MP Materials Posts Q3 Double Beat, Reaches Magnetics 'Inflection Point'

MP Materials Corp (NYSE:MP) reported financial results for the third quarter after the closing bell on Thursday. Here’s a look at the key details from the print.

• MP Materials stock is at significant support. What’s going on with MP?

MP Materials Q3 Highlights

MP Materials posted third-quarter revenue of $147.66 million, beating analyst estimates of $117.47 million, according to Benzinga Pro. The company reported third-quarter earnings of four cents per share, beating estimates for a loss of two cents per share.

Total revenue was up 176% on a year-over-year basis. MP said it produced 1,018 metric tons of NdPr oxide in the quarter, up 41% year-over-year, while NdPr sales jumped 94% year-over-year.

“MP Materials delivered a strong quarter of growth across production, sales and earnings. Most importantly, we completed the GM qualification process, with saleable magnet deliveries and revenue beginning in the fourth quarter,” said James Litinsky, founder, chairman and CEO of MP Materials.

“This milestone is the result of years of compounding capabilities across the MP platform and marks an inflection point for our business and mission.”

MP Materials exited the quarter with approximately $1.34 billion in cash, cash equivalents and short-term investments.

MP Materials management will discuss the quarter on an earnings call with investors and analysts at 5 p.m. ET.

MP Shares Move Higher After Earnings

MP Materials shares were up 2.64% in after-hours on Thursday, trading at $34.63 at the time of publication, according to Benzinga Pro.

Image: courtesy of MP Materials.