Filing Flows › MP Materials (MP) › Q1 2025
MP Materials (MP) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
MP Materials (MP) reported revenue of $60.8M for the first quarter 2025 (Q1 2025), +25% from a year earlier and -0.3% from the quarter before. Operating margin was -57.2%, net loss $22.6M (37.2% of revenue).
MP Materials, Q1 2025: revenue $60.8M (+25% year over year), operating margin -57.2%, net loss $22.6M, operating cash flow −$63.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $60.8M | -0.3% | +25% |
| Operating profit | −$34.8M | — | — |
| Net earnings | −$22.6M | — | — |
| Operating cash flow | −$63.2M | — | — |
What changed
Revenue was $60.8M in Q1 2025, up 25% year over year and roughly flat from the previous quarter.
Operating costs exceeded revenue by $34.8M, an operating margin of -57.2%. Total costs grew 18% against revenue growth of 25%. The fastest-growing cost line was Cost of revenue (+37%). The quarter ended with a net loss of $22.6M, wider than the previous quarter's $22.3M loss. Non-operating items added $7.6M, -28% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$63.2M. Non-cash charges added back $21.4M of depreciation and amortization and $7.4M of share-based compensation. Working capital and other items used $69.3M. Capital expenditures of $30.5M exceeded it, leaving free cash flow of −$93.7M.
Questions
What was MP Materials' revenue in the first quarter 2025?
MP Materials (MP) reported revenue of $60.8M for the first quarter 2025 (Q1 2025), +25% from a year earlier and -0.3% from the quarter before.
Was MP Materials profitable in the first quarter 2025?
Operating loss was $34.8M (-57.2% of revenue) and net loss $22.6M.
Source: MP Materials 10-Q on SEC EDGAR.