Summary of Key Points from the Conference Call Industry Overview - **Healthcare Sector**: Anticipation of an Executive Order on drug pricing expected next week, with a probability of over 70% for the implementation of Most Favored Nation (MFN) pricing to reduce the disparity between US and international drug prices [3][9] - **Transportation and Logistics**: Expected reduction in shipments due to tariffs, but supply chain disruptions may provide some offset. Favorable outlook for specific companies like XPO, NSC, and CP, while UPS and SAIA appear oversold [4] Company-Specific Insights - **Alphabet Inc. (GOOGL)**: Notable shift in search dynamics with the first-ever decline in Safari searches, raising concerns about AI search potentially replacing traditional search methods. However, long-term monetization of AI is expected to ramp up [2][27] - **Microsoft Corporation (MSFT)**: Azure reported a 35% year-over-year revenue growth, with a 34% increase in backlog, outperforming Amazon's AWS and Google's GCP. Combined cloud backlog growth of 33% indicates strong core demand despite AI capacity constraints [5][27] - **Tesla, Inc. (TSLA)**: Focus on Robotaxi and affordable model launches, but concerns over tariffs and execution risks contribute to share price volatility [6][27] - **Walmart Inc. (WMT)**: Anticipated Q1 sales are expected to be in line or slightly better, but caution is advised due to product mix and potential impacts on EBIT growth [5][27] - **Capital One Financial Corporation (COF)**: Continued performance exceeding expectations, with FY27 EPS estimates raised to approximately $25. Merger synergies of $2.7 billion expected to phase in from Q2 [7][27] - **MP Materials**: Potential factory closures in the US due to the absence of rare earth magnet flows from China, impacting industries such as aerospace and electric vehicles [7][27] - **GeneDx**: Management confidence in over 30% volume growth for NICU genetic diagnostics this year, with a compelling valuation at 4x projected 2026 revenues [8][27] Market Dynamics - **Quant Strategy**: Increasing EPS risk indicated by Q1 earnings beats and misses, with the Mag 7 model yielding a cumulative long-short return of 10.5% since its launch [2] - **Russell Rebalance**: Notable buy/sell pressure on specific stocks leading into the June 27 rebalance, with BAM, FLUT, and HWM among the top gainers, while SSB and HQY are under pressure [4] Additional Considerations - **Tariffs and Supply Chain**: The impact of tariffs on shipments and the potential for redirected flows to mitigate some negative effects [4] - **AI and Search Trends**: The evolving landscape of search engines and the implications of AI on traditional search methods [2] This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state of the healthcare and technology sectors, along with specific company performances and market dynamics.

Core Viewpoint - MP Materials reported a 25% year-over-year increase in revenues to $60.8 million for Q1 2025, but shares fell 10% due to a wider-than-expected loss of 12 cents per share, attributed to higher production costs [1][12][13]. Financial Performance - Record NdPr production reached 563 metric tons, a 330% increase year-over-year, with sales volumes up 246% to 464 metric tons [10]. - The Materials Segment's revenues increased 14% to $55.6 million, despite a 16% decline in realized pricing [10]. - REO production rose 10% year-over-year to 12,213 metric tons, but sales volumes for rare earth concentrate plunged 33%, leading to a $10 million revenue decline [11]. - Total revenues of $60.8 million missed the Zacks Consensus Estimate of $64 million, with a 37% surge in cost of sales due to higher production costs [12]. Market Position and Stock Performance - MP Materials shares have increased 35.5% year-to-date, outperforming the Zacks Mining - Miscellaneous industry's growth of 6.6% [2]. - The company has outperformed competitors in the rare earths space, such as Idaho Strategic Resources and Lynas, which advanced 27.5% and 21.8%, respectively [5]. Strategic Focus - The company halted rare earth concentrate shipments to China due to tariffs and export controls, which historically accounted for approximately 50% of its revenues in Q1 2025 [14]. - MP Materials is focusing on ramping production and selling separated rare earth products to markets outside China, including Japan and South Korea [15]. Long-Term Outlook - MP Materials is the largest producer of rare earth materials in the Western Hemisphere, with a mine life estimated at 29 years based on current reserves [24][26]. - The company is developing a facility in Fort Worth, TX, to produce neodymium-iron-boron permanent magnets by the end of 2025 [24]. - The market for rare earth products is critical for clean-tech applications, with increasing focus on domestic REE capabilities in the U.S. [25]. Earnings Estimates - The Zacks Consensus Estimate for MP's fiscal 2025 and 2026 earnings has seen downward revisions, with a projected loss of 29 cents in 2025, improving from a loss of 44 cents in 2024 [19][20]. - Despite projected revenue growth of 43.85% in 2025 and 47.8% in 2026, the company is expected to face challenges due to elevated costs and loss of revenue streams [19][31].

