Filing Flows › MP Materials (MP) › Q3 2025
MP Materials (MP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
MP Materials (MP) reported revenue of $53.6M for the third quarter 2025 (Q3 2025), -15% from a year earlier and -7% from the quarter before. Operating margin was -125.2%, net loss $41.8M (78.0% of revenue).
MP Materials, Q3 2025: revenue $53.6M (-15% year over year), operating margin -125.2%, net loss $41.8M, operating cash flow −$42.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $53.6M | -7% | -15% |
| Operating profit | −$67.0M | — | — |
| Net earnings | −$41.8M | — | — |
| Operating cash flow | −$42.0M | — | — |
What changed
Revenue was $53.6M in Q3 2025, down 15% year over year and down 7% from the previous quarter.
Operating costs exceeded revenue by $67.0M, an operating margin of -125.2%. Total costs grew 18% against a revenue fall of 15%. The fastest-growing cost line was Other operating costs (+85%). The quarter ended with a net loss of $41.8M, wider than the previous quarter's $30.9M loss.
Operating cash flow was −$42.0M. Non-cash charges added back $22.5M of depreciation and amortization and $7.7M of share-based compensation. Working capital and other items used $30.5M. Capital expenditures of $50.5M exceeded it, leaving free cash flow of −$92.5M.
Questions
What was MP Materials' revenue in the third quarter 2025?
MP Materials (MP) reported revenue of $53.6M for the third quarter 2025 (Q3 2025), -15% from a year earlier and -7% from the quarter before.
Was MP Materials profitable in the third quarter 2025?
Operating loss was $67.0M (-125.2% of revenue) and net loss $41.8M.
Source: MP Materials 10-Q on SEC EDGAR.