MP Materials Q4 Earnings Call Highlights

Core Insights - MP Materials executives highlighted 2025 as a "landmark year," with increased rare earth oxide output, progress in magnet production, and new long-term customer agreements amid rising demand for NdPr [2] Production and Sales Performance - The company reported a doubling of separated NdPr oxide output to 2,599 metric tons in 2025, with an annualized run rate nearing 4,000 metric tons by year-end, supported by record production in December [3] - Total oxide sales volumes increased by 75% to nearly 2,000 metric tons for the year, with over 50,000 metric tons of rare earth oxide produced, marking a record annual performance and maintaining Mountain Pass as the world's second-largest REO producer [4] Financial Performance - CFO noted that upstream production exceeded 50,000 metric tons of REO and concentrate, up 12% from 2024, and indicated that after mid-2025, the company will stop reporting upstream sales volumes and realized pricing [5] - The company's price protection agreement (PPA) contributed $51 million in the fourth quarter, effectively realizing a $110 per unit purchase price floor for sold products, alongside contributions from stockpiled inventory [6] - Higher realized prices, PPA benefits, and cost reductions led to a return to profitability in the materials segment, generating $40.3 million of adjusted segment EBITDA in the quarter [7]