$MP

MP Materials Corp. / DE

CIK:0001801368|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue (including related party)	$ 108,490	$ 57,393	$ 199,139	$ 118,203
Price protection agreement income	17,580	0	59,853	0
Operating costs and expenses:
Cost of sales (excluding depreciation, depletion and amortization) (including related party)	72,292	50,431	146,537	99,262
Selling, general and administrative	35,164	27,429	68,804	51,595
Depreciation, depletion and amortization	35,379	20,777	67,516	42,161
Start-up costs	14,428	761	20,317	1,737
Advanced projects and development	1,283	2,496	3,188	2,970
Other operating costs and expenses (income), net	(447)	(619)	8,781	(862)
Total operating costs and expenses, net	158,099	101,275	315,143	196,863
Operating loss	(32,029)	(43,882)	(56,151)	(78,660)
Interest expense, net	(9,703)	(5,414)	(19,549)	(13,029)
Other income, net	12,397	6,572	32,723	21,790
Loss before income taxes	(29,335)	(42,724)	(42,977)	(69,899)
Income tax benefit	9,039	11,852	14,713	16,379
Net loss	$ (20,296)	$ (30,872)	$ (28,264)	$ (53,520)
Loss per common share:
Basic EPS (in USD per share)	$ (0.11)	$ (0.19)	$ (0.16)	$ (0.33)
Diluted (in USD per share)	$ (0.11)	$ (0.19)	$ (0.16)	$ (0.33)
Weighted-average shares outstanding:
Basic (in shares)	178,409,085	163,834,693	178,215,393	163,799,713
Diluted (in shares)	178,409,085	163,834,693	178,215,393	163,799,713

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (28,264)	$ (53,520)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	67,516	42,161
Accretion of discount on short-term investments	(12,956)	(11,462)
Stock-based compensation expense	24,217	12,905
Amortization of debt discount and debt issuance costs	3,621	2,074
Lower of cost or net realizable value reserve	0	6,736
Deferred income taxes	(13,444)	(17,936)
Other	154	(5,919)
Decrease (increase) in operating assets:
Trade accounts receivable (including related party)	(25,794)	(2,686)
Other receivables	58,677	(10,951)
Inventories	(20,809)	(52,441)
Prepaid expenses, other current and non-current assets	(13,694)	(4,481)
Increase (decrease) in operating liabilities:
Accounts payable and accrued liabilities	(4,108)	1,201
Deferred revenue	(33,872)	24,948
Deferred government grant	5,857	3,313
Other current and non-current liabilities	(2,162)	(795)
Net cash provided by (used in) operating activities	4,939	(66,853)
Investing activities:
Additions to property, plant and equipment	(307,711)	(59,473)
Purchases of short-term investments	(1,236,482)	(683,815)
Proceeds from sales of short-term investments	15,840	80,387
Proceeds from maturities of short-term investments	873,593	690,942
Proceeds from return of investment in equity method investee	0	9,673
Proceeds from sale of property, plant and equipment	0	4,063
Reimbursements received from the government	0	12,200
Net cash provided by (used in) investing activities	(654,760)	53,977
Financing activities:
Payments to retire long-term debt	(67,499)	0
Principal payments on debt obligations	(2,177)	(3,857)
Tax withholding on stock-based awards	(18,246)	(3,877)
Net cash used in financing activities	(87,922)	(7,734)
Net change in cash, cash equivalents and restricted cash	(737,743)	(20,610)
Cash, cash equivalents and restricted cash beginning balance	1,167,359	283,603
Cash, cash equivalents and restricted cash ending balance	429,616	262,993
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	429,075	261,535
Restricted cash, current	541	918
Restricted cash, non-current	0	540
Total cash, cash equivalents and restricted cash	$ 429,616	$ 262,993

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 429,075	$ 1,166,011
Short-term investments	1,023,564	664,275
Total cash, cash equivalents and short-term investments	1,452,639	1,830,286
Trade accounts receivable, net of allowance for credit losses of $0 and $0, respectively	40,436	14,642
Other receivables	56,281	132,042
Inventories	173,428	171,560
Prepaid expenses and other current assets	22,624	17,271
Total current assets	1,745,408	2,165,801
Non-current assets
Property, plant and equipment, net	1,608,625	1,369,817
Inventories	106,082	80,539
Price protection agreement upfront asset, net	187,544	209,668
Other non-current assets	79,081	38,335
Total non-current assets	1,981,332	1,698,359
Total assets	3,726,740	3,864,160
Current liabilities
Accounts and construction payable	46,024	36,655
Accrued liabilities	60,329	95,086
Current portion of long-term debt	0	67,411
Deferred revenue	45,547	74,301
Other current liabilities	31,638	25,596
Total current liabilities	183,538	299,049
Non-current liabilities
Long-term debt, net of current portion	934,583	931,330
Deferred revenue	80,861	83,889
Deferred government grant	26,134	22,101
Deferred investment tax credit	35,285	26,860
Deferred income taxes	27,021	51,558
Other non-current liabilities	68,371	57,005
Total non-current liabilities	1,172,255	1,172,743
Total liabilities	1,355,793	1,471,792
Commitments and contingencies (Note 11)
Redeemable preferred stock	413,611	413,611
Stockholders’ equity:
Preferred stock, undesignated ($0.0001 par value, 49,600,000 shares authorized as of June 30, 2026, and December 31, 2025, respectively, zero issued and outstanding in either period)	0	0
Common stock ($0.0001 par value, 450,000,000 shares authorized, 193,301,058 and 192,607,429 shares issued, and 178,051,276 and 177,357,647 shares outstanding, as of June 30, 2026, and December 31, 2025, respectively)	19	19
Additional paid-in capital	1,978,458	1,970,970
Retained earnings	206,164	234,428
Accumulated other comprehensive income (loss)	(258)	387
Treasury stock, at cost, 15,249,782 shares for both periods	(227,047)	(227,047)
Total stockholders’ equity	1,957,336	1,978,757
Total liabilities, redeemable preferred stock and stockholders’ equity	$ 3,726,740	$ 3,864,160