Business
MP Materials Reports Fourth Quarter and Full Year 2022 Results
Quarterly production and sales volumes climbed 2% and 12% year-over-year, respectively 2022 production of 42,499 metric tons represents highest annual primary r
About this update from Mp Materials Corp.
[{"type":"text","content":" Quarterly production and sales volumes climbed 2% and 12% year-over-year, respectively 2022 production of 42,499 metric tons represents highest annual primary rare earth production in U.S. history Generated $527.5 million of revenue in 2022, an increase of 59% Increased annual net income 114% to $289.0 million and Adjusted EBITDA 77% to $388.6 million Commissioning of Stage II assets underway Signed distribution agreement with Sumitomo Corporation providing access to Japanese customers LAS VEGAS / Feb 23, 2023 / Business Wire / MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2022. Full Year 2022 Highlights Produced 42,499 metric tons of rare earth oxides (“REO”) in concentrate, the highest annual rare earth production in U.S. and Mountain Pass history Sold a record 43,198 metric tons of REO, generating record revenue of $527.5 million, up 59% year-over-year Produced net income of $289.0 million; Adjusted EBITDA of $388.6 million, a 77% increase year-over-year Maintained fortress balance sheet with $1.2 billion of cash, cash equivalents and short-term investments and $492 million of net cash as of year-end 2022 Accelerated our Stage III strategy to deliver rare earth metal, alloy, and magnetics from our manufacturing facility in Fort Worth, Texas Signed definitive long-term agreement with General Motors to supply alloy and magnets powering 12 Ultium Platform electric vehicles Fourth Quarter 2022 Highlights Increased production 2% year-over-year to 10,485 metric tons of REO Improved sales volumes 12% year-over-year to 10,816 metric tons of REO Began commissioning Stage II assets and producing roasted concentrate Advanced heavy rare earth front-end engineering design and long-lead procurement “The MP team executed really well in 2022. Stage I operations again set records for production and sales volumes, we began commissioning Stage II assets, and we made substantial progress in our Stage III magnetics business. In addition, we achieved record financial results and positive free cash flow, even as we made significant growth investments throughout the year,” said James H. Litinsky, Founder, Chairman and CEO. “For 2023, the MP team is driving towards run rate production of separated rare earths at Mountain Pass and the first...