Slide 1: Q1 2025 Results
Q1 2025 Results May 8, 2025
Slide 2: Safe Harbor
Safe Harbor This presentation contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of t
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation references certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Adjusted Diluted EPS, and Free Cash Flow, which have not been prepared in accordance with generally accepted accounting
Slide 4: Highlights
Materials Magnetics Highlights • Record NdPr oxide production of 563 MT — a 36% • Commenced commercial metal deliveries sequential increase • Generated $5.2 million in revenue and positive • Second highest quarterly production of REO Segment Adjusted EBITDA – Upstream 60K optimizations drove improve
Slide 5: Financial and Operational Overview
Financial and Operational Overview
Slide 6: Financial Metrics - Consolidated
Financial Metrics - Consolidated Revenue increase year-over-year driven by Adjusted EBITDA driven by ramp of Earnings comparisons impacted by increased ramp of separated product sales as well as separated product revenues with initially interest expense from issuance of 2030 convert, initial magneti
Slide 7: Operating Metrics - Materials Segment
Operating Metrics - Materials Segment Production volumes Concentrate sales volumes Realized pricing improved NdPr production volumes Sales volumes driven by Realized pricing declined primarily driven by driven by higher consumption slightly sequentially due to increased with further increasing produ
Slide 8: Financial Metrics - Segments
Financial Metrics - Segments Year-over-year Materials Segment Year-over-year Materials Segment Magnetics Segment revenue driven Magnetics Segment Adjusted revenue increase driven by ramp of Adjusted EBITDA decline driven by by the initial production and sales EBITDA improvement driven by separated p
Slide 9: Unit Cost Bridge
NdPr Production Cost ($/kg) Unit Cost Bridge $60 Current versus expected costs $40 Potential future efficiencies from Chloralkali Variable Costs Fixed Costs & Overhead $20 Utilization / Fixed cost absorption $0 Q1 2025 Target 9 Note: Estimates include portion of 45X impact that would be recognized i
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Slide 12: Appendix
Appendix
Slide 13: P&L: Condensed Consolidated Statements of Operations
P&L MP Materials Corp. and Subsidiaries For the three months Condensed Consolidated Statements of Operations For the three months ended March 31, ended December 31, (in thousands, except share and per share data, unaudited) 2025 2024 2024 Revenue $ 60,810 $ 48,684 $ 60,986 Operating costs and expens
Slide 14: Reconciliation: Net Income (Loss) to Adjusted EBITDA
Reconciliation: Net Income (Loss) to Adjusted EBITDA For the three months ended For the three months ended March 31, December 31, (in thousands, unaudited) 2025 2024 2024 Net income (loss) $ (22,648) $ 16,489 $ (22,342) Adjusted for: Depreciation, depletion and amortization 21,384 18,385 22,118 Inte
Slide 15: Reconciliation: Net Income (Loss) to Adjusted Net Loss
Reconciliation: Net Income (Loss) to Adjusted Net Loss For the three months For the three months ended March 31, ended December 31, (in thousands, unaudited) 2025 2024 2024 Net income (loss) $ (22,648) $ 16,489 $ (22,342) Adjusted for: Stock-based compensation expense(1) 7,353 7,467 4,560 (2) Initia
Slide 16: Reconciliation: Diluted Loss per Share to Adjusted Diluted EPS
Reconciliation: Diluted Loss per Share to Adjusted Diluted EPS For the three months ended For the three months ended March 31, December 31, (unaudited) 2025 2024 2024 Diluted loss per share $ (0.14) $ (0.08) $ (0.14) Adjusted for: Stock-based compensation expense 0.04 0.04 0.03 Initial start-up cost