November 6, 2025 10:31 PM GMT Unchanged Meaningful upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways MP Materials Corp | North America 3Q25 Operational Beat; Projects Seem On Track Reaction to earnings 3Q25 results: Revenues of $53.6m beat the Visible Alpha consensus of $52.2m and just missed our estimate of $55.3m. Adj EBITDA of -$12.6m beat both the VA consensus of -$17. ...