MP recorded $40.3 million of adjusted EBITDA in the materials segment. PPA income totaled $51 million in Q4, realizing a full $110/kg price floor, while upstream REO and concentrate production rose 12% to over 50,000 metric tons. Total oxide sales volumes climbed 75% to nearly 2,000 metric tons for the year.

Separated NdPr oxide output doubled to 2,599 metric tons in 2025, and the year-end annualized run rate approached 4,000 metric tons, driven by a record December. The company signed a significant long-term NdPr offtake agreement with a leading U.S. technology firm to support materials segment working capital and future magnetics growth. Executives highlighted efforts to diversify supply chains away from China.

MP produced its first magnets on commercial-scale equipment at the Independence facility and expects initial magnetics revenue in the second half of 2026. The magnetics segment delivered $8.4 million of adjusted EBITDA in Q4 and $26.4 million for the full year, with roughly $74 million of deferred revenue set to be recognized over the next four quarters. Technical advances reduced heavy rare earth content by approximately 60% in EV-grade magnets while maintaining performance specifications.

The company plans $500–600 million in capital expenditures for 2026, focused on the Northlake 10X facility—with over $200 million in incentives—and expansion of Independence, recycling, and heavy rare earth separations. Liquidity stands at more than $1.8 billion in cash, plus $131 million in other receivables, including $70 million of U.S. tax credits and PPA payments. Operational guidance targets over 20% sequential NdPr oxide production growth in Q1 and a year-end run rate of 500 tons per month.