Slide 1: Q2 2024 Results
Q2 2024 Results August 1, 2024
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
Highlights Upstream • Impacted by unplanned Midstream • More than doubled NdPr Downstream • Received initial $50 million downtime production QoQ customer prepayment • Upstream 60K on track; – Expect 50% QoQ growth in Q3 • Commissioned prototype continued improvements in • Expect unit cost to materia
Slide 5: Operations and Financial Overview
Operations and Financial Overview
Slide 6: Operating Metrics
Operating Metrics Production volumes impacted Concentrate sales volumes Realized pricing decline in-line NdPr production volumes Sales volumes in-line with prior Realized pricing declined in- by higher unplanned impacted by lower upstream with prior guidance; expect increased with further progress q
Slide 7: Financial Metrics
Financial Metrics Revenue decline driven by lower Adjusted EBITDA driven by initial subscale Earnings comparisons impacted by concentrate sales volumes as well as lower separated product production costs, change in Adjusted EBITDA and higher realized prices for both REO in concentrate including the
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Slide 10: Appendix
Appendix
Slide 11: 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 June 30, ended March 31, (in thousands, except share and per share data, unaudited) 2024 2023 2024 Revenue: Rare earth concentrate $ 24,426 $ 64,001 $ 40,076 NdPr o
Slide 12: Reconciliation: Net Income (Loss) to Adjusted EBITDA
Reconciliation: Net Income (Loss) to Adjusted EBITDA For the three months For the three months ended June 30, ended March 31, (in thousands, unaudited) 2024 2023 2024 Net income (loss) $ (34,055) $ 7,395 $ 16,489 Adjusted for: Depreciation, depletion and amortization 18,210 12,203 18,385 Interest ex
Slide 13: Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss) For the three months For the three months ended June 30, ended March 31, (in thousands, unaudited) 2024 2023 2024 Net income (loss) $ (34,055) $ 7,395 $ 16,489 Adjusted for: Stock-based compensation expense(1) 5,703 5,730 7,467 (2) Init
Slide 14: Reconciliation: Diluted Earnings (Loss) per Share to Adjusted Diluted EPS
Reconciliation: Diluted Earnings (Loss) per Share to Adjusted Diluted EPS For the three months For the three months ended June 30, ended March 31, (unaudited) 2024 2023 2024 Diluted earnings (loss) per share $ (0.21) $ 0.04 $ (0.08) Adjusted for: Stock-based compensation expense 0.03 0.03 0.04 Initi
Slide 15: Year-to-Date 2024 Cash Flow Bridge
(1) Year-to-Date 2024 Cash Flow Bridge $(10.3) 9.9 (0.2) $(28.3) (19.8) (7.9) Net Cash Used in Working Capital Cash Received Initial Start-Up Other Items Adjusted EBITDA Operating from Interest and Costs and Activities Investment Transaction- Income(2) Related and Other Costs(3) 1. All figures in mi
Slide 16: Reconciliation: Net Cash Used in Operating Activities to Free Cash Flow
Reconciliation: Net Cash Used in Operating Activities to Free Cash Flow For the six months ended (in thousands, unaudited) June 30, 2024 Net cash used in operating activities $ (10,284) (1) Additions to property, plant and equipment (98,230) Free Cash Flow $ (108,514) 16 1. Amount is net of $0.1 mil