a raw ore miner into a vertically integrated manufacturer of refined metals and finished magnets. This shift creates a complete American supply chain for the critical materials used in modern green and defense technologies.