MP Materials Q3 revenue falls 15% to $53.6 million; net loss widens to $41.8 million
MP Materials reported third-quarter 2025 results for the three months ended September 30, 2025, with revenue down 15% year over year to $53.6 million and a net loss of $41.8 million, up from $25.5 million a year earlier. The company stopped all sales to China to align with its agreements with the Department of War, which removed rare earth concentrate revenue, while magnetic precursor sales of $21.9 million began in the period. Shareholders face a larger GAAP loss, though the company's adjusted net loss narrowed to $17.8 million.
Key points
- Total revenue fell to $53.6 million from $62.9 million; Materials Segment revenue fell 50% to $31.6 million after rare earth concentrate sales dropped to zero.
- Net loss was $41.8 million, or $(0.24) per diluted share, compared with $25.5 million, or $(0.16), a year earlier; advanced projects and development expenses rose $17.0 million, including DoW-related transaction costs.
- Adjusted Net Loss improved to $17.8 million from $19.6 million, while Adjusted EBITDA was $(12.6) million versus $(11.2) million.
- Magnetics Segment Adjusted EBITDA was $9.5 million, up from $(3.6) million, and the company plans to begin commissioning its heavy rare earth facility in mid-2026.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:59 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 06, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.