Business
MP Materials Reports Third Quarter 2021 Results; Revenue Increases 143% Year-Over-Year
LAS VEGAS, Nev. / Nov 04, 2021 / Business Wire / MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”), the largest rare earth materials producer in t
About this update from Mp Materials Corp.
[{"type":"text","content":"LAS VEGAS, Nev. / Nov 04, 2021 / Business Wire / MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”), the largest rare earth materials producer in the Western Hemisphere, today announced its financial results for the three months ended September 30, 2021. “The MP Materials team continues to deliver, with record quarterly production and shipments driving strong growth in revenue and Adjusted EBITDA,” said MP Materials Chairman and CEO, James H. Litinsky. “Our performance reflects continued execution and cost discipline at Mountain Pass coupled with strong global demand for rare earth materials. Also in the quarter, we continued to march toward our goal to restore the full rare earth supply chain to the United States, including progress on our Stage II optimization project and Stage III downstream expansion into magnetics.” Third Quarter 2021 Financial and Operating Highlights For the three months ended September 30, 2021 vs. 2020 (unaudited) 2021 2020 Amount Change % Change Financial Measures: (in thousands) Revenue(1) $ 99,754 $ 41,022 $ 58,732 143 % Net income $ 42,763 $ 14,627 $ 28,136 192 % Adjusted EBITDA(2) $ 68,287 $ 11,609 $ 56,678 488 % Adjusted Net Income(2) $ 51,982 $ 7,245 $ 44,737 617 % Key Performance Indicators: (in whole units or dollars) REO production volume (MTs) 11,998 10,197 1,801 18 % REO sales volume (MTs) 12,814 9,429 3,385 36 % Realized price per REO MT(2) $ 7,693 $ 3,393 $ 4,300 127 % Production cost per REO MT(2) $ 1,449 $ 1,389 $ 60 4 % (1) Virtually all of our revenue pertains to product sales of our rare earth oxide concentrate. (2) See “Use of Non-GAAP Financial Measures” below for the definitions of Adjusted EBITDA, Adjusted Net Income, and Total Value Realized and Production Costs, which are used in the calculations of realized price per REO MT and production cost per REO MT. In addition, see tables below for re...