Ramaco Resources Inc. Class A press release

MP Materials Reports First Quarter 2026 Results

2026-05-07

NASDAQ - Nasdaq Stock Market · Coal · Rare Earth Elements · Gallium · Germanium · Scandium · United States · Corporate Finance

Record NdPr production of 917 metric tons, a 63% increase year over year

Record NdPr sales of 1,006 metric tons 1 , a 117% increase year over year

Record Q1 REO production of 12,983 metric tons, a 6% increase year over year

Generated $132.9 million of consolidated revenue and PPA Income, consisting of $90.6 million of revenue and $42.3 million of PPA Income

Generated $72.2 million in revenue, $42.3 million of PPA Income, and $36.7 million in Adjusted EBITDA in the Materials Segment 1

Generated $21.1 million in revenue and $9.6 million in Adjusted EBITDA in the Magnetics Segment

Broke ground on 10X magnetics facility

MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”), today announced financial and operational results for the three months ended March 31, 2026.

“MP Materials delivered record NdPr production and sales with solid Adjusted EBITDA generation in the first quarter,” said James Litinsky, Founder, Chairman and CEO of MP Materials. “We advanced key growth initiatives, expanding operations at Independence and breaking ground on 10X, with scaled heavy rare earth separation commissioning activities set to begin imminently at Mountain Pass. These achievements reflect our disciplined execution, the exceptional capabilities of our growing team, and the accelerating momentum behind our vertically integrated strategy.”

First Quarter 2026 Consolidated Financial Highlights

| | For the three months ended March 31, | | 2026 vs. 2025 | | | | | | | | | | | | (in thousands, except per share data, unaudited) | | 2026 | | | | 2025 | | | Amount Change | | % Change | | | | Financial Measures: | | | | | | | | | | | | | | | Revenue | $ | 90,649 | | | $ | 60,810 | | | $ | 29,839 | | 49 | % | | Price protection agreement income | $ | 42,273 | | | $ | — | | | $ | 42,273 | | N/M | | | Net loss | $ | (7,968 | ) | | $ | (22,648 | ) | | $ | 14,680 | | 65 | % | | Adjusted EBITDA 2 | $ | 36,610 | | | $ | (2,696 | ) | | $ | 39,306 | | N/M | | | Adjusted Net Income (Loss) 2 | $ | 6,652 | | | $ | (19,898 | ) | | $ | 26,550 | | N/M | | | Diluted loss per common share | $ | (0.04 | ) | | $ | (0.14 | ) | | $ | 0.10 | | 71 | % | | Adjusted Diluted EPS 2 | $ | 0.03 | | | $ | (0.12 | ) | | $ | 0.15 | | N/M | | | N/M = Not meaningful. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1 Includes sales volumes, revenue, and profits recognized in the Materials Segment on intercompany transactions with the Magnetics Segment. | | | | | | | | | | | | | | | 2 See “Use of Non-GAAP Financial Measures” below for the definitions. See tables below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures. | | | | | | | | | | | | | |

First Quarter 2026 Consolidated Review

Total revenue increased 49% year over year to $90.6 million, driven by higher sales of NdPr oxide and metal, reflecting the continued ramping of production of separated products, as well as stronger market pricing. Revenue from magnetic precursor products also increased year over year. These increases were partially offset by the cessation of our concentrate sales beginning in July 2025.

Adjusted EBITDA increased by $39.3 million year over year to $36.6 million, driven mainly by the increase in total revenue discussed above and price protection agreement income (“PPA Income”) generated in the Materials Segment.

Adjusted Net Income improved by $26.6 million year over year to $6.7 million, driven primarily by the higher Adjusted EBITDA as discussed above, along with higher interest income due to increased cash and short-term investment balances. This improvement was partially offset by the amortization related to the price protection agreement upfront asset, with no comparable cost in the prior year period.

Net loss improved by $14.7 million year over year to $(8.0) million, primarily due to the factors driving the improvement in Adjusted Net Income discussed above.

Diluted loss per common share and Adjusted Diluted EPS improved by $0.10 and $0.15 year over year, respectively, to $(0.04) and $0.03, respectively, in line with the change in Net loss and Adjusted Net Income discussed above.

First Quarter 2026 Segment Financial Highlights

| | For the three months ended March 31, | | 2026 vs. 2025 | | | | | | | | | | | | | (in thousands, unaudited) | | 2026 | | | | 2025 | | | $ Change | | % Change | | | | | Segment Financials: | | | | | | | | | | | | | | | | Revenue | | | | | | | | | | | | | | | | Materials Segment | $ | 72,177 | | | $ | 55,619 | | | $ | 16,558 | | | 30 | % | | Magnetics Segment | | 21,078 | | | | 5,191 | | | | 15,887 | | | 306 | % | | Intercompany eliminations (1) | | (2,606 | ) | | | — | | | | (2,606 | ) | | N/M | | | Total revenue | $ | 90,649 | | | $ | 60,810 | | | $ | 29,839 | | | 49 | % | | | | | | | | | | | | | | | | | | Segment Adjusted EBITDA (2) | | | | | | | | | | | | | | | | Materials Segment | $ | 36,732 | | | $ | 3,758 | | | $ | 32,974 | | | 877 | % | | Magnetics Segment | | 9,592 | | | | 493 | | | | 9,099 | | | N/M | | | Total Segment Adjusted EBITDA | $ | 46,324 | | | $ | 4,251 | | | $ | 42,073 | | | 990 | % | | Corporate and other (3) | | (9,587 | ) | | | (6,947 | ) | | | (2,640 | ) | | (38 | )% | | Intercompany eliminations (1) | | (127 | ) | | | — | | | | (127 | ) | | N/M | | | Adjusted EBITDA (4) | $ | 36,610 | | | $ | (2,696 | ) | | $ | 39,306 | | | N/M | | | N/M = Not meaningful. | | | | | | | | | | | | | | |

| (1) | Represents the elimination of intercompany revenues and Segment Adjusted EBITDA associated with NdPr oxide sales made by the Materials Segment to the Magnetics Segment. | | (2) | Segment Adjusted EBITDA is management’s measure of profit or loss required by GAAP in assessing segment performance and deciding how to allocate the Company’s resources. See “Segment Information” below for further information. | | (3) | Corporate and other is not considered a reportable segment, and is presented solely to reconcile the total of Segment Adjusted EBITDA to Adjusted EBITDA on a consolidated basis. Corporate and other represents costs incurred at the corporate level that are not allocated to the operating segments, specifically relating to executive compensation, investor relations, other corporate costs, and the remaining unallocated costs for shared service functions such as legal, information technology, human resources, finance and accounting and supply chain. | | (4) | See “Use of Non-GAAP Financial Measures” below for definition. See table below for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP financial measure, net income or loss. |

First Quarter 2026 Materials Segment Financial and Operational Results

| | For the three months ended March 31, | | 2026 vs. 2025 | | | | | | | | | | | (unaudited) | | 2026 | | | 2025 | | Amount Change | | % Change | | | | | Revenue: | (in thousands) | | | | | | | | | | | | | NdPr oxide and metal | $ | 71,136 | | $ | 24,321 | | $ | 46,815 | | | 192 | % | | Rare earth concentrate | | — | | | 30,115 | | | (30,115 | ) | | N/M | | | Other revenue | | 1,041 | | | 1,183 | | | (142 | ) | | (12 | )% | | Total Materials Segment revenue | $ | 72,177 | | $ | 55,619 | | $ | 16,558 | | | 30 | % | | | | | | | | | | | | | | | | Price protection agreement income | $ | 42,273 | | $ | — | | $ | 42,273 | | | N/M | | | | | | | | | | | | | | | | | Segment Adjusted EBITDA (1) | $ | 36,732 | | $ | 3,758 | | $ | 32,974 | | | 877 | % | | | | | | | | | | | | | | | | Key Performance Indicators (2) : | (in whole units) | | | | | | | | | | | | | Separated NdPr products | | | | | | | | | | | | | | NdPr Production Volume (MTs) | | 917 | | | 563 | | | 354 | | | 63 | % | | NdPr Sales Volume (MTs) | | 1,006 | | | 464 | | | 542 | | | 117 | % | | Rare earth concentrate | | | | | | | | | | | | | | REO Production Volume (MTs) | | 12,983 | | | 12,213 | | | 770 | | | 6 | % | | N/M = Not meaningful. | | | | | | | | | | | | |

| (1) | See “Segment Information” below for further information. | | (2) | See “Key Performance Indicators” below for definitions and further information. |

First Quarter 2026 Materials Segment Review

Materials Segment revenue increased by 30% to $72.2 million year over year, driven by a $46.8 million increase in NdPr oxide and metal sales due to a 117% increase in NdPr Sales Volume as a result of continuing to ramp the production of separated products and higher market prices compared to the first quarter of 2025. The increase was partially offset by the cessation of all REO sales to third parties in July 2025, which resulted in no revenue recognized from rare earth concentrate during the current quarter.

