MP Materials Corp
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of MP Materials Corp (MP). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Materials Segment | $527.5M 100.0% | $253.4M 100.0% · -52.0% | $203.9M 100.0% · -19.6% | $160.4M 70.6% · -21.3% |
| Magnetics Segment | $0 0.0% | $0 0.0% | $0 0.0% | $66.9M 29.4% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Rare earth concentrate (including related party) | – | $328.6M 99.0% | $517.3M 98.1% · +57.4% | $252.5M 99.6% · -51.2% |
| NdPr oxide and metal | – | $0 0.0% | $0 0.0% | $695.0K 0.3% |
| Other rare earth products (including related party) | – | $3.4M 1.0% | $10.2M 1.9% · +202.2% | $282.0K 0.1% · -97.2% |
| Product sales (including related party) | $133.7M 99.5% | – | – | – |
| Other sales (including related party) | $613.0K 0.5% | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: September 25, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.