Slide 1: Q2 2025 Results
Q2 2025 Results August 7, 2025
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. MP Materials Corp. (the “Company,” “we,” “us” and “our”) intend such forward-looking statements to be covered by the safe harbor provisions for forward-lookin
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 Net Income (Loss), and Adjusted Diluted EPS, which have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”)
Slide 4: Highlights
Highlights DoD Partnership Apple Partnership Materials Segment Magnetics Segment • Transformational DoD • Foundational customer of • Record NdPr oxide production • Continued ramping commercial investment and strategic capital recycling business of 597 MT — an increase of 119% metal deliveries • NdPr
Slide 5: Financial Metrics - Consolidated
Financial Metrics - Consolidated Increase in revenue year-over-year driven Adjusted EBITDA improvement year-over- Higher EPS year-over-year driven by by ramp of separated product sales and year driven by contribution from Magnetics improved Adjusted EBITDA, partially offset magnetic precursor produc
Slide 6: Operating Metrics - Materials Segment
Operating Metrics - Materials Segment Higher production driven Concentrate sales declined Realized pricing impacted NdPr production volumes Sales volumes continue to Realized pricing increased by record REO produced in-line with curtailment of by higher market prices increased with further track pro
Slide 7: Financial Metrics - Segments
Financial Metrics - Segments Higher revenue year-over-year Segment Adjusted EBITDA Revenue driven by initial Segment Adjusted EBITDA from ramp of separated improvement driven by production and sales of improvement driven by product sales; sequential improved per-unit costs year- magnetic precursor p
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Slide 9: Appendix
Appendix
Slide 10: 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) 2025 2024 2025 Revenue $ 57,393 $ 31,258 $ 60,810 Operating costs and expenses:
Slide 11: Reconciliation: Net Loss to Adjusted EBITDA
Reconciliation: Net Loss to Adjusted EBITDA For the three months For the three months ended June 30, ended March 31, (in thousands, unaudited) 2025 2024 2025 Net loss $ (30,872) $ (34,055) $ (22,648) Adjusted for: Depreciation, depletion and amortization 20,777 18,210 21,384 Interest expense, net 5,
Slide 12: Reconciliation: Net Loss to Adjusted Net Loss
Reconciliation: Net Loss to Adjusted Net Loss For the three months For the three months ended June 30, ended March 31, (in thousands, unaudited) 2025 2024 2025 Net loss $ (30,872) $ (34,055) $ (22,648) Adjusted for: Stock-based compensation expense(1) 5,427 5,703 7,353 (2) Initial start-up costs 634
Slide 13: 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 June 30, March 31, (unaudited) 2025 2024 2025 Diluted loss per share $ (0.19) $ (0.21) $ (0.14) Adjusted for: Stock-based compensation expense 0.04 0.03 0.04 Initial start-up costs —