MP Materials

Q3 FY2025 revenue was $53.6M (Materials $31.6M, Magnetics $21.9M). Magnetics revenue reached $21.9M (41% of total). Apple agreement now more prominently referenced, with 'price protection agreement upfront asset' of $221.1M appearing on the balance sheet — indicating a massive long-term supply deal with Apple. The Q3 2025 filing also references 'Department of War Transactions' ($400M+ Series A preferred stock issued), signaling major government defense/AI-adjacent investment. The Magnetics segment is now generating substantial revenue selling NdPr metal and magnetic precursor products to GM and potentially preparing for Apple magnet shipments. AI-related demand for NdPr magnets is growing via: (1) data center cooling fan motors (hyperscalers building massive AI clusters), (2) Apple's AI-powered devices using NdFeB magnets, (3) robotics/autonomous vehicle motors, (4) defense AI systems. Increasing to 5% to reflect growing AI infrastructure cycle and Apple AI device exposure. However, MP still provides zero explicit AI revenue disclosure and the vast majority of NdPr demand is for EVs and consumer electronics, not AI specifically.