{"url_path":"/sec/mp/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1801368/0001801368-26-000029-index.html","accession_number":"0001801368-26-000029","cik":"0001801368","ticker":"MP","issuer_name":"MP Materials Corp. / DE","edgar_url":"https://www.sec.gov/Archives/edgar/data/1801368/0001801368-26-000029-index.html","primary_entity_key":"0001801368","primary_entity_name":"MP Materials Corp. / DE"},"word_count":1828,"has_tables":true,"body_markdown":"mp-20260331\nMP Materials Corp. / DEFALSE00018013682026Q112/31P10YP5DP10D0.02258610.0459939http://fasb.org/us-gaap/2026#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2026#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2026#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2026#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2026#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2026#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2026#CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortizationhttp://fasb.org/us-gaap/2026#CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortizationhttp://fasb.org/us-gaap/2026#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2026#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2026#DepreciationDepletionAndAmortizationhttp://fasb.org/us-gaap/2026#DepreciationDepletionAndAmortizationhttp://fasb.org/us-gaap/2026#OtherNonoperatingIncomeExpensexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesmp:segmentxbrli:pureutr:acreutr:Dutr:Y00018013682026-01-012026-03-3100018013682026-04-3000018013682026-03-3100018013682025-12-3100018013682025-01-012025-03-310001801368mp:SeriesAConvertiblePreferredStockMember2025-12-310001801368us-gaap:PreferredStockMember2025-12-310001801368us-gaap:CommonStockMember2025-12-310001801368us-gaap:AdditionalPaidInCapitalMember2025-12-310001801368us-gaap:RetainedEarningsMember2025-12-310001801368us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001801368us-gaap:TreasuryStockCommonMember2025-12-310001801368us-gaap:CommonStockMember2026-01-012026-03-310001801368us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001801368us-gaap:RetainedEarningsMember2026-01-012026-03-310001801368us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001801368mp:SeriesAConvertiblePreferredStockMember2026-03-310001801368us-gaap:PreferredStockMember2026-03-310001801368us-gaap:CommonStockMember2026-03-310001801368us-gaap:AdditionalPaidInCapitalMember2026-03-310001801368us-gaap:RetainedEarningsMember2026-03-310001801368us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001801368us-gaap:TreasuryStockCommonMember2026-03-310001801368mp:SeriesAConvertiblePreferredStockMember2024-12-310001801368us-gaap:PreferredStockMember2024-12-310001801368us-gaap:CommonStockMember2024-12-310001801368us-gaap:AdditionalPaidInCapitalMember2024-12-310001801368us-gaap:RetainedEarningsMember2024-12-310001801368us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001801368us-gaap:TreasuryStockCommonMember2024-12-3100018013682024-12-310001801368us-gaap:CommonStockMember2025-01-012025-03-310001801368us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001801368us-gaap:RetainedEarningsMember2025-01-012025-03-310001801368us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001801368mp:SeriesAConvertiblePreferredStockMember2025-03-310001801368us-gaap:PreferredStockMember2025-03-310001801368us-gaap:CommonStockMember2025-03-310001801368us-gaap:AdditionalPaidInCapitalMember2025-03-310001801368us-gaap:RetainedEarningsMember2025-03-310001801368us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001801368us-gaap:TreasuryStockCommonMember2025-03-3100018013682025-03-310001801368mp:UnitedStatesDepartmentOfWarMember2025-07-090001801368us-gaap:CustomerConcentrationRiskMembermp:CustomerAMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001801368us-gaap:CustomerConcentrationRiskMembermp:CustomerBMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001801368us-gaap:CustomerConcentrationRiskMembermp:CustomerCMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001801368us-gaap:CustomerConcentrationRiskMembermp:CustomerDMemberus-gaap:SalesRevenueNetMember2025-01-012025-03-310001801368us-gaap:CustomerConcentrationRiskMembermp:CustomerAMemberus-gaap:SalesRevenueNetMember2025-01-012025-03-310001801368us-gaap:DemandDepositsMember2026-03-310001801368us-gaap:DemandDepositsMember