Materials Segment Adjusted EBITDA increased by $33.0 million year over year to $36.7 million, primarily due to the net increase in revenue discussed above, as well as the PPA Income. These increases were netted against higher Materials Segment cost of sales, which increased year over year by $22.3 million, consistent with the increase in NdPr Sales Volume.

First Quarter 2026 Magnetics Segment Financial Results

| | For the three months ended March 31, | | 2026 vs. 2025 | | | | | | | | | | (in thousands, unaudited) | | 2026 | | | 2025 | | $ Change | | % Change | | | | Magnetic precursor products revenue | $ | 21,078 | | $ | 5,191 | | $ | 15,887 | | 306 | % | | | | | | | | | | | | | | | Segment Adjusted EBITDA (1) | $ | 9,592 | | $ | 493 | | $ | 9,099 | | N/M | | | N/M = Not meaningful. | | | | | | | | | | | |

| (1 | ) | See “Segment Information” below for further information. |

First Quarter 2026 Magnetics Segment Review

Magnetics Segment revenue increased by $15.9 million to $21.1 million year over year, driven by increased production of magnetic precursor products. These sales also drove the increase in the Magnetics Segment Adjusted EBITDA.

| MP MATERIALS CORP. AND SUBSIDIARIES | | | | | | | | | CONDENSED CONSOLIDATED BALANCE SHEETS | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | | | | (U.S. dollars in thousands, except share and per share data, unaudited) | | | | | | | | | Assets | | | | | | | | | Current assets | | | | | | | | | Cash and cash equivalents | $ | 886,277 | | | $ | 1,166,011 | | | Short-term investments | | 852,058 | | | | 664,275 | | | Total cash, cash equivalents and short-term investments | | 1,738,335 | | | | 1,830,286 | | | Trade accounts receivable | | 47,291 | | | | 14,642 | | | Other receivables | | 71,981 | | | | 132,042 | | | Inventories | | 169,192 | | | | 171,560 | | | Prepaid expenses and other current assets | | 20,104 | | | | 17,271 | | | Total current assets | | 2,046,903 | | | | 2,165,801 | | | Non-current assets | | | | | | | | | Property, plant and equipment, net | | 1,434,231 | | | | 1,369,817 | | | Inventories | | 96,454 | | | | 80,539 | | | Price protection agreement upfront asset, net | | 198,503 | | | | 209,668 | | | Other non-current assets | | 64,112 | | | | 38,335 | | | Total non-current assets | | 1,793,300 | | | | 1,698,359 | | | Total assets | $ | 3,840,203 | | | $ | 3,864,160 | | | Liabilities, redeemable preferred stock and stockholders’ equity | | | | | | | | | Current liabilities | | | | | | | | | Accounts and construction payable | $ | 32,988 | | | $ | 36,655 | | | Accrued liabilities | | 99,412 | | | | 95,086 | | | Current portion of long-term debt | | 67,499 | | | | 67,411 | | | Deferred revenue | | 62,062 | | | | 74,301 | | | Other current liabilities | | 23,291 | | | | 25,596 | | | Total current liabilities | | 285,252 | | | | 299,049 | | | Non-current liabilities | | | | | | | | | Long-term debt, net of current portion | | 932,942 | | | | 931,330 | | | Deferred revenue | | 77,849 | | | | 83,889 | | | Deferred government grant | | 24,523 | | | | 22,101 | | | Deferred investment tax credit | | 36,262 | | | | 26,860 | | | Deferred income taxes | | 35,231 | | | | 51,558 | | | Other non-current liabilities | | 67,386 | | | | 57,005 | | | Total non-current liabilities | | 1,174,193 | | | | 1,172,743 | | | Total liabilities | | 1,459,445 | | | | 1,471,792 | | | Commitments and contingencies | | | | | | | | | Redeemable preferred stock: | | | | | | | | | Series A cumulative perpetual convertible preferred stock ($0.0001 par value, 400,000 shares authorized, issued and outstanding as of March 31, 2026, and December 31, 2025, respectively; aggregate liquidation preference of $420,725 and $413,489 as of March 31, 2026 and December 31, 2025, respectively) | | 413,611 | | | | 413,611 | | | Stockholders’ equity: | | | | | | | | | Preferred stock, undesignated ($0.0001 par value, 49,600,000 shares authorized as of March 31, 2026, and December 31, 2025, respectively, zero issued and outstanding in either period) | | — | | | | — | | | Common stock ($0.0001 par value, 450,000,000 shares authorized, 192,919,450 and 192,607,429 shares issued, and 177,669,668 and 177,357,647 shares outstanding, as of March 31, 2026, and December 31, 2025, respectively) | | 19 | | | | 19 | | | Additional paid-in capital | | 1,967,757 | | | | 1,970,970 | | | Retained earnings | | 226,460 | | | | 234,428 | | | Accumulated other comprehensive income (loss) | | (42 | ) | | | 387 | | | Treasury stock, at cost, 15,249,782 shares for both periods | | (227,047 | ) | | | (227,047 | ) | | Total stockholders’ equity | | 1,967,147 | | | | 1,978,757 | | | Total liabilities, redeemable preferred stock and stockholders’ equity | $ | 3,840,203 | | | $ | 3,864,160 | | | | | | | | | | |

