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MP Materials Corp (NYSE:MP) reported third-quarter financial results after the market close on Thursday. Here’s a look at the key details from the print.
Q3 Highlights: MP Materials reported third-quarter revenue of $53.55 million, missing analyst estimates of $54.92 million, according to Benzinga Pro. The company reported a third-quarter adjusted loss of 10 cents per share, beating analyst estimates for a loss of 18 cents per share.
Total revenue was down 15% on a year-over-year basis as a result of the company ceasing all sales of products to China to align with terms of the company’s recent deal with the Department of Defense. MP said it produced 721 metric tons of NdPr in the quarter, up 51% year-over-year, and 13,254 metric tons of rare earth concentrate.
“MP Materials delivered another strong quarter, achieving record NdPr oxide production at Mountain Pass and record NdPr metal output at Independence,” said James Litinsky, founder, chairman and CEO of MP Materials.
“With key portions of our agreements with the Department of War [Defense] commencing in the current quarter, we now have enhanced cash flow visibility to accelerate scaled magnet production in the United States — beginning with first commercial output from Independence by year-end.”
MP Materials ended the quarter with $1.94 billion in cash, cash equivalents and short-term investments.
Company executives will further discuss the quarter on an earnings call set for 5 p.m. ET.
MP Price Action: MP Materials shares were up 0.60% in after-hours, trading at $52.25 at the time of publication on Thursday, according to Benzinga Pro.
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Image: courtesy of MP Materials.
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