Slide 1: Q4 2024 Results
Q4 2024 Results February 20, 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: 2024 and Recent Highlights
2024 and Recent Highlights Upstream Midstream Downstream Capital Structure • Produced record 45,455 MT • Achieved record NdPr oxide • Commenced commercial • Repurchased 8.6% of of REO in concentrate production of 1,294 MT in NdPr metal production at outstanding shares for 2024 Independence in Q4 $22
Slide 5: Full-Year Financial and Operational Overview
Full-Year Financial and Operational Overview
Slide 6: Full Year Financial Metrics - Consolidated
Full Year Financial Metrics - Consolidated Revenue primarily impacted by Adjusted EBITDA primarily impacted by Earnings comparisons primarily impacted weaker pricing of rare earth products weaker pricing and materially higher sales by the change in Adjusted EBITDA, higher year-over-year in both 2023
Slide 7: Full Year Operating Metrics - Materials Segment
Full Year Operating Metrics - Materials Segment Record concentrate Concentrate sales Realized pricing reflects NdPr production volumes Sales volumes driven by Realized pricing declined production volumes in volumes driven by impact of slower than increased with further increasing production in-line
Slide 8: Full Year Financial Metrics - Segments
Full Year Financial Metrics - Segments Revenue primarily Segment Adjusted EBITDA impacted Capex decline due to Segment Adjusted Capex spend driven by impacted by weaker by weaker pricing and materially the completion of EBITDA driven by hiring the construction of the pricing of rare earth higher sal
Slide 9: Fourth Quarter Financial and Operational Overview
Fourth Quarter Financial and Operational Overview
Slide 10: Quarterly Financial Metrics - Consolidated
Quarterly Financial Metrics - Consolidated Year-over-year revenue increase driven by Year-over-year Adjusted EBITDA driven by Year-over-year Adjusted Diluted EPS ramp of separated product sales volumes ramp of separated product revenues with comparisons primarily impacted by change initial subscale
Slide 11: Quarterly Operating Metrics - Materials Segment
Quarterly Operating Metrics - Materials Segment Year-over-year growth Year-over-year concentrate Realized pricing improved NdPr production volumes NdPr sales volumes Realized pricing declined primarily driven by improved sales growth driven by higher slightly sequentially due to increased with progr
Slide 12: Quarterly Financial Metrics - Segments
Quarterly Financial Metrics - Segments Year-over-year Materials Year-over-year Materials Segment Magnetics Segment Adjusted Segment revenue increase driven Adjusted EBITDA decline driven by EBITDA driven by personnel by ramp of separated product ramp of separated product revenues costs associated wi
Slide 13: NdPr oxide produced at Mountain Pass; NdPr metal produced at Independence
NdPr oxide produced NdPr metal produced at Mountain Pass at Independence
Slide 14: Automotive-grade magnet produced at Independence
Automotive-grade magnet produced at Independence
Slide 15: Appendix
Appendix
Slide 16: Consolidated Statements of Operations
P&L MP Materials Corp. and Subsidiaries For the three For the three months ended months ended Consolidated Statements of Operations December 31, September 30, For the year ended December 31, (in thousands, except share and per share data, unaudited) 2024 2023 2024 2024 2023 2022 Revenue $ 60,986 $ 4
Slide 17: Reconciliation: Net Income (Loss) to Adjusted EBITDA
Reconciliation: Net Income (Loss) to Adjusted EBITDA For the three For the three months ended months ended December 31, September 30, For the year ended December 31, (in thousands, unaudited) 2024 2023 2024 2024 2023 2022 Net income (loss) $ (22,342) $ (16,259) $ (25,516) $ (65,424) $ 24,307 $ 289,0
Slide 18: Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss) For the three For the three months ended months ended December 31, September 30, For the year ended December 31, (in thousands, unaudited) 2024 2023 2024 2024 2023 2022 Net income (loss) $ (22,342) $ (16,259) $ (25,516) $ (65,424) $ 24,
Slide 19: Reconciliation: Diluted Earnings (Loss) per Share to Adjusted Diluted EPS
Reconciliation: Diluted Earnings (Loss) per Share to Adjusted Diluted EPS For the three For the three months ended months ended December 31, September 30, For the year ended December 31, (unaudited) 2024 2023 2024 2024 2023 2022 Diluted earnings (loss) per share $ (0.14) $ (0.09) $ (0.16) $ (0.57) $
Slide 20: Full Year 2024 Cash Flow Bridge
(1) Full Year 2024 Cash Flow Bridge 4.2 75.5 (0.9) 0.5 $13.3 (15.8) $(50.2) Adjusted EBITDA Working Capital(2) Cash Paid for Cash Received Initial Start-Up Other Items Net Cash Provided Taxes from Interest and Costs and by Operating Investment Transaction- Activities Income(3) Related and Other Cost
Slide 21: Reconciliation: Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation: Net Cash Provided by Operating Activities to Free Cash Flow For the year ended (in thousands, unaudited) December 31, 2024 Net cash provided by operating activities $ 13,349 (1) Additions to property, plant and equipment (186,322) Free Cash Flow $ (172,973) 21 1. Amount is net of $0.