| MP MATERIALS CORP. AND SUBSIDIARIES | | | | | | | | | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | | | | | | | | | | | | | | | | | | (U.S. dollars in thousands, except share and per share data, unaudited) | For the three months ended March 31, | | | | | | | | | 2026 | | | | 2025 | | | | Revenue | $ | 90,649 | | | $ | 60,810 | | | Price protection agreement income | | 42,273 | | | | — | | | Operating costs and expenses: | | | | | | | | | Cost of sales (excluding depreciation, depletion and amortization) | | 74,245 | | | | 48,831 | | | Selling, general and administrative | | 33,640 | | | | 24,166 | | | Depreciation, depletion and amortization | | 32,137 | | | | 21,384 | | | Start-up costs | | 5,889 | | | | 976 | | | Advanced projects and development | | 1,905 | | | | 474 | | | Other operating costs and expenses (income), net | | 9,228 | | | | (243 | ) | | Total operating costs and expenses, net | | 157,044 | | | | 95,588 | | | Operating loss | | (24,122 | ) | | | (34,778 | ) | | Interest expense, net | | (9,846 | ) | | | (7,615 | ) | | Other income, net | | 20,326 | | | | 15,218 | | | Loss before income taxes | | (13,642 | ) | | | (27,175 | ) | | Income tax benefit | | 5,674 | | | | 4,527 | | | Net loss | $ | (7,968 | ) | | $ | (22,648 | ) | | | | | | | | | | | Loss per common share: | | | | | | | | | Basic | $ | (0.04 | ) | | $ | (0.14 | ) | | Diluted | $ | (0.04 | ) | | $ | (0.14 | ) | | | | | | | | | | | Weighted-average shares outstanding: | | | | | | | | | Basic | | 178,019,549 | | | | 163,764,345 | | | Diluted | | 178,019,549 | | | | 163,764,345 | | | | | | | | | | |

