Business
MP Materials Reports First Quarter 2023 Results
REO Sales and Production Volumes of 10,215 and 10,671 Metric Tons, Respectively Revenue of $95.7M and Net Income of $37.4M Adjusted EBITDA of $58.7M Diluted EPS
About this update from Mp Materials Corp.
[{"type":"text","content":" REO Sales and Production Volumes of 10,215 and 10,671 Metric Tons, Respectively Revenue of $95.7M and Net Income of $37.4M Adjusted EBITDA of $58.7M Diluted EPS of $0.20 and Adjusted Diluted EPS of $0.27 LAS VEGAS / May 04, 2023 / Business Wire / MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”), today announced financial results for the three months ended March 31, 2023. “MP continued to advance the multiple streams of our business during the quarter despite weaker recent commodity pricing,” said Chairman and CEO James H. Litinsky. “At Mountain Pass, we sustained strong production and sales volumes while simultaneously commissioning additional Stage II circuits and moving closer to producing separated rare earth materials. In addition, construction and engineering of our Stage III magnet facility continues at a rapid pace, bringing the restoration of the full magnetics supply chain closer to fruition.” First Quarter 2023 Financial and Operational Highlights For the three months ended March 31, 2023 vs. 2022 (unaudited) 2023 2022 Amount Change % Change Financial Measures: (in thousands, except per share data) Revenue(1) $ 95,700 $ 166,258 $ (70,558 ) (42 ) % Net income $ 37,447 $ 85,551 $ (48,104 ) (56 )% Adjusted EBITDA(2) $ 58,700 $ 132,257 $ (73,557 ) (56 ) % Adjusted Net Income(2)(3) $ 51,327 $ 94,043 $ (42,716 ) (45 )% Diluted EPS $ 0.20 $ 0.45 $ (0.25 ) (56 )% Adjusted Diluted EPS(2) $ 0.27 $ 0.49 $ (0.22 ) (45 )% Key Performance Indicators: (in whole units or dollars) REO production volume (MTs) 10,671 10,828 (157 ) (1 )% REO sales volume (MTs) 10,215 11,706 (1,491 ) (13 )% Realized price per REO MT(2) $ 9,365 $ 13,818 $ (4,453 ) (32 )% Production cost per REO MT(2) $ 1,978 $ 1,594 $ 384 24 % (1) The vast majority of our revenue pertains to product sales of our rare earth concentrate. (2) See “Use of Non-GAAP Financial Measures” below for the definitions of Adjusted EBITDA, Adjusted Net Income, Adjusted Dilut...