MP Materials Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MP Materials Corp reported revenue of $224.4M (+10.1% year on year) and net income of ($85.9M) (-31.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue (including related party) | $224.4M | $203.9M | $253.4M | $527.5M |
| Price protection agreement income | $51.0M | — | — | — |
| Cost of sales (excluding depreciation, depletion and amortization) (including related party) | $192.8M | $192.6M | $92.7M | — |
| Selling, general and administrative | $112.1M | $83.3M | $79.2M | $75.8M |
| Depreciation, depletion and amortization | $89.3M | $78.1M | $55.7M | $18.4M |
| Start-up costs | $4.3M | $5.7M | $21.3M | — |
| Advanced projects and development | $24.2M | $9.3M | $14.9M | — |
| Other operating costs and expenses | $2.2M | $4.3M | $7.2M | — |
| Total operating costs and expenses, net | $424.8M | $373.3M | $271.2M | $200.1M |
| Operating loss | ($149.4M) | ($169.4M) | ($17.7M) | $327.4M |
| Interest expense, net | ($31.5M) | ($23.0M) | ($5.3M) | ($5.8M) |
| Gain on early extinguishment of debt | $0 | $52.9M | — | — |
| Other income, net | $63.1M | $46.2M | $56.0M | $19.5M |
| Income (loss) before income taxes | ($117.8M) | ($93.3M) | $33.1M | $341.2M |
| Income tax benefit (expense) | $31.9M | $27.9M | ($8.8M) | ($52.1M) |
| Net income (loss) | ($85.9M) | ($65.4M) | $24.3M | $289.0M |
| Basic (in USD per share) | -$0.50 | -$0.39 | $0.14 | $1.64 |
| Diluted (in USD per share) | -$0.50 | -$0.57 | $0.14 | $1.52 |
| Basic (in shares) | 170.1M | 166.8M | 177.2M | 176.5M |
| Diluted (in shares) | 170.1M | 169.9M | 178.2M | 193.5M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenue (including related party) | $108.5M | $90.6M | $53.6M | $57.4M |
| Price protection agreement income | $17.6M | $42.3M | — | — |
| Cost of sales (excluding depreciation, depletion and amortization) (including related party) | $72.3M | $74.2M | $48.5M | $50.4M |
| Selling, general and administrative | $35.2M | $33.6M | $28.4M | $27.4M |
| Depreciation, depletion and amortization | $35.4M | $32.1M | $22.5M | $20.8M |
| Start-up costs | $14.4M | $5.9M | $1.4M | $761.0K |
| Advanced projects and development | $1.3M | $1.9M | $19.0M | $2.5M |
| Other operating costs and expenses (income), net | ($447.0K) | $9.2M | $758.0K | ($619.0K) |
| Total operating costs and expenses, net | $158.1M | $157.0M | $120.6M | $101.3M |
| Operating loss | ($32.0M) | ($24.1M) | ($67.0M) | ($43.9M) |
| Interest expense, net | ($9.7M) | ($9.8M) | ($8.6M) | ($5.4M) |
| Other income, net | $12.4M | $20.3M | $17.2M | $6.6M |
| Loss before income taxes | ($29.3M) | ($13.6M) | ($58.4M) | ($42.7M) |
| Income tax benefit | $9.0M | $5.7M | $16.7M | $11.9M |
| Net loss | ($20.3M) | ($8.0M) | ($41.8M) | ($30.9M) |
| Basic EPS (in USD per share) | -$0.11 | -$0.04 | -$0.24 | -$0.19 |
| Diluted (in USD per share) | -$0.11 | -$0.04 | -$0.24 | -$0.19 |
| Basic (in shares) | 178.4M | 178.0M | 175.0M | 163.8M |
| Diluted (in shares) | 178.4M | 178.0M | 175.0M | 163.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $1.2B | $282.4M | $263.4M | $136.6M |
| Short-term investments | $664.3M | $568.4M | $734.5M | $1.0B |
| Total cash, cash equivalents and short-term investments | $1.8B | $850.9M | $997.8M | $1.2B |
| Trade accounts receivable, net of allowance for credit losses of $0 and $0, respectively (including related party) | $14.6M | $18.9M | $10.0M | $32.9M |
| Income taxes receivable | $1.0M | $23.7M | — | $2.2M |
| Other receivables | $131.0M | — | — | — |
| Inventories | $171.6M | $107.9M | $95.2M | $57.6M |
| Prepaid expenses and other current assets | $17.3M | $10.2M | $8.8M | $18.9M |
| Total current assets | $2.2B | $1.0B | $1.1B | $1.3B |
| Property, plant and equipment, net | $1.4B | $1.3B | $1.2B | $935.7M |
| Inventories | $80.5M | $19.0M | $13.3M | $5.7M |
| Price protection agreement upfront asset, net | $209.7M | — | — | — |
| Other non-current assets | $38.3M | $15.7M | $5.3M | $2.5M |
| Total non-current assets | $1.7B | $1.3B | $1.2B | $944.0M |
| Total assets | $3.9B | $2.3B | $2.3B | $2.2B |
| Accounts and construction payable | $36.7M | $23.6M | $28.0M | — |
| Accrued liabilities | $95.1M | $64.7M | $73.9M | — |
| Current portion of long-term debt | $67.4M | — | — | — |
| Deferred revenue | $74.3M | $56.9M | — | — |
| Other current liabilities | $25.6M | $18.9M | $6.6M | $4.1M |
| Total current liabilities | $299.0M | $164.0M | $108.5M | $97.5M |
| Long-term debt, net of current portion | $931.3M | $908.7M | $682.0M | $678.4M |
| Deferred revenue | $83.9M | $43.1M | — | — |
| Deferred government grant | $22.1M | $20.1M | $17.4M | — |
| Deferred investment tax credit | $26.9M | $25.5M | — | — |
| Deferred income taxes | $51.6M | $85.3M | $130.8M | $122.4M |
| Other non-current liabilities | $57.0M | $26.1M | $3.0M | $5.0M |
| Total non-current liabilities | $1.2B | $1.1B | $862.1M | $827.7M |
| Total liabilities | $1.5B | $1.3B | $970.7M | $925.2M |
| Redeemable preferred stock | $413.6M | — | — | — |
| Preferred stock, undesignated ($0.0001 par value, 49,600,000 and 50,000,000 shares authorized as of December 31, 2025, and December 31, 2024, respectively, zero issued and outstanding in either year) | 0 | 0 | 0 | 0 |
| Common stock ($0.0001 par value, 450,000,000 shares authorized, 192,607,429 and 178,445,570 shares issued, and 177,357,647 and 163,195,788 shares outstanding, as of December 31, 2025, and December 31, 2024, respectively) | 19.0K | 18.0K | 17.0K | 18.0K |
| Additional paid-in capital | $2.0B | $961.4M | $979.9M | $951.0M |
| Retained earnings | $234.4M | $320.3M | $385.7M | $361.4M |
| Accumulated other comprehensive income | $387.0K | $173.0K | $145.0K | $189.0K |
| Treasury stock, at cost, 15,249,782 shares for both periods | -227.0M | -227.0M | — | — |
| Total stockholders’ equity | $2.0B | $1.1B | $1.4B | $1.3B |
| Total liabilities, redeemable preferred stock and stockholders’ equity | $3.9B | $2.3B | $2.3B | $2.2B |
| Common stock, par value (usd per share) | $0.00 | — | — | — |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $429.1M | $886.3M | $1.1B | $261.5M |
| Short-term investments | $1.0B | $852.1M | $793.2M | $492.1M |
| Total cash, cash equivalents and short-term investments | $1.5B | $1.7B | $1.9B | $753.7M |
| Trade accounts receivable, net of allowance for credit losses of $0 and $0, respectively | $40.4M | $47.3M | $14.8M | $21.8M |
| Other receivables | $56.3M | $72.0M | — | — |
| Inventories | $173.4M | $169.2M | $144.4M | $128.0M |
| Prepaid expenses and other current assets | $22.6M | $20.1M | $15.2M | $13.8M |
| Total current assets | $1.7B | $2.0B | $2.2B | $960.4M |
| Property, plant and equipment, net | $1.6B | $1.4B | $1.3B | $1.3B |
| Inventories | $106.1M | $96.5M | $62.8M | $45.2M |
| Price protection agreement upfront asset, net | $187.5M | $198.5M | — | — |
| Other non-current assets | $79.1M | $64.1M | $33.9M | $24.6M |
| Total non-current assets | $2.0B | $1.8B | $1.6B | $1.4B |
| Total assets | $3.7B | $3.8B | $3.8B | $2.3B |
| Accounts and construction payable | $46.0M | $33.0M | $25.4M | $21.7M |
| Accrued liabilities | $60.3M | $99.4M | $78.0M | $74.4M |
| Current portion of long-term debt | $0 | $67.5M | $67.5M | $67.4M |
| Deferred revenue | $45.5M | $62.1M | $82.2M | $79.9M |
| Other current liabilities | $31.6M | $23.3M | $17.1M | $23.4M |
| Total current liabilities | $183.5M | $285.3M | $270.2M | $266.9M |
| Long-term debt, net of current portion | $934.6M | $932.9M | $929.7M | $843.4M |
| Deferred revenue | $80.9M | $77.8M | $62.5M | $45.1M |