Core Insights - MP Materials experienced an 8% decline in stock price following the release of its quarterly earnings, contrasting with the S&P 500's stable performance on the same day [1] Financial Performance - The company's total revenue for the first quarter was $60.8 million, reflecting a 25% year-over-year increase, but fell short of the analyst estimate of $64.4 million [2] - MP Materials reported a non-GAAP adjusted net loss of nearly $20 million, or $0.12 per share, which was a significant increase from the $12.4 million loss in the same quarter of the previous year; the consensus estimate was a loss of $0.11 per share [3] Trade Relations Impact - Ongoing trade tensions between the U.S. and China, particularly due to tariffs imposed by the Trump administration, have negatively affected the company's operations; MP Materials has halted shipments of rare-earth concentrates to China, where a single client accounted for over 80% of its revenue last year [4] - The sentiment surrounding MP Materials' stock is likely to remain negative as long as the trade war continues, posing potential challenges for the company [5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-39277 MP MATERIALS CORP. (Exact name of registrant as specified in its charter) (State ...

MP Materials Corp. (MP) came out with a quarterly loss of $0.12 per share versus the Zacks Consensus Estimate of a loss of $0.10. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -20%. A quarter ago, it was expected that this company would post a loss of $0.12 per share when it actually produced a loss of $0.12, delivering no surprise.Over the last four quarters, the company has not been able to s ...

Financial Data and Key Metrics Changes - Consolidated revenue increased by 25% year over year, primarily driven by a 246% increase in NDPR sales volumes and initial sales of magnet precursor materials [16][18] - Consolidated adjusted EBITDA declined by $1,500,000 year over year to negative $2,700,000, attributed to the transition to producing separated products [16][17] - Adjusted diluted EPS fell from negative $0.04 a year ago to negative $0.12 this year, mainly due to higher interest expense and depreciation from new assets [16][17] Business Line Data and Key Metrics Changes - The materials division achieved record NDPR oxide production of 563 metric tons, a 36% sequential increase from the previous quarter [13] - The upstream produced 12,213 metric tons of REO, up nearly 10% compared to last year's first quarter, marking the second-best quarter of production ever [18][20] - The magnetics division recorded $5,200,000 in revenue and positive adjusted EBITDA for the segment, marking a significant milestone [14][21] Market Data and Key Metrics Changes - NDPR production volumes grew 36% sequentially and were up 330% compared to last year, with sales volumes at 464 metric tons [19][20] - Realized pricing for NDPR was approximately flat sequentially at $52 per kilogram, down 16% from last year [19][20] - The materials segment revenues increased by 14%, driven by a 246% increase in NDPR oxide sales and a 12% increase in REO realized pricing [20] Company Strategy and Development Direction - The company aims to accelerate the domestic rare earth magnetic supply chain in the U.S. due to geopolitical tensions and supply chain vulnerabilities [6][9] - The strategy includes scaling operations and engaging with public and private partners to enhance production capabilities [9][12] - The company is transitioning from a rare earth producer to a national champion in rare earth magnetics, focusing on partnerships with key manufacturers [9][40] Management's Comments on Operating Environment and Future Outlook - Management emphasized the urgency of building a domestic supply chain for national security and economic resilience [6][7] - The recent geopolitical events have validated the company's strategy and positioned it for significant growth [9][40] - Management expressed confidence in achieving substantial growth and improving EBITDA margins as production scales up [21][40] Other Important Information - The company has received a $50,000,000 customer prepayment and expects to receive another $50,000,000 from 2024 tax credits [26] - Capital expenditures for the quarter were $30,500,000, with a target of $150,000,000 to $175,000,000 for the year [26][27] - The company is working on separating heavy rare earths in partnership with the Department of Defense, with plans to bring the facility online next year [27] Q&A Session Summary Question: Can you provide details on partnerships and capital acceleration? - Management highlighted increased discussions with industry and government partners, emphasizing the need for accelerated capital deployment to meet demand [44][50] Question: How are you managing the heavy supply chain? - The company has stockpiled sufficient heavy rare earth concentrate and is executing plans to bring its own separation facility online [52][54] Question: What are the production expectations for the second quarter? - Management expects an increase in production in Q2 compared to Q1, with further growth anticipated in Q3 [62][64] Question: How are you addressing the use of heavy rare earths in production? - The company is focused on thrifting and reducing the use of heavy rare earths while leveraging its vertical integration for recycling [66][70] Question: What are the working capital needs for the year? - The company maintains a strong balance sheet and does not foresee issues with working capital as it ramps up production [72][75]

