MP Materials
MPQ2 2024(MP Q1 FY2024)Estimated3% AI
AI Revenue %
3%
AI Fair Value
$125.5M
AI Revenue (Q)
$1.5M
Total Revenue (Q)
$48.7M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2024 revenue was $48.7M (concentrate $40.1M, NdPr oxide/metal $8.3M, other $0.281M). NdPr oxide/metal sales ramped significantly to $8.3M (17% of revenue), sold via Sumitomo to Japan/South Korea/Asia. In April 2024, GM prepaid $50M for magnetic precursor materials from the Independence Facility. The NdPr products are used in permanent magnets for EVs, wind, defense, and data centers. AI-specific demand for NdPr magnets (data center cooling systems, AI robotics) continued growing but remains a small fraction of total NdPr downstream demand, which is dominated by EV traction motors. Maintaining 3% estimate.
Analyzed by claude-opus-4-6
Quoted Figures
Rare earth concentrate $40,076 thousand; NdPr oxide and metal $8,327 thousand; Other rare earth products $281 thousand; Total revenue $48,684 thousand
10-Q Q1 FY2024, Note 14 Revenue Recognition
In April 2024, pursuant to the long-term agreement with GM, GM prepaid to the Company $50.0 million for magnetic precursor materials
10-Q Q1 FY2024, Note 14 Revenue Recognition (reported in Q2 filing)
AI Products Identified (Ring 1)
NdPr oxide and metalRare earth concentrate (indirect)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
NdPr permanent magnets for data center coolingRare earths for AI robotics servomotorsNdFeB magnets for autonomous vehicle motors
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix