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Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company's future financial results and business.\nAccordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. These forward-looking statements are subject to a number of risks and uncertainties, including fluctuations and uncertainties related to demand for and pricing of rare earth products; changes in domestic and foreign business, market, financial, political and legal conditions; changes in demand for NdFeB magnets; the effects of competition on the Company's future business; risks related to the Company's Upstream 60K strategy, including delays in completion, unexpected costs and expenses and timing for obtaining regulatory approvals; risks related to the rollout of the Company's business strategy, including Stage II and Stage III, and the timing of achieving expected business milestones in Stage II and Stage III; risks related to the Company's Stage II operations and the Company's ability to achieve run rate production of separated rare earth materials; risks related to the Company's long-term agreement with General Motors, including the Company's ability to produce and supply NdFeB magnets; risks related to expected sales of separated NdPr oxide due to various risks, including demand and pricing for separated NdPr oxide; risks related to the Company's ability to develop magnetic precursor products in Section III, including production delays; risks related to the Company entering into agreements with customers for prepayment of magnetic precursor products, including NdPr metal; the impact of the global COVID-19 pandemic, on any of the foregoing risks; risks related to current and future governmental and environmental laws, regulations, licenses or legal requirements; and those risk factors discussed in the Company's filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed by the Company with the Securities and Exchange Commission.\nIf any of these risks materialize or the assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. 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As MP Materials continues to evolve as a business and transitions from production of rare earth concentrate to production of separated rare earth products, the metrics that management uses to evaluate the business may continue to change or be revised. For example, beginning with the first quarter of 2024, the Company will no longer present Production Cost per REO MT, which is a metric focused solely on Stage I concentrate operations, and consequently, Production Costs, since it will no longer be meaningful in evaluating and understanding the Company's business or operating results. MP Materials believes Free Cash Flow is useful for comparing the Company's ability to generate cash with that of its peers. 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MP Materials defines Adjusted EBITDA Margin as our Adjusted EBITDA divided by our total revenue. MP Materials defines Adjusted Net Income (Loss) as GAAP net income or loss excluding the impact of stock-based compensation expense; initial start-up costs; transaction-related and other costs; gain or loss on disposals of long-lived assets; certain write-downs of inventories; tariff rebates; and other items that we do not consider representative of our underlying operations; adjusted to give effect to the income tax impact of such adjustments; and the release of valuation allowance. MP Materials defines Adjusted Diluted EPS as GAAP diluted earnings or loss per share (\"EPS\") excluding the per share impact, using adjusted diluted weighted-average shares outstanding as the denominator, of stock-based compensation expense; initial start-up costs; transaction-related and other costs; gain or loss on disposals of long-lived assets; certain write-downs of inventories; tariff rebates; and other items that we do not consider representative of our underlying operations; adjusted to give effect to the income tax impact of such adjustments; and the release of valuation allowance. Production Costs, which the Company uses to calculate its key performance indicator, Production Cost per REO MT, is defined as GAAP cost of sales (excluding depreciation, depletion and amortization), less stock-based compensation expense included in cost of sales, shipping and freight costs, and costs not attributable to concentrate sales, for a given period. Production Cost per REO MT is calculated as the quotient of: (i) our Production Costs for a given period and (ii) the REO Sales Volume for the same period. Total Value Realized, which the Company used to calculate its key performance indicator, Realized Price per REO MT, for the year ended December 31, 2021, is defined as GAAP rare earth concentrate sales adjusted for the revenue impact of tariff rebate related to prior period sales. MP Materials defines Free Cash Flow as net cash provided by operating activities less additions to property, plant and equipment, net of proceeds from government awards used for construction. 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Realized Price per REO MT is calculated as the quotient of: (i) our GAAP rare earth concentrate sales for a given period and (ii) our REO Sales Volume for the same period. For 2021, we adjusted our rare earth concentrate sales for the revenue impact of tariff rebates, resulting in the use of a non-GAAP financial measure, Total Value Realized. See Appendix for a reconciliation of Total Value Realized (non-GAAP) to rare earth concentrate sales (GAAP).