Financial Data and Key Metrics Changes - Consolidated revenue increased by 25% year over year, primarily driven by a 246% increase in NDPR sales volumes and initial sales of magnet precursor materials [16][20] - Consolidated adjusted EBITDA declined by $1,500,000 year over year to negative $2,700,000 due to the transition to producing separated products [16][17] - Adjusted diluted EPS fell from negative $0.04 a year ago to negative $0.12 this year, primarily due to higher interest expense and lower interest income [17] Business Line Data and Key Metrics Changes - The materials division achieved record NDPR oxide production of 563 metric tons, a 36% sequential increase from the previous quarter [13][14] - The upstream produced 12,213 metric tons of REO, up nearly 10% compared to last year's first quarter, marking the second-best quarter of production ever [19][21] - The magnetics division recorded $5,200,000 in revenue and positive adjusted EBITDA for the segment in the quarter, marking a significant milestone [14][22] Market Data and Key Metrics Changes - NDPR production volumes grew 36% sequentially and were up 330% compared to last year [20] - Realized pricing for NDPR was approximately flat sequentially at $52 per kilogram, down 16% from last year [20][21] - The materials segment revenues increased by 14%, driven by a 246% increase in NDPR oxide sales and a 12% increase in REO realized pricing [20][21] Company Strategy and Development Direction - The company aims to accelerate the domestic rare earth magnetic supply chain in the U.S. to enhance national defense and secure downstream enterprise value [5][6] - The vertically integrated model positions the company as a national champion in rare earth magnetics, serving key manufacturers across various sectors [8][12] - The company is focused on executing flawlessly for General Motors, its foundational customer, and aims to transform from a rare earth producer to a national champion [12][13] Management's Comments on Operating Environment and Future Outlook - Management emphasized the urgency of addressing vulnerabilities in global supply chains, particularly in light of geopolitical tensions [5][6] - The company is in active discussions with major stakeholders to accelerate its mission and is confident in the transformative value it can deliver [8][12] - Management expects significant year-over-year growth in upstream production and improved EBITDA margins as operations ramp up [40][41] Other Important Information - The company has received a $50,000,000 customer prepayment and anticipates additional cash from tax credits [14][28] - Capital expenditures for the quarter were $30,500,000, with a target of $150,000,000 to $175,000,000 for the year [28][29] - The company is executing a project to separate heavy rare earths in partnership with the Department of Defense, expected to come online next year [29] Q&A Session Summary Question: Can you provide details on partnerships and capital acceleration? - Management highlighted increased engagement with industry and government, emphasizing the urgency to accelerate operations and the potential for extraordinary returns on capital [45][50] Question: How are you managing the heavy supply chain? - Management confirmed they have sufficient material stockpiled to support the Independence facility and are executing rapidly to bring their own operations online [52][85] Question: What are your production and sales volume expectations for the second quarter? - Management expects to increase production in Q2 versus Q1 and anticipates further growth in Q3 without scheduled outages [58][59] Question: How do you view working capital needs and cash balance? - Management expressed confidence in their strong balance sheet and ample cash reserves, supported by prepayments and tax credits [70][71] Question: What is the timeline for scaling operations? - Management noted the rapid acceleration of interest in U.S. magnetics capacity and emphasized the importance of vertical integration for future growth [90][91]