| Deferred government grant | $26.1M | $24.5M | $22.1M | $22.0M |
| Deferred investment tax credit | $35.3M | $36.3M | $21.4M | $26.4M |
| Deferred income taxes | $27.0M | $35.2M | $55.9M | $67.3M |
| Other non-current liabilities | $68.4M | $67.4M | $58.2M | $48.6M |
| Total non-current liabilities | $1.2B | $1.2B | $1.1B | $1.1B |
| Total liabilities | $1.4B | $1.5B | $1.4B | $1.3B |
| Redeemable preferred stock | $413.6M | $413.6M | $413.6M | — |
| 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 | 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) | 19.0K | 19.0K | 19.0K | 18.0K |
| Additional paid-in capital | $2.0B | $2.0B | $2.0B | $970.8M |
| Retained earnings | $206.2M | $226.5M | $225.0M | $266.8M |
| Accumulated other comprehensive income (loss) | ($258.0K) | ($42.0K) | $298.0K | ($26.0K) |
| Treasury stock, at cost, 15,249,782 shares for both periods | -227.0M | -227.0M | -227.0M | -227.0M |
| Total stockholders’ equity | $2.0B | $2.0B | $2.0B | $1.0B |
| Total liabilities, redeemable preferred stock and stockholders’ equity | $3.7B | $3.8B | $3.8B | $2.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net Income (Loss) | ($85.9M) | ($65.4M) | $24.3M | $289.0M |
| Depreciation, depletion and amortization | $89.3M | $78.1M | $55.7M | $18.4M |
| Accretion of discount on short-term investments | ($24.1M) | ($30.3M) | ($26.3M) | ($10.0M) |
| Gain on early extinguishment of debt | $0 | ($52.9M) | $0 | $0 |
| Stock-based compensation expense | $30.2M | $23.2M | $25.2M | $31.8M |
| Amortization of debt discount and debt issuance costs | $5.4M | — | $3.5M | $4.0M |
| Write-downs of inventories | $3.0M | $21.5M | $2.3M | $0 |
| Deferred income taxes | ($30.4M) | ($27.8M) | $8.5M | $17.8M |
| Other | ($7.1M) | $4.8M | $0 | $0 |
| Trade accounts receivable (including related party) | $4.0M | ($8.8M) | $22.8M | $18.2M |
| Income taxes receivable | $22.7M | ($22.8M) | — | ($2.2M) |
| Other receivables | ($110.4M) | ($497.0K) | ($19.3M) | — |
| Inventories | ($115.0M) | ($41.5M) | ($47.1M) | ($24.3M) |
| Prepaid expenses, other current and non-current assets | ($9.0M) | ($1.3M) | $2.4M | ($6.0M) |
| Accounts payable and accrued liabilities | $9.4M | $1.3M | $11.3M | $2.0M |
| Income taxes payable | $360.0K | $0 | ($21.2M) | $17.7M |
| Deferred revenue | $58.2M | $100.0M | — | — |
| Deferred government grant | $4.8M | $4.9M | $19.1M | — |
| Other current and non-current liabilities | ($1.2M) | $27.0M | ($294.0K) | ($1.1M) |
| Net cash provided by (used in) operating activities | ($155.8M) | $13.3M | $62.7M | $343.5M |
| Additions to property, plant and equipment | ($172.4M) | ($186.4M) | ($261.9M) | ($326.6M) |
| Purchases of short-term investments | ($1.8B) | ($1.6B) | ($1.2B) | ($2.8B) |
| Proceeds from sales of short-term investments | $176.1M | $166.4M | $507.7M | $1.5B |
| Proceeds from maturities of short-term investments | $1.6B | $1.6B | $1.0B | $281.0M |
| Investment in equity method investee | $0 | $0 | ($9.7M) | — |
| Proceeds from return of investment in equity method investee | $9.7M | — | — | — |
| Proceeds from sale of property, plant and equipment | $4.1M | $0 | $18.0K | $0 |
| Proceeds from government awards used for construction | $24.2M | $96.0K | $2.8M | $5.1M |
| Net cash provided by (used in) investing activities | ($206.0M) | $10.1M | $68.7M | ($1.4B) |
| Proceeds from issuance of long-term debt | $61.5M | $747.5M | $0 | $0 |
| Proceeds from issuance of common stock | $747.5M | — | — | — |
| Proceeds from issuance of Series A preferred stock | $299.4M | — | — | — |
| Proceeds from issuance of warrant | $189.1M | — | — | — |
| Payment of debt issuance costs | ($3.8M) | ($20.6M) | $0 | $0 |
| Payments to retire long-term debt | $0 | ($428.6M) | — | — |
| Payment of equity issuance costs | ($31.1M) | — | — | $0 |