\n2. See Appendix for the calculation of Production Cost per REO MT, which includes the non-GAAP financial measure, Production Costs. See Appendix for a reconciliation of Production Costs (non-GAAP) to Cost of sales (GAAP). Beginning with the first quarter of 2024, we will no longer present Production Cost per REO MT (and consequently, Production Costs), which is a metric focused solely on Stage I concentrate operations, as it will no longer be meaningful in evaluating and understanding our business or operating results.\n3. 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Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:10.699+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3075f209-0159-4c71-9676-e8c38f9b18d1", "parentComponentId": null }, { "bbox": { "h": 0.63, "w": 0.819, "x": 0.093, "y": 0.239 }, "kind": "table", "text": "For the three months ended\nDecember 31,\nFor the three\nmonths ended\nSeptember 30,\nFor the year ended December 31,\n(in thousands, except share and per share data, unaudited)\nRevenue:\n2023\n2022\n2023\n2023\n2022\n2021\nRare earth concentrate\n$\nNdPr oxide and metal\n40,329 $\n695\n92,098 $\n52,472\n$\n252,468 $\n695\n517,267 $\n328,563\nOther rare earth products\n181\n1,147\n44\n282\n10,243\n3,389\nTotal revenue\n41,205\n93,245\n52,516\n253,445\n527,510\n331,952\nOperating costs and expenses:\nCost of sales (excluding depreciation, depletion and amortization)\n23,577\n24,536\n22,217\n92,714\n92,218\n76,253\nSelling, general and administrative\n21,416\n19,707\n19,561\n79,245\n75,857\n56,646\nDepreciation, depletion and amortization\n18,633\n5,593\n16,751\n55,709\n18,356\n24,382\nStart-up costs\n5,205\n3,782\n7,336\n21,330\n7,551\n378\nAdvanced projects and development\n5,346\n1,806\n2,873\n14,932\n4,249\n4,195\nOther operating costs and expenses\n656\n355\n1,314\n7,234\n1,868\n4,753\nTotal operating costs and expenses\n74,833\n55,779\n70,052\n271,164\n200,099\n166,607\nOperating income (loss)\n(33,628)\n37,466\n(17,536)\n(17,719)\n327,411\n165,345\nInterest expense, net\n(1,107)\n(1,331)\n(1,396)\n(5,254)\n(5,786)\n(8,904)\nOther income, net\n14,078\n10,953\n14,456\n56,048\n19,527\n3,754\nIncome (loss) before income taxes\n(20,657)\n47,088\n(4,476)\n33,075\n341,152\n160,195\nIncome tax benefit (expense)\n4,398\n19,919\n200\n(8,768)\n(52,148)\n(25,158)\nNet income (loss)\n$ (16,259) $\n67,007 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"source-note", "text": "1. Principally included in \"Selling, general and administrative\" within our unaudited Condensed Consolidated Statements of Operations.\n2. Included in \"Start-up costs\" within our unaudited Condensed Consolidated Statements of Operations and excludes any applicable stock-based compensation, which is included in the \"Stock-based compensation expense\" line above. Relates to certain costs\nincurred in connection with the commissioning and starting up of our initial separations capability at Mountain Pass and our initial magnet-making capabilities at Fort Worth prior to the achievement of commercial production. These costs include labor of\nincremental employees hired in advance to work directly on such commissioning activities, training costs, costs of testing and commissioning the new circuits and processes, and other related costs. Given the nature and scale of the related costs and activities,\nmanagement does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our separations and magnet-making capabilities. Therefore, we believe it is useful and necessary for investors to\nunderstand our core operating performance in current and future periods by excluding the impact of these start-up costs. To the extent additional start-up costs are incurred in the future to expand our separations and magnet-making capabilities after initial\nachievement of commercial production (e.g., significantly expanding production capacity at an existing facility or building a new separations or magnet manufacturing facility), such costs would not be considered an adjustment for this non-GAAP financial\nmeasure.\n3. Principally included in \"Advanced projects and development\" within our unaudited Condensed Consolidated Statements of Operations, and pertains to legal, consulting, and advisory services, and other costs associated with specific transactions, including\npotential acquisitions, mergers, or other investments.\n4. Included in \"Other operating costs and expenses\" within our unaudited Condensed Consolidated Statements of Operations.\n5. The year ended December 31, 2023, includes $5.5 million in demolition costs associated with demolishing and removing certain out-of-use older facilities and infrastructure from the Mountain Pass site to accommodate future expansion in rare earth\nprocessing.\n6. Represents a non-cash write-down of a portion of our legacy low-grade stockpile inventory during the second quarter of 2021.\n7. Represents non-cash revenue recognized in connection with a tariff rebate received relating to product sales from prior periods.\n8. Amounts for the three months and years ended December 31, 2023 and 2022, as well as for the three months ended September 30, 2023, are principally comprised of interest and investment income. Amount for the year ended December 31, 2021,\nprincipally represents a non-cash gain recognized as a result of the Small Business Administration's approval to forgive the Paycheck Protection Loan.