MP Materials Corp. / DE
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
MP$36.46-3.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the nine months ended September 30, | ||
|---|---|---|
| (U.S. dollars in thousands) | 2025 | 2024 |
| Operating activities: | ||
| Net loss | $(95,300) | $(43,082) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation, depletion and amortization | 64,658 | 55,939 |
| Accretion of discount on short-term investments | (17,598) | (23,669) |
| Gain on early extinguishment of debt | — | (46,265) |
| Stock-based compensation expense | 20,591 | 18,623 |
| Amortization of debt discount and debt issuance costs | 3,572 | 2,864 |
| Lower of cost or net realizable value reserve | 6,352 | 15,085 |
| Deferred income taxes | (29,489) | (16,240) |
| Other | (4,100) | 1,957 |
| Decrease (increase) in operating assets: | ||
| Accounts receivable (including related party) | 4,082 | (4,520) |
| Inventories | (84,068) | (42,851) |
| Government grant receivable | (16,057) | 11,456 |
| Prepaid expenses, other current and non-current assets | (7,613) | (2,390) |
| Increase (decrease) in operating liabilities: | ||
| Accounts payable and accrued liabilities | 7,057 | (1,303) |
| Deferred revenue | 44,736 | 50,000 |
| Deferred government grant | 3,923 | 4,086 |
| Other current and non-current liabilities | (9,647) | 3,182 |
| Net cash used in operating activities | (108,901) | (17,128) |
| Investing activities: | ||
| Additions to property, plant and equipment | (109,969) | (144,768) |
| Purchases of short-term investments | (1,391,257) | (1,150,609) |
| Proceeds from sales of short-term investments | 88,658 | 131,776 |
| Proceeds from maturities of short-term investments | 1,095,557 | 1,195,202 |
| Proceeds from return of investment in equity method investee | 9,673 | — |
| Proceeds from sale of property, plant and equipment | 4,063 | — |
| Proceeds from government awards used for construction | 24,200 | 96 |
| Net cash provided by (used in) investing activities | (279,075) | 31,697 |
| Financing activities: | ||
| Proceeds from issuance of long-term debt | 61,540 | 747,500 |
| Proceeds from issuance of common stock | 747,500 | — |
| Proceeds from issuance of Series A preferred stock | 299,402 | — |
| Proceeds from issuance of warrant | 189,058 | — |
| Payments of debt issuance costs | (3,004) | (16,149) |
| Payments to retire long-term debt | — | (428,599) |
| Payments of equity issuance costs | (31,104) | — |
| Purchase of capped call options | — | (65,332) |
| Repurchases of common stock | — | (225,068) |
| Principal payments on debt obligations and finance leases | (5,003) | (1,738) |
| Tax withholding on stock-based awards | (5,524) | (4,577) |
| Net cash provided by financing activities | 1,252,865 | 6,037 |
| Net change in cash, cash equivalents and restricted cash | 864,889 | 20,606 |
| Cash, cash equivalents and restricted cash beginning balance | 283,603 | 264,988 |
| Cash, cash equivalents and restricted cash ending balance | $1,148,492 | $285,594 |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $1,147,155 | $284,434 |
| Restricted cash, current | 799 | 811 |
| Restricted cash, non-current | 538 | 349 |
| Total cash, cash equivalents and restricted cash | $1,148,492 | $285,594 |
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