2025-12-310001801368us-gaap:MoneyMarketFundsMember2026-03-310001801368us-gaap:MoneyMarketFundsMember2025-12-310001801368us-gaap:USTreasurySecuritiesMember2026-03-310001801368us-gaap:USTreasurySecuritiesMember2025-12-310001801368us-gaap:CommercialPaperMember2026-03-310001801368us-gaap:CommercialPaperMember2025-12-310001801368us-gaap:CertificatesOfDepositMember2026-03-310001801368us-gaap:CertificatesOfDepositMember2025-12-310001801368us-gaap:CashEquivalentsMember2026-03-310001801368us-gaap:CashEquivalentsMember2025-12-310001801368us-gaap:USTreasurySecuritiesMember2026-03-310001801368us-gaap:USTreasurySecuritiesMember2025-12-310001801368us-gaap:CommercialPaperMember2026-03-310001801368us-gaap:CommercialPaperMember2025-12-310001801368us-gaap:CertificatesOfDepositMember2026-03-310001801368us-gaap:CertificatesOfDepositMember2025-12-310001801368us-gaap:LandAndLandImprovementsMember2026-03-310001801368us-gaap:LandAndLandImprovementsMember2025-12-310001801368us-gaap:BuildingAndBuildingImprovementsMember2026-03-310001801368us-gaap:BuildingAndBuildingImprovementsMember2025-12-310001801368us-gaap:MachineryAndEquipmentMember2026-03-310001801368us-gaap:MachineryAndEquipmentMember2025-12-310001801368us-gaap:ConstructionInProgressMember2026-03-310001801368us-gaap:ConstructionInProgressMember2025-12-310001801368us-gaap:MiningPropertiesAndMineralRightsMember2026-03-310001801368us-gaap:MiningPropertiesAndMineralRightsMember2025-12-310001801368us-gaap:SubsequentEventMember2026-04-300001801368us-gaap:SubsequentEventMember2026-04-302026-04-300001801368srt:MinimumMember2026-01-012026-03-310001801368srt:MaximumMember2026-01-012026-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Member2026-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Member2025-12-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Member2026-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Member2025-12-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMember2026-03-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMember2025-12-310001801368us-gaap:RevolvingCreditFacilityMember2025-08-310001801368us-gaap:LetterOfCreditMember2025-08-310001801368us-gaap:RevolvingCreditFacilityMember2026-03-310001801368us-gaap:LetterOfCreditMember2026-03-310001801368us-gaap:RevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2025-08-312025-08-310001801368us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-08-312025-08-310001801368us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2025-08-312025-08-310001801368srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-08-312025-08-310001801368srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-08-312025-08-310001801368srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2025-08-312025-08-310001801368srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2025-08-312025-08-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Member2021-03-310001801368us-gaap:ConvertibleDebtMemberus-gaap:SubsequentEventMembermp:ConvertibleNotesDue2026Member2026-04-012026-04-010001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Member2024-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:DebtInstrumentRedemptionPeriodOneMember2024-03-012024-03-310001801368us-gaap:CallOptionMemberus-gaap:CommonStockMember2024-03-3100018013682024-03-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMember2025-08-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMember2025-08-012025-08-310001801368mp:MPNonRevolvingCreditFacilityMember2024-12-310001801368mp:MPNonRevolvingCreditFacilityMember2025-12-310001801368mp:MPNonRevolvingCreditFacilityMember2026-03-310001801368mp:EquipmentNotesMembersrt:MinimumMember2026-01-012026-03-310001801368mp:EquipmentNotesMembersrt:MaximumMember2026-01-012026-03-310001801368mp:EquipmentNotesMembersrt:MinimumMember2026-03-310001801368mp:EquipmentNotesMembersrt:MaximumMember2026-03-310001801368mp:EquipmentNotesMember2026-03-310001801368mp:EquipmentNotesMember2025-12-310001801368us-gaap:ConvertibleDebtMember2026-01-012026-03-310001801368us-gaap:ConvertibleDebtMember2025-01-012025-03-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMember2026-01-012026-03-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMember2025-01-012025-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Member2026-01-012026-03-310001801368us-gaap:ConvertibleDebtMember2026-03-310001801368