MP Materials Stock Hits All-Time High Following Q2 Earnings Beat

MP Materials Corp MP reported financial results for the second quarter after the market close on Thursday. Here’s what you need to know from the report.

MP is challenging its 52-week high. Track it now here.

Q2 Earnings: MP Materials reported second-quarter revenue of $57.39 million, beating analyst estimates of $46.31 million, according to Benzinga Pro. The company reported a second-quarter adjusted loss of 13 cents per share, beating analyst estimates for a loss of 18 cents per share.

Total revenue was up 84% on a year-over-year basis, primarily due to higher production of separated products, resulting in a greater mix of NdPr oxide and metal revenue. Materials segment revenue was up 20% to $37.5 million and Magnetics segment revenue totaled $19.9 million.

MP Materials ended the second quarter with $753.66 million in total cash, cash equivalents and short-term investments.

“In the second quarter, our Materials segment achieved record NdPr oxide production and delivered the second-highest REO output in MP’s history. At the same time, our Magnetics segment advanced commissioning and began profitably ramping metal production,” said James Litinsky, founder, chairman and CEO of MP Materials. 

“We also recently announced transformational partnerships with the Department of Defense and Apple — cornerstone agreements that we believe will drive significant long-term profitability and position MP as a platform for sustained growth in the emerging era of physical AI.”

MP Materials entered into a public-private partnership with the Department of Defense in July aimed at building out an end-to-end U.S. rare earth magnet supply chain to reduce foreign dependency. The company also announced a long-term partnership with Apple last month to supply the iPhone maker with magnets. 

MP Materials executives will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.

MP Price Action: MP Materials shares were up 5.18% in after-hours, trading at all-time highs of $74.54 at the time of publication Thursday, according to Benzinga Pro.

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Photo: courtesy of MP Materials.