Slide 1: Q3 2024 Results
Q3 2024 Results November 7, 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 • Record REO production of Midstream • Record NdPr oxide production Downstream • Commercial NdPr metal 13,742 MT of 478 MT production cells in • Upstream 60K optimizations – Expect roughly flat sequential commissioning production volumes in Q4 given • Metal deliveries on track to
Slide 5: Operations and Financial Overview
Operations and Financial Overview
Slide 6: Operating Metrics
Operating Metrics Record production Concentrate sales volumes Realized pricing improved NdPr production volumes Sales volumes driven by Realized pricing declined in- volumes primarily driven driven by higher production slightly sequentially due to increased with further increasing production line wi
Slide 7: Financial Metrics
Financial Metrics Revenue increase driven by ramp of Adjusted EBITDA driven by ramp of Earnings comparisons impacted by change separated product sales as well as higher separated product revenues with initially in Adjusted EBITDA, higher depreciation concentrate sales volumes versus prior subscale p
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Slide 11: Appendix
Appendix
Slide 12: 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 September 30, ended June 30, (in thousands, except share and per share data, unaudited) 2024 2023 2024 Revenue: Rare earth concentrate $ 43,053 $ 52,472 $ 24,426 Nd
Slide 13: Reconciliation: Net Loss to Adjusted EBITDA
Reconciliation: Net Loss to Adjusted EBITDA For the three months For the three months ended September 30, ended June 30, (in thousands, unaudited) 2024 2023 2024 Net loss $ (25,516) $ (4,276) $ (34,055) Adjusted for: Depreciation, depletion and amortization 19,344 16,751 18,210 Interest expense, net
Slide 14: Reconciliation: Net Loss to Adjusted Net Income (Loss)
Reconciliation: Net Loss to Adjusted Net Income (Loss) For the three months For the three months ended September 30, ended June 30, (in thousands, unaudited) 2024 2023 2024 Net loss $ (25,516) $ (4,276) $ (34,055) Adjusted for: Stock-based compensation expense(1) 5,453 6,298 5,703 (2) Initial start-
Slide 15: 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 September 30, June 30, (unaudited) 2024 2023 2024 Diluted loss per share $ (0.16) $ (0.02) $ (0.21) Adjusted for: Stock-based compensation expense 0.04 0.03 0.03 Initial start-up cost
Slide 16: Year-to-Date 2024 Cash Flow Bridge
(1) Year-to-Date 2024 Cash Flow Bridge 32.7 1.0 0.6 (11.9) $(17.1) $(39.5) Adjusted EBITDA Working Capital(2) Cash Received Initial Start-Up Other Items Net Cash Used in from Interest and Costs and Operating Investment Transaction- Activities Income(3) Related and Other Costs(4) 1. All figures in mi
Slide 17: Reconciliation: Net Cash Used in Operating Activities to Free Cash Flow
Reconciliation: Net Cash Used in Operating Activities to Free Cash Flow For the nine months ended (in thousands, unaudited) September 30, 2024 Net cash used in operating activities $ (17,128) (1) Additions to property, plant and equipment (144,672) Free Cash Flow $ (161,800) 17 1. Amount is net of $