us-gaap:ConvertibleDebtMember2025-12-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Member2021-03-012021-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Member2024-03-012024-03-310001801368mp:UnitedStatesDepartmentOfWarMember2026-03-310001801368mp:UnitedStatesDepartmentOfWarMember2025-12-310001801368mp:UnitedStatesDepartmentOfWarMember2026-03-310001801368mp:UnitedStatesDepartmentOfWarMember2025-12-310001801368us-gaap:SubsequentEventMember2026-04-172026-04-170001801368mp:UnitedStatesDepartmentOfWarMembermp:SeriesAConvertiblePreferredStockMember2025-07-102025-07-100001801368mp:UnitedStatesDepartmentOfWarMembermp:SeriesAConvertiblePreferredStockMember2025-07-100001801368mp:SeriesAConvertiblePreferredStockMember2025-07-092025-07-090001801368mp:UnitedStatesDepartmentOfWarMembermp:SeriesAConvertiblePreferredStockMember2026-03-310001801368mp:UnitedStatesDepartmentOfWarMembermp:SeriesAConvertiblePreferredStockMember2025-12-310001801368mp:AppleMember2026-03-310001801368mp:AppleMember2025-12-310001801368mp:NdPrOxideAndMetalMembermp:MaterialsSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001801368mp:NdPrOxideAndMetalMembermp:MaterialsSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-03-310001801368mp:RareEarthConcentrateMembermp:MaterialsSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001801368mp:RareEarthConcentrateMembermp:MaterialsSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-03-310001801368mp:OtherRevenueMembermp:MaterialsSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001801368mp:OtherRevenueMembermp:MaterialsSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-03-310001801368us-gaap:OperatingSegmentsMembermp:MaterialsSegmentMember2026-01-012026-03-310001801368us-gaap:OperatingSegmentsMembermp:MaterialsSegmentMember2025-01-012025-03-310001801368mp:MagneticPrecursorProductsMembermp:MagneticsSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001801368mp:MagneticPrecursorProductsMembermp:MagneticsSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-03-310001801368us-gaap:IntersegmentEliminationMember2026-01-012026-03-310001801368us-gaap:IntersegmentEliminationMember2025-01-012025-03-310001801368mp:RevenueUnderBillAndHoldArrangementMember2026-01-012026-03-310001801368mp:RevenueUnderBillAndHoldArrangementMember2025-01-012025-03-310001801368mp:GeneralMotorsCompanyMember2026-03-310001801368mp:AppleMember2025-07-142025-07-140001801368mp:AppleMember2025-01-012025-12-310001801368mp:A45XCreditGovernmentGrantMember2026-03-310001801368mp:A45XCreditGovernmentGrantMember2025-12-310001801368mp:A45XCreditGovernmentGrantMembercountry:US2026-01-012026-03-310001801368us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortizationmp:A45XCreditGovernmentGrantMember2026-01-012026-03-310001801368us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortizationmp:A45XCreditGovernmentGrantMember2025-01-012025-03-310001801368us-gaap:SellingGeneralAndAdministrativeExpensemp:A45XCreditGovernmentGrantMember2026-01-012026-03-310001801368us-gaap:SellingGeneralAndAdministrativeExpensemp:A45XCreditGovernmentGrantMember2025-01-012025-03-310001801368us-gaap:DepreciationDepletionAndAmortizationmp:A45XCreditGovernmentGrantMember2026-01-012026-03-310001801368us-gaap:DepreciationDepletionAndAmortizationmp:A45XCreditGovernmentGrantMember2025-01-012025-03-310001801368mp:DoWWarrantMembermp:UnitedStatesDepartmentOfWarMember2025-07-090001801368mp:DoWWarrantMembermp:UnitedStatesDepartmentOfWarMember2025-07-100001801368mp:A2020IncentivePlanMember2026-03-310001801368mp:A2026PerformanceSharePlanMembermp:MarketBasedPerformanceStockUnitsMember2026-01-012026-03-310001801368mp:MarketBasedPerformanceStockUnitsMembersrt:MinimumMembermp:A2026PerformanceSharePlanMember2026-01-012026-03-310001801368mp:MarketBasedPerformanceStockUnitsMembersrt:MaximumMembermp:A2026PerformanceSharePlanMember2026-01-012026-03-310001801368us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization2026-01-012026-03-310001801368us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization2025-01-012025-03-310001801368us-gaap:SellingGeneralAndAdministrativeExpense2026-01-012026-03-310001801368us-gaap:SellingGeneralAndAdministrativeExpense2025-01-012025-03-310001801368mp:StartUpCosts2026-01-012026-03-310001801368mp:StartUpCosts2025-01-012025-03-310001801368mp:AdvancedProjectsAndDevelopmentCosts2026-01-012026