Record NdPr production of 917 metric tons, a 63% increase year over year
Record NdPr sales of 1,006 metric tons(1) , a 117% increase year over year
Record Q1 REO production of 12,983 metric tons, a 6% increase year over year
Generated $132.9 million of consolidated revenue and PPA Income, consisting of $90.6 million of revenue and $42.3 million of PPA Income
Generated $72.2 million in revenue, $42.3 million of PPA Income, and $36.7 million in Adjusted EBITDA in the Materials Segment(1)
Generated $21.1 million in revenue and $9.6 million in Adjusted EBITDA in the Magnetics Segment
Broke ground on 10X magnetics facility
LAS VEGAS--(BUSINESS WIRE)--May 07, 2026--
MP Materials Corp. (NYSE: MP) ("MP Materials" or the "Company"), today announced financial and operational results for the three months ended March 31, 2026.
"MP Materials delivered record NdPr production and sales with solid Adjusted EBITDA generation in the first quarter," said James Litinsky, Founder, Chairman and CEO of MP Materials. "We advanced key growth initiatives, expanding operations at Independence and breaking ground on 10X, with scaled heavy rare earth separation commissioning activities set to begin imminently at Mountain Pass. These achievements reflect our disciplined execution, the exceptional capabilities of our growing team, and the accelerating momentum behind our vertically integrated strategy."
First Quarter 2026 Consolidated Financial Highlights
For the three months ended
March 31, 2026 vs. 2025
--------------------------- ----------------------
(in thousands,
except per
share data, Amount
unaudited) 2026