How MP Materials makes money

Period

FY2025

How does MP Materials make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

MP Materials Corp. · FY2025 · year ended 2025-12-31

Revenue$224MNet loss$86M · 38%Cost of revenue$0 · 0%Gross profit$224M · 100%Operating expenses$374M · 167%Other income$64M · 28%SG&A$112M · 50%Other opex$262M · 117%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.