-03-310001801368mp:AdvancedProjectsAndDevelopmentCosts2025-01-012025-03-310001801368us-gaap:PropertyPlantAndEquipmentNet2026-01-012026-03-310001801368us-gaap:PropertyPlantAndEquipmentNet2025-01-012025-03-310001801368us-gaap:InventoryNet2026-01-012026-03-310001801368us-gaap:InventoryNet2025-01-012025-03-310001801368us-gaap:MeasurementInputPriceVolatilityMember2026-03-310001801368us-gaap:MeasurementInputPriceVolatilityMember2025-12-310001801368us-gaap:MeasurementInputRiskFreeInterestRateMember2026-03-310001801368us-gaap:MeasurementInputRiskFreeInterestRateMember2025-12-310001801368us-gaap:MeasurementInputDiscountRateMember2026-03-310001801368us-gaap:MeasurementInputDiscountRateMember2025-12-310001801368us-gaap:MeasurementInputExpectedDividendRateMember2026-03-310001801368us-gaap:MeasurementInputExpectedDividendRateMember2025-12-310001801368us-gaap:MeasurementInputExpectedTermMember2026-03-310001801368us-gaap:MeasurementInputExpectedTermMember2025-12-310001801368us-gaap:MeasurementInputSharePriceMember2026-03-310001801368us-gaap:MeasurementInputSharePriceMember2025-12-310001801368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001801368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001801368us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001801368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001801368us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001801368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMember2026-03-310001801368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMember2026-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001801368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:FairValueMeasurementsNonrecurringMember2026-03-310001801368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:FairValueMeasurementsNonrecurringMember2026-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001801368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMemberus-gaap:FairValueMeasurementsNonrecurringMember2026-03-310001801368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMemberus-gaap:FairValueMeasurementsNonrecurringMember2026-03-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001801368us-gaap:CarryingReportedAmountFairValueDisclosureMembermp:EquipmentNotesMemberus-gaap:FairValueMeasurementsNonrecurringMember2026-03-310001801368us-gaap:EstimateOfFairValueFairValueDisclosureMembermp:EquipmentNotesMemberus-gaap:FairValueMeasurementsNonrecurringMember2026-03-310001801368mp:EquipmentNotesMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001801368mp:EquipmentNotesMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001801368mp:EquipmentNotesMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001801368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001801368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001801368us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001801368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001801368us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001801368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001801368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2026Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001801368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001801368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001801368us-gaap:ConvertibleDebtMembermp:ConvertibleNotesDue2030Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001801368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001801368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001801368us-gaap:NotesPayableOtherPayablesMembermp:SamariumProjectLoanMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001801368us-gaap:CarryingReportedAmountFairValueDisclosureMembermp:EquipmentNotesMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001801368us-gaap:EstimateOfFairValueFairValueDisclosureMembermp:EquipmentNotesMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-310001801368mp:EquipmentNotesMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001801368mp:EquipmentNotesMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001801368mp:EquipmentNotesMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001801368us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001801368us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001801368us