| Purchase of capped call options | $0 | ($65.3M) | — | — |
| Repurchases of common stock | $0 | ($225.1M) | — | — |
| Principal payments on debt obligations | ($6.1M) | ($2.5M) | — | — |
| Tax withholding on stock-based awards | ($10.9M) | ($10.1M) | ($7.2M) | ($18.4M) |
| Net cash provided by (used in) financing activities | $1.2B | ($4.8M) | ($9.9M) | ($24.2M) |
| Net change in cash, cash equivalents and restricted cash | $883.8M | $18.6M | $121.5M | ($1.0B) |
| Cash, cash equivalents and restricted cash beginning balance | $283.6M | $265.0M | $143.5M | $1.2B |
| Cash, cash equivalents and restricted cash ending balance | $1.2B | $283.6M | $265.0M | $143.5M |
| Cash and cash equivalents | $1.2B | $282.4M | $263.4M | $136.6M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net loss | ($28.3M) | ($8.0M) | ($95.3M) | ($53.5M) |
| Depreciation, depletion and amortization | $67.5M | $32.1M | $64.7M | $42.2M |
| Accretion of discount on short-term investments | ($13.0M) | ($5.8M) | ($17.6M) | ($11.5M) |
| Stock-based compensation expense | $24.2M | $12.9M | $20.6M | $12.9M |
| Amortization of debt discount and debt issuance costs | $3.6M | $1.8M | $3.6M | — |
| Lower of cost or net realizable value reserve | $0 | $0 | $6.4M | $6.7M |
| Deferred income taxes | ($13.4M) | ($5.2M) | ($29.5M) | ($17.9M) |
| Other | $154.0K | ($2.8M) | ($4.1M) | ($5.9M) |
| Trade accounts receivable (including related party) | ($25.8M) | ($32.6M) | $4.1M | ($2.9M) |
| Other receivables | $58.7M | $48.0M | ($16.1M) | ($10.9M) |
| Inventories | ($20.8M) | ($8.9M) | ($84.1M) | ($52.4M) |
| Prepaid expenses, other current and non-current assets | ($13.7M) | ($7.4M) | ($7.6M) | ($4.3M) |
| Accounts payable and accrued liabilities | ($4.1M) | ($2.8M) | $7.1M | $1.2M |
| Deferred revenue | ($33.9M) | ($19.2M) | $44.7M | $24.9M |
| Deferred government grant | $5.9M | $3.4M | $3.9M | $3.3M |
| Other current and non-current liabilities | ($2.2M) | ($7.6M) | ($9.6M) | ($795.0K) |
| Net cash provided by (used in) operating activities | $4.9M | ($1.9M) | ($108.9M) | ($66.9M) |
| Additions to property, plant and equipment | ($307.7M) | ($77.4M) | ($110.0M) | ($59.5M) |
| Purchases of short-term investments | ($1.2B) | ($576.6M) | ($1.4B) | ($683.8M) |
| Proceeds from sales of short-term investments | $15.8M | $15.8M | $88.7M | $80.4M |
| Proceeds from maturities of short-term investments | $873.6M | $378.3M | $1.1B | $690.9M |
| Proceeds from return of investment in equity method investee | $0 | — | $9.7M | $9.7M |
| Proceeds from sale of property, plant and equipment | $0 | $0 | $4.1M | $4.1M |
| Reimbursements received from the government | $0 | — | $24.2M | $12.2M |
| Net cash provided by (used in) investing activities | ($654.8M) | ($259.8M) | ($279.1M) | $54.0M |
| Payments to retire long-term debt | ($67.5M) | — | $0 | $0 |
| Principal payments on debt obligations | ($2.2M) | ($912.0K) | ($5.0M) | ($3.9M) |
| Tax withholding on stock-based awards | ($18.2M) | ($17.6M) | ($5.5M) | ($3.9M) |
| Net cash used in financing activities | ($87.9M) | ($18.5M) | $1.3B | ($7.7M) |
| Net change in cash, cash equivalents and restricted cash | ($737.7M) | ($280.3M) | $864.9M | ($20.6M) |
| Cash, cash equivalents and restricted cash beginning balance | $1.2B | $1.2B | $283.6M | $283.6M |
| Cash, cash equivalents and restricted cash ending balance | $429.6M | $887.1M | $1.1B | $263.0M |
| Cash and cash equivalents | $429.1M | $886.3M | $1.1B | $261.5M |
| Restricted cash, current | $541.0K | $815.0K | $799.0K | $918.0K |
| Restricted cash, non-current | $0 | $0 | $538.0K | $540.0K |
| Total cash, cash equivalents and restricted cash | $429.6M | $887.1M | $1.1B | $263.0M |
MP Materials Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.