MP Materials 2025Q3 稀土精矿产量同比减少 4%至 13,254 吨，无精矿销量，NdPr 产销量分别同比增长 51%/增长 30%至 721 吨/525 吨

Investment Rating - The report gives a "Recommended" investment rating for the industry [5]. Core Insights - In Q3 2025, the production of rare earth concentrates decreased by 4% year-on-year to 13,254 tons, with no sales of concentrates due to the cessation of all product sales to China [1][4]. - NdPr production increased by 51% year-on-year to 721 tons, while NdPr sales rose by 30% to 525 tons [2][11]. - The realized price for NdPr oxide was $59 per kg, reflecting a 26% year-on-year increase [2][11]. - MP Materials plans to start commissioning a new heavy rare earth separation facility in mid-2026, with an initial focus on producing dysprosium (Dy) and terbium (Tb) [3]. - The company has halted sales to China to comply with a recent agreement with the U.S. Department of Defense, resulting in no recognized revenue from rare earth concentrates for the quarter [4][6]. Financial Performance - In Q3 2025, total revenue for the materials segment decreased by 50% year-on-year to $31.641 million, primarily due to the halt in sales of rare earth oxides [8][11]. - Adjusted EBITDA for the materials segment fell to -$14.522 million, a decline of 466% year-on-year [11]. - The net loss for Q3 2025 increased to $41.78 million, compared to a loss of $25.516 million in the same quarter of the previous year [12].