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-03-310001801368us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001801368mp:ConvertibleNotesDue2026Membermp:ConvertibleNotesDue2026Member2026-01-012026-03-310001801368mp:ConvertibleNotesDue2026Membermp:ConvertibleNotesDue2026Member2025-01-012025-03-310001801368mp:ConvertibleNotesDue2030Membermp:ConvertibleNotesDue2030Member2026-01-012026-03-310001801368mp:ConvertibleNotesDue2030Membermp:ConvertibleNotesDue2030Member2025-01-012025-03-310001801368mp:SeriesAConvertiblePreferredStockMember2026-01-012026-03-310001801368mp:SeriesAConvertiblePreferredStockMember2025-01-012025-03-310001801368us-gaap:WarrantMember2026-01-012026-03-310001801368us-gaap:WarrantMember2025-01-012025-03-310001801368us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001801368us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001801368us-gaap:PerformanceSharesMember2026-01-012026-03-310001801368us-gaap:PerformanceSharesMember2025-01-012025-03-310001801368mp:RareEarthConcentrateMemberus-gaap:RelatedPartyMember2025-01-012025-03-310001801368mp:NdPrOxideAndMetalMemberus-gaap:RelatedPartyMember2025-01-012025-03-310001801368us-gaap:RelatedPartyMember2025-01-012025-03-310001801368mp:ExternalCustomersMembermp:MaterialsSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001801368mp:ExternalCustomersMembermp:MagneticsSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001801368us-gaap:OperatingSegmentsMembermp:ExternalCustomersMember2026-01-012026-03-310001801368mp:IntersegmentCustomersMembermp:MaterialsSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001801368mp:IntersegmentCustomersMembermp:MagneticsSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001801368us-gaap:OperatingSegmentsMembermp:IntersegmentCustomersMember2026-01-012026-03-310001801368us-gaap:OperatingSegmentsMembermp:MagneticsSegmentMember2026-01-012026-03-310001801368us-gaap:OperatingSegmentsMember2026-01-012026-03-310001801368us-gaap:CorporateNonSegmentMember2026-01-012026-03-310001801368mp:ExternalCustomersMembermp:MaterialsSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-03-310001801368mp:ExternalCustomersMembermp:MagneticsSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-03-310001801368us-gaap:OperatingSegmentsMembermp:ExternalCustomersMember2025-01-012025-03-310001801368us-gaap:OperatingSegmentsMembermp:MagneticsSegmentMember2025-01-012025-03-310001801368us-gaap:OperatingSegmentsMember2025-01-012025-03-310001801368us-gaap:CorporateNonSegmentMember2025-01-012025-03-31\n\n[Table of Contents](#i4d1ab9f6251b42e9b2d9678cd2b9b810_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☑\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from __________ to __________\n\nCommission File Number: 001-39277\n\nMP MATERIALS CORP.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n84-4465489\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n1700 S. Pavilion Center Drive, Suite 800\n\nLas Vegas, Nevada 89135\n\n(702) 844-6111\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, par value of $0.0001 per share\n\nMP\n\nNew York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n☑\nAccelerated filer\n☐\nNon-accelerated filer\n☐\nSmaller reporting company\n☐\nEmerging growth company\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑\n\nAs of April 30, 2026, the number of shares of the registrant’s common stock outstanding was 178,022,198.\n\nMP MATERIALS CORP. AND SUBSIDIARIES\n\nTABLE OF CONTENTS\n\nPage\n\n[PART I—FINANCIAL INFORMATION](#i4d1ab9f6251b42e9b2d9678cd2b9b810_13)\n\n[Item 1. Financial Statements](#i4d1ab9f6251b42e9b2d9678cd2b9b810_16)\n\n[1](#i4d1ab9f6251b42e9b2d9678cd2b9b810_16)\n\n[Condensed Consolidated Balance Sheets (unaudited)](#i4d1ab9f6251b42e9b2d9678cd2b9b810_19)\n\n[1](#i4d1ab9f6251b42e9b2d9678cd2b9b810_19)\n\n[Condensed Consolidated Statements of Operations (unaudited)](#i4d1ab9f6251b42e9b2d9678cd2b9b810_22)\n\n[2](#i4d1ab9f6251b42e9b2d9678cd2b9b810_22)\n\n[Condensed Consolidated Statements of Comprehensive Loss (unaudited)](#i4d1ab9f6251b42e9b2d9678cd2b9b810_25)\n\n[3](#i4d1ab9f6251b42e9b2d9678cd2b9b810_25)\n\n[Condensed Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders’ Equity (unaudited)](#i4d1ab9f6251b42e9b2d9678cd2b9b810_28)\n\n[4](#i4d1ab9f6251b42e9b2d9678cd2b9b810_28)\n\n[Condensed Consolidated Statements of Cash Flows (unaudited)](#i4d1ab9f6251b42e9b2d9678cd2b9b810_31)\n\n[5](#i4d1ab9f6251b42e9b2d9678cd2b9b810_31)\n\n[Notes to Condensed Consolidated Financial Statements (unaudited)](#i4d1ab9f6251b42e9b2d9678cd2b9b810_34)\n\n[6](#i4d1ab9f6251b42e9b2d9678cd2b9b810_34)\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i4d1ab9f6251b42e9b2d9678cd2b9b810_124)\n\n[28](#i4d1ab9f6251b42e9b2d9678cd2b9b810_124)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i4d1ab9f6251b42e9b2d9678cd2b9b810_175)\n\n[44](#i4d1ab9f6251b42e9b2d9678cd2b9b810_175)\n\n[Item 4. Controls and Procedures](#i4d1ab9f6251b42e9b2d9678cd2b9b810_178)\n\n[44](#i4d1ab9f6251b42e9b2d9678cd2b9b810_178)\n\n[PART II—OTHER INFORMATION](#i4d1ab9f6251b42e9b2d9678cd2b9b810_181)\n\n[Item 1. Legal Proceedings](#i4d1ab9f6251b42e9b2d9678cd2b9b810_184)\n\n[44](#i4d1ab9f6251b42e9b2d9678cd2b9b810_184)\n\n[Item 1A. Risk Factors](#i4d1ab9f6251b42e9b2d9678cd2b9b810_187)\n\n[44](#i4d1ab9f6251b42e9b2d9678cd2b9b810_187)\n\n[Item 4. Mine Safety Disclosures](#i4d1ab9f6251b42e9b2d9678cd2b9b810_196)\n\n[44](#i4d1ab9f6251b42e9b2d9678cd2b9b810_196)\n\n[Item 5. Other Information](#i4d1ab9f6251b42e9b2d9678cd2b9b810_199)\n\n[44](#i4d1ab9f6251b42e9b2d9678cd2b9b810_199)\n\n[Item 6. Exhibits](#i4d1ab9f6251b42e9b2d9678cd2b9b810_202)\n\n[45](#i4d1ab9f6251b42e9b2d9678cd2b9b810_202)\n\n[Signatures](#i4d1ab9f6251b42e9b2d9678cd2b9b810_205)\n\n[46](#i4d1ab9f6251b42e9b2d9678cd2b9b810_205)\n\ni\n\n[T](#i4d1ab9f6251b42e9b2d9678cd2b9b810_7)[able of Contents](#i4d1ab9f6251b42e9b2d9678cd2b9b810_7)\n\nReferences herein to the “Company,” “MP Materials,” “we,” “our,” and “us,” refer to MP Materials Corp. and its subsidiaries.\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nCertain statements included in this Quarterly Report on Form 10-Q for the three months ended March 31, 2026 (this “Form 10-Q”), that are not historical facts are forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of the words such as “estimate,” “plan,” “shall,” “may,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “will,” “target,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this Form 10-Q or our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”), and on the current expectations of our management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.\n\nThese forward-looking statements are subject to a number of risks and uncertainties, including:\n\n•the heightened significance of the development of the Company’s midstream and downstream operations, including ramping its separation capabilities, and its ability to vertically integrate its value chain;\n\n•risks related to the funding of and support for the DoW Transactions (as defined in [Note](#i4d1ab9f6251b42e9b2d9678cd2b9b810_37)1[, “Description of Business and Basis of Presentation”](#i4d1ab9f6251b42e9b2d9678cd2b9b810_37)), to challenges thereto and to the Company’s ability, as needed, to obtain additional or replacement funding on terms acceptable to it or at all;\n\n•risks related to certain restrictions imposed on the Company as a result of the affirmative and negative covenants contained in the DoW Transaction Agreements (as defined in [Note](#i4d1ab9f6251b42e9b2d9678cd2b9b810_37)1[, “Description of Business and Basis of Presentation”](#i4d1ab9f6251b42e9b2d9678cd2b9b810_37));\n\n•risks related to the Company’s ability to meet obligations of its long-term agreements with General Motors Company (NYSE: GM) (“GM”) and Apple Inc. (NASDAQ: AAPL) (“Apple”), including risks related to its ability to develop, construct and scale its facilities, technology and production;\n\n•risks related to fluctuations in the pricing, cost of production, and volume of the magnets to be produced under its agreements, and the risk that the Company’s estimate of the magnitude and timing of revenues from the agreements will not be realized;\n\n•risks related to changes in trade policy in the United States, China or other countries, including the implementation of new tariffs, and any material adverse impact on the Company’s business and results of operations as a result of these changes in trade policy;\n\n•risks related to the increased importance of markets outside of China and the Company’s ability to sell additional rare earth products in these markets;\n\n•recent and future volatility in the trading price of the Company’s common stock;\n\n•fluctuations and uncertainties