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MP Materials Corp. (MP+4.14%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a total revenue of $62,927,000 for the quarter, an increase from the previous year's $52,516,000. This increase is attributed to the commencement of NdPr oxide and metal sales, generating $19,179,000 in revenue.
Rare earth concentrate revenue decreased to $43,053,000 from $52,472,000 in the same quarter of the previous year, primarily due to a decrease in realized price per REO metric ton.
Cost of sales for the quarter was $57,266,000, representing an increase from $22,217,000 in the same quarter of the previous year. The increase is due to elevated per-unit production costs associated with separated rare earth products.
The company reported a net loss of $25,516,000 for the quarter, compared to a net loss of $4,276,000 in the previous year.
Adjusted EBITDA for the quarter was a loss of $11,168,000, compared to a gain of $15,551,000 in the previous year. The decline is attributed to increased costs and a decrease in revenue from rare earth concentrate.
MP Materials repurchased $480,000,000 of its 2026 Notes and issued $747,500,000 of 2030 Notes during the quarter. The company also repurchased 15.2 million shares of its common stock at an aggregate cost of $225,100,000.
As of September 30, 2024, MP Materials had cash, cash equivalents, and short-term investments totaling $866,490,000. The company also reported total assets of $2,300,286,000 and total liabilities of $1,235,746,000.
MP Materials continues to focus on the ramp-up of its Stage II optimization project and the development of its Stage III downstream expansion strategy, including the construction of a rare earth metal, alloy, and magnet manufacturing facility in Fort Worth, Texas.
The filing highlights various risks and uncertainties, including fluctuations in demand and pricing of rare earth products, competition within the rare earth mining and processing industry, and potential changes in China's political environment and policies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MP Materials Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.