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MP Materials MP Rare Earth Concentrate — Revenue (including related party)

Other product segments

NdPr Oxide And Metal
$94.43M+18,131%
Magnetic precursor products
$16.52M-16.8%
Other Revenue
$1.2M+95.9%

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UUUURare Earth Elements Segment — Revenues (Note 17)
$0—
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LMRIManagement Fee And Other Revenue Related Party — Revenue
$49.54M+4.6%

Other financials

Income statement

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Revenue$108.5M+89.0%
Gross profit$36.2M+420%
Operating income-$32.0M+27.0%
Net income-$20.3M+34.3%
EPS (diluted)-$0.11+42.1%

Balance sheet

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Cash & equivalents$429.1M+63.2%
Total debt$934.6M+1.7%
Total equity$2.0B+93.7%
Total assets$3.7B+59.5%

Cash flow

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Operating cash flow-$6.8M-87.4%
CapEx$230.3M+694%
Free cash flow-$237.2M-626%

Valuation

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Market cap$8.53B-28.7%
Enterprise value$9.03B-28.4%
P/S27.9×-21.4×

Profitability

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Gross margin21.4%+10.1pp
Operating margin-41.5%-11.4pp
Net margin-50.5%—
FCF margin-169.7%-1,273pp

Returns & leverage

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Return on equity-7.8%—
Debt / equity0.5×-0.4×
Current ratio9.5×+5.9×

Where this comes from

Reported directly by MP Materials in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: MP Materials’s 10-Q, filed May 8, 2026.

Filed
May 7, 2026, 8:00 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001801368-26-000029

Revenue and Cost of Sales: For the three months ended March 31, 2025, during the period when Shenghe was considered a related party, the Company recognized $30.1 million of rare earth concentrate revenue, $8.8 million of NdPr oxide and metal revenue and incurred $22.8 million of associated Cost of sales (excluding depreciation, depletion and amortization).

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is MP Materials's rare earth concentrate — revenue (including related party)?
MP Materials (MP) reported rare earth concentrate — revenue (including related party) of $0 in Q1 2026.
How has MP Materials's rare earth concentrate — revenue (including related party) changed year-over-year?
MP Materials's rare earth concentrate — revenue (including related party) decreased by 100.0% year-over-year, from $30.1M to $0.
What is the long-term trend for MP Materials's rare earth concentrate — revenue (including related party)?
Over 3 years (2021 to 2025), MP Materials's rare earth concentrate — revenue (including related party) has grown at a -49.6% compound annual growth rate (CAGR), from $328.56M to $41.99M.
What does rare earth concentrate — revenue (including related party) mean?
This metric represents the total gross revenue generated from the sale of rare earth concentrate, including transactions with related parties. It serves as a primary indicator of the company's upstream production output and market demand for raw rare earth materials. As the core revenue stream for the mining segment, it reflects the company's ability to extract and process mineral resources at scale.

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