related to demand for and pricing of rare earth products;\n\n•uncertainties regarding the growth of existing and emerging uses for rare earth products and the Company’s ability to compete with substitutions for such products;\n\n•the intense competition within the rare earth mining and processing and magnetics industries;\n\n•uncertainties relating to significant political, trade, and regulatory developments;\n\n•unanticipated costs or delays associated with the Independence Facility, the 10X Facility, and other future magnetics facilities;\n\n•risks associated with the Company’s intellectual property rights, including uncertainties related to the Company’s ability to obtain any intellectual property rights or licenses of intellectual property rights to produce certain neodymium-iron-boron (“NdFeB”) magnets and precursor products;\n\n•uncertainties related to the Company’s ability to produce and supply NdFeB magnets and precursor products;\n\n•the ability to convert current commercial discussions with customers for the sale of rare earth oxide and metal products, NdFeB magnets and other products into contracts;\n\nii\n\n[T](#i4d1ab9f6251b42e9b2d9678cd2b9b810_7)[able of Contents](#i4d1ab9f6251b42e9b2d9678cd2b9b810_7)\n\n•lower production volumes at the Mountain Pass Rare Earth Mine and Processing Facility or the Independence Facility due to power outages and interruptions, diminished access to water, equipment failure, spare parts or raw materials shortages, or process performance;\n\n•the ability to safely recommission and operate the Company’s currently idle chlor-alkali facility;\n\n•increasing costs or limited access to raw materials that may adversely affect the Company’s profitability;\n\n•fluctuations in transportation costs or disruptions in transportation services;\n\n•inability to meet individual customer specifications;\n\n•uncertainty in the Company’s estimates of rare earth mineral reserves;\n\n•risks associated with work stoppages;\n\n•loss of key personnel or the inability to attract and retain skilled employees;\n\n•risks associated with the inherent dangers involved in mining activity and manufacturing of magnet materials;\n\n•risks associated with events outside of the Company’s control, such as natural disasters, climate change, wars or health epidemics or pandemics;\n\n•risks related to technology systems and security breaches;\n\n•ability to maintain satisfactory labor relations;\n\n•ability to comply with various government regulations that are applicable to the Company’s business;\n\n•ability to maintain governmental licenses, registrations, permits, and approvals with numerous governmental agencies necessary for the Company to operate its business;\n\n•risks relating to extensive and costly environmental regulatory requirements;\n\n•risks associated with the terms and covenants of the Company’s credit agreement;\n\n•risks associated with the terms of the Company’s convertible debt securities and related options or other hedging arrangements; and\n\n•the other factors described elsewhere in this Form 10-Q, included under the headings [“Management’s Discussion and Analysis of Financial Condition and Results of Operations”](#i4d1ab9f6251b42e9b2d9678cd2b9b810_124) and [Part II, Item 1A, “Risk Factors”](#i4d1ab9f6251b42e9b2d9678cd2b9b810_187) or as described in our Form 10-K, or as described in the other documents and reports we file with the Securities and Exchange Commission (the “SEC”).\n\nIf any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.\n\nThese and other factors that could cause actual results to differ from those implied by the forward-looking statements in this Form 10-Q are more fully described within [Part II, Item 1A, “Risk Factors”](#i4d1ab9f6251b42e9b2d9678cd2b9b810_187) in this Form 10-Q and [Part I, Item 1A, “Risk Factors”](https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm#i876fda1395634b2193065cf7a0446f66_58) in our Form 10-K. Such risks are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.\n\nIn addition, statements of belief and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us, as applicable, as of the date of this Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.\n\niii\n\n[T](#i4d1ab9f6251b42e9b2d9678cd2b9b810_7)[able of Contents](#i4d1ab9f6251b42e9b2d9678cd2b9b810_7)\n\nPART I—FINANCIAL INFORMATION"}