Exhibit 99.1 MP Materials Reports First Quarter 2025 Results Revenue increased 25% year over year to $60.8 million Record NdPr production of 563 metric tons, a 36% sequential increase Second best quarterly REO production of 12,213 metric tons, a 10% increase year over year NdPr sales volumes more than doubled year over year to 464 metric tons Magnetics division makes first metal deliveries, generating $5.2 million in revenue and positive Adjusted EBITDA Received third $50 million customer prepayment on Apri ...

Financial Performance - Revenue for Q1 2025 was $608 million, compared to $487 million in Q1 2024 [14] - Adjusted EBITDA for Q1 2025 was negative $27 million, compared to negative $12 million in Q1 2024 [14] - Adjusted Diluted EPS for Q1 2025 was negative $012, the same as Q4 2024, but worse than negative $004 in Q1 2024 [14] Operational Highlights - Record NdPr oxide production of 563 MT in Q1 2025, a 36% sequential increase [10] - REO production volumes increased to 12213 MT in Q1 2025, compared to 11478 MT in Q4 2024 and 11151 MT in Q1 2024 [18] - NdPr sales volumes were 464 MT in Q1 2025, slightly down from 468 MT in Q4 2024, but significantly higher than 134 MT in Q1 2024 [18] Segment Performance - Materials Segment revenue for Q1 2025 was $556 million, compared to $487 million in Q1 2024 [22] - Materials Segment Adjusted EBITDA for Q1 2025 was $38 million, compared to $73 million in Q1 2024 [22] - Magnetics Segment generated $52 million in revenue and positive Segment Adjusted EBITDA in Q1 2025 [10, 22] Strategic Initiatives - Ceased sales of concentrate to China and is stockpiling on site [10] - Commenced commercial metal deliveries [10] - Received a third $50 million customer prepayment on April 1st [10]

Group 1 - The core viewpoint of the news is that Shenghe Resources, a Chinese company focused on rare earth business, asserts that the suspension of rare earth concentrate exports to China by MP Materials will not significantly impact its operations due to its diversified supply chain [1] - Shenghe Resources has established alternative supply channels for rare earth materials, including Sichuan mines and imports from other countries [1] - MP Materials halted exports to China in response to a 125% tariff imposed by China on U.S. imports, which is part of the ongoing trade tensions between the two countries [1] Group 2 - China holds 90% of the global rare earth reserves and has advanced extraction and separation technologies, making it a dominant player in the rare earth market [3] - The discovery of a rare earth deposit in Mongolia by Australian company Palabora Resources, with reserves of 275 million tons, has raised concerns in China about losing its market dominance [3] - Mongolia's agreement to supply 31 million tons of rare earths to the U.S. could be undermined by China's control over the transportation routes, as Mongolia is landlocked and relies on Chinese ports for exports [3][5] Group 3 - Mongolia's economic struggles are attributed to its political leaders' ambitions and their attempts to align with Western countries, which may provoke caution from China and Russia [5] - A new cross-border railway agreement between Mongolia and China aims to enhance coal exports from Mongolia to China, indicating a shift towards closer economic ties with its southern neighbor [5][7] - The construction of the 19.5-kilometer railway, which has been in discussion for over a decade, is expected to significantly boost Mongolia's coal exports to China by 30 million tons annually upon completion [7]