MP Materials (MP) FY2025 results: revenue $224 million, up 10.1% on the year

MP Materials mines and refines rare earths and makes rare earth magnets. It owns and operates the Mountain Pass Rare Earth Mine and Processing Facility in San Bernardino County, California, and a rare earth metal, alloy and magnet manufacturing plant in Fort Worth, Texas, which it calls Independence. The company states that it is the largest producer of rare earth materials in the Western Hemisphere. It reports two segments, Materials and Magnetics, and it is headquartered in Las Vegas, Nevada.

Materials

Mountain Pass mines bastnaesite ore, crushes and mills it, and floats it into rare earth concentrate, then roasts, leaches and separates it into neodymium-praseodymium (NdPr) oxide and other products, including cerium and lanthanum products and SEG+, a mixed heavy rare earth product. In 2025 it produced 50,692 metric tons of rare earth oxide in concentrate and 2,599 metric tons of NdPr. NdPr oxide and metal are sold mainly to customers in Japan, South Korea and broader Asia, and Sumitomo Corporation of Americas is the exclusive distributor of its NdPr oxide and metal to Japanese customers through the end of 2030. For years it sold most of its concentrate to one distributor in China, and in July 2025 it stopped all sales of its products to China. It is building a facility at Mountain Pass to separate heavy rare earths, mainly terbium and dysprosium, under a 2022 selection by the Department of War.

Magnetics

Independence turns NdPr oxide from Mountain Pass into NdPr metal by electrowinning, then into NdFeB alloy flake by strip casting, and then into sintered neodymium-iron-boron (NdFeB) permanent magnets. It began selling magnetic precursor products to General Motors in the first quarter of 2025 and began making NdFeB permanent magnets in December 2025. General Motors is its foundational magnet customer under a long-term agreement signed in April 2022, and in July 2025 it signed a long-term agreement with Apple to supply magnets from Independence and to add magnet recycling at Mountain Pass.

Department of War partnership

On July 9, 2025 it entered agreements with the U.S. Department of War, under which it will expand Independence to a projected 3,000 metric tons of magnets a year, build a second magnet plant it calls the 10X Facility, and extend its heavy rare earth refining at Mountain Pass. The Department of War has the right to buy all magnets made at the 10X Facility, and it agreed to a price floor for NdPr products from Mountain Pass starting in the fourth quarter of 2025.

People

It had 998 full-time equivalent employees as of December 31, 2025, of whom approximately 83% were field-based. Its magnetics team of scientists, technicians and engineers comprises more than 180 employees.

From MP Materials' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.