| MP MATERIALS CORP. AND SUBSIDIARIES | | | | | | | | | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | | | | | | | | | | | For the three months ended March 31, | | | | | | | | (U.S. dollars in thousands, unaudited) | | 2026 | | | | 2025 | | | Operating activities: | | | | | | | | | Net loss | $ | (7,968 | ) | | $ | (22,648 | ) | | Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | Depreciation, depletion and amortization | | 32,137 | | | | 21,384 | | | Accretion of discount on short-term investments | | (5,773 | ) | | | (5,691 | ) | | Stock-based compensation expense | | 12,930 | | | | 7,353 | | | Amortization of debt discount and debt issuance costs | | 1,840 | | | | 1,033 | | | Lower of cost or net realizable value reserve | | — | | | | 3,164 | | | Deferred income taxes | | (5,178 | ) | | | (4,558 | ) | | Other | | (2,796 | ) | | | (6,932 | ) | | Decrease (increase) in operating assets: | | | | | | | | | Trade accounts receivable | | (32,649 | ) | | | (318 | ) | | Other receivables | | 48,018 | | | | (57,000 | ) | | Inventories | | (8,853 | ) | | | (31,103 | ) | | Prepaid expenses, other current and non-current assets | | (7,365 | ) | | | (6,991 | ) | | Increase (decrease) in operating liabilities: | | | | | | | | | Accounts payable and accrued liabilities | | (2,831 | ) | | | (1,786 | ) | | Deferred revenue | | (19,196 | ) | | | 44,809 | | | Deferred government grant | | 3,380 | | | | 2,723 | | | Other current and non-current liabilities | | (7,605 | ) | | | (6,637 | ) | | Net cash used in operating activities | | (1,909 | ) | | | (63,198 | ) | | Investing activities: | | | | | | | | | Additions to property, plant and equipment | | (77,376 | ) | | | (30,467 | ) | | Purchases of short-term investments | | (576,555 | ) | | | (364,680 | ) | | Proceeds from sales of short-term investments | | 15,840 | | | | 23,164 | | | Proceeds from maturities of short-term investments | | 378,279 | | | | 354,613 | | | Proceeds from sale of property, plant and equipment | | — | | | | 1,666 | | | Net cash used in investing activities | | (259,812 | ) | | | (15,704 | ) | | Financing activities: | | | | | | | | | Principal payments on debt obligations | | (912 | ) | | | (1,361 | ) | | Tax withholding on stock-based awards | | (17,634 | ) | | | (3,642 | ) | | Net cash used in financing activities | | (18,546 | ) | | | (5,003 | ) | | Net change in cash, cash equivalents and restricted cash | | (280,267 | ) | | | (83,905 | ) | | Cash, cash equivalents and restricted cash beginning balance | | 1,167,359 | | | | 283,603 | | | Cash, cash equivalents and restricted cash ending balance | $ | 887,092 | | | $ | 199,698 | | | | | | | | | | | | Reconciliation of cash, cash equivalents and restricted cash: | | | | | | | | | Cash and cash equivalents | $ | 886,277 | | | $ | 198,343 | | | Restricted cash, current | | 815 | | | | 815 | | | Restricted cash, non-current | | — | | | | 540 | | | Total cash, cash equivalents and restricted cash | $ | 887,092 | | | $ | 199,698 | | | | | | | | | | |

| Reconciliation of GAAP Net Loss to

Non-GAAP Adjusted EBITDA | | | | | | | | | | | | | | | | | | | For the three months ended March 31, | | | | | | | | (in thousands, unaudited) | | 2026 | | | | 2025 | | | Net loss | $ | (7,968 | ) | | $ | (22,648 | ) | | Adjusted for: | | | | | | | | | Depreciation, depletion and amortization | | 32,137 | | | | 21,384 | | | Interest expense, net | | 9,846 | | | | 7,615 | | | Income tax benefit | | (5,674 | ) | | | (4,527 | ) | | Stock-based compensation expense (1) | | 12,867 | | | | 7,353 | | | Initial start-up costs (2) | | 4,853 | | | | 772 | | | Transaction-related and other costs (3) | | 10,489 | | | | 2,816 | | | Accretion of asset retirement and environmental obligations (4) | | 386 | | | | 373 | | | Loss on disposals of long-lived assets, net (4) | | — | | | | (616 | ) | | Other income, net (5) | | (20,326 | ) | | | (15,218 | ) | | Adjusted EBITDA | $ | 36,610 | | | $ | (2,696 | ) |

| (1) | Principally included in “Selling, general and administrative” within our unaudited Condensed Consolidated Statements of Operations. | | (2) | Included in “Start-up costs” within our unaudited Condensed Consolidated Statements of Operations and excludes any applicable stock-based compensation, which is included in the “Stock-based compensation expense” line above. Primarily relates to certain costs incurred in connection with the commissioning and starting up of our initial magnet-making capabilities at the Independence Facility prior to the achievement of commercial production. | | (3) | Pertains to legal, consulting, and advisory services, and other costs associated with specific matters or transactions, including litigation matters, potential acquisitions, mergers, or other investments. For the three months ended March 31, 2026, amount is principally included in “Other operating costs and expenses (income), net” within our unaudited Condensed Consolidated Statements of Operations and includes $8.8 million related to the settlement of a construction-related litigation matter. For the three months ended March 31, 2025, amount is principally included in “Selling, general and administrative” within our unaudited Condensed Consolidated Statements of Operations. | | (4) | Included in “Other operating costs and expenses (income), net” within our unaudited Condensed Consolidated Statements of Operations. | | (5) | Principally comprised of interest and investment income. | | | |