MP Materials(US:MP)2024-08-01 22:41Financial Performance - Revenue decreased to $313 million in Q2 2024, compared to $640 million in Q2 2023 and $487 million in Q1 2024 [6, 9] - Adjusted EBITDA was negative $271 million in Q2 2024, a significant decrease from $270 million in Q2 2023 and negative $12 million in Q1 2024 [6] - Adjusted Diluted EPS was negative $017 in Q2 2024, compared to $009 in Q2 2023 and negative $004 in Q1 2024 [7] Production and Sales Volumes - REO (Rare Earth Oxide) production volumes decreased to 9,084 metric tons in Q2 2024, from 10,863 metric tons in Q2 2023 and 11,151 metric tons in Q1 2024 [5] - REO sales volumes decreased to 5,839 metric tons in Q2 2024, from 10,271 metric tons in Q2 2023 and 9,332 metric tons in Q1 2024 [5] - NdPr (Neodymium-Praseodymium) production volumes increased sequentially, with more than double QoQ growth, and an expected 50% QoQ growth in Q3 [4] - NdPr sales volumes were 136 metric tons in Q2 2024, compared to 131 metric tons in Q1 2024 [5] Pricing - Realized price per REO metric ton was $4,294 in Q2 2024, down from $6,231 in Q2 2023 and $4,294 in Q1 2024 [5] - NdPr realized price was $48 per KG in Q2 2024, compared to $62 per KG in Q1 2024 [5] - Expect a low-single-digit sequential decline in realized pricing in Q3 [4] Operational Highlights - Upstream 60K strategy remains on track, with continued improvements in productivity and recovery [4] - Signed NdPr supply agreement with a global automaker for a substantial volume commitment and awarded a DoD NdPr supply contract [4] - Received an initial $50 million customer prepayment and commissioned a prototype magnet production line [4]