MP Materials reported Q3 2024 revenue of $62.9 million, a 20% increase from $52.5 million in Q3 2023, driven by NdPr oxide and metal sales of $19.2 million. However, the company posted an operating loss of $39.5 million compared to a $17.5 million loss last year, as rare earth concentrate revenue declined 18% due to lower realized prices. REO production volume rose 28% to 13,742 MTs while NdPr production reached 478 MTs.The company continued ramping up its Stage II optimization project, with elevated production costs impacting margins. Cost of sales increased significantly to $57.3 million from $22.2 million last year due to higher per-unit costs of separated rare earth products. Operating expenses rose 46% to $102.5 million, reflecting increased depreciation and personnel costs to support downstream expansion.Looking ahead, MP Materials is advancing its Stage III downstream expansion strategy, receiving a $50 million prepayment from GM for magnetic precursor materials. The company was awarded a $58.5 million Section 48C tax credit for its Fort Worth Facility and completed several strategic financial transactions, including issuing $747.5 million in convertible notes and repurchasing $480 million of existing notes.

MP Materials reported Q3 2024 revenue of $62.9 million, a 20% increase from $52.5 million in Q3 2023, driven by NdPr oxide and metal sales of $19.2 million. However, the company posted an operating loss of $39.5 million compared to a $17.5 million loss last year, as rare earth concentrate revenue declined 18% due to lower realized prices. REO production volume rose 28% to 13,742 MTs while NdPr production reached 478 MTs.The company continued ramping up its Stage II optimization project, with elevated production costs impacting margins. Cost of sales increased significantly to $57.3 million from $22.2 million last year due to higher per-unit costs of separated rare earth products. Operating expenses rose 46% to $102.5 million, reflecting increased depreciation and personnel costs to support downstream expansion.Looking ahead, MP Materials is advancing its Stage III downstream expansion strategy, receiving a $50 million prepayment from GM for magnetic precursor materials. The company was awarded a $58.5 million Section 48C tax credit for its Fort Worth Facility and completed several strategic financial transactions, including issuing $747.5 million in convertible notes and repurchasing $480 million of existing notes.