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:56:09.562+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50086275-fab3-43d6-9079-a1c7f28c7866", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.85, "x": 0.07, "y": 0.14 }, "kind": "table", "text": "Net income (loss) (16,259) 67,007 (4,276) 24,307 289,004 135,037 Adjusted for: Depreciation, depletion and amortization 18,633 5,593 16,751 55,709 18,356 24,382 Interest expense, net 1,107 1,331 1,396 5,254 5,786 8,904 Income tax expense (benefit) (4,398) (19,919) (200) 8,768 52,148 25,158 Stock-based compensation expense (1) 6,195 6,761 6,298 25,236 31,780 22,931 Initial start-up costs (2) 5,133 3,729 7,082 20,607 7,432 378 Transaction-related and other costs (3) 4,311 1,146 1,642 11,435 1,784 3,338 Accretion of asset retirement and environmental obligations (4) 227 222 227 908 1,477 2,375 Loss on disposals of long-lived assets, net (4)(5) 429 133 1,087 6,326 391 569 Write-down of inventories (4)(6) - 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Principally included in \"Selling, general and administrative\" within our unaudited Condensed Consolidated Statements of Operations.\n2. Included in \"Start-up costs\" within our unaudited Condensed Consolidated Statements of Operations and excludes any applicable stock-based compensation, which is included in the \"Stock-based compensation expense\" line above. Relates to certain\ncosts incurred in connection with the commissioning and starting up of our initial separations capability at Mountain Pass and our initial magnet-making capabilities at Fort Worth prior to the achievement of commercial production. These costs include\nlabor of incremental employees hired in advance to work directly on such commissioning activities, training costs, costs of testing and commissioning the new circuits and processes, and other related costs. Given the nature and scale of the related\ncosts and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our separations and magnet-making capabilities. Therefore, we believe it is useful and necessary\nfor investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs. To the extent additional start-up costs are incurred in the future to expand our separations and magnet-making\ncapabilities after initial achievement of commercial production (e.g., significantly expanding production capacity at an existing facility or building a new separations or magnet manufacturing facility), such costs would not be considered an adjustment\nfor this non-GAAP financial measure.\n3. Principally included in \"Advanced projects and development\" within our unaudited Condensed Consolidated Statements of Operations, and pertains to legal, consulting, and advisory services, and other costs associated with specific transactions,\nincluding potential acquisitions, mergers, or other investments.\n4. Included in \"Other operating costs and expenses\" within our unaudited Condensed Consolidated Statements of Operations.\n5. The year ended December 31, 2023, includes $5.5 million in demolition costs associated with demolishing and removing certain out-of-use older facilities and infrastructure from the Mountain Pass site to accommodate future expansion in rare earth\nprocessing.\n6. Represents a non-cash write-down of a portion of our legacy low-grade stockpile inventory during the second quarter of 2021.\n7. Represents non-cash revenue recognized in connection with a tariff rebate received relating to product sales from prior periods.\n8. Amount for the year ended December 31, 2021, principally represents a non-cash gain recognized as a result of the Small Business Administration's approval to forgive the Paycheck Protection Loan, which is included in \"Other income, net\" within our\nunaudited Condensed Consolidated Statements of Operations.\n9. Tax impact of adjustments is calculated using an adjusted effective tax rate, which excludes the impact of discrete tax costs and benefits, to each adjustment. The adjusted effective tax rates were 23.7%, (3.9)%, and 29.8% for the three months ended\nDecember 31, 2023 and 2022 and for the three months ended September 30, 2023, respectively. The adjusted effective tax rates were 25.9%, 16.3% and 17.5% for the years ended December 31, 2023, 2022 and 2021, respectively.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Pertains only to the amount of stock-based compensation expense included in \"Cost of sales (excluding depreciation, depletion and amortization)\" within our unaudited Condensed Consolidated Statements of Operations.\n2. Includes $1.3 million for the year ended December 31, 2022, of shipping and freight costs associated with sales of rare earth fluoride (\"REF\") stockpiles.\n3. Amount pertains to a write-down of non-concentrate inventories, which is included in \"Cost of sales (excluding depreciation, depletion and amortization)\" within our unaudited Condensed Consolidated Statements of Operations.\n4. Amount for the year ended December 31, 2023, pertains to costs (excluding shipping and freight) associated with non-concentrate products. Amount for the year ended December 31, 2022, pertains primarily to costs (excluding shipping and freight) attributable to sales of REF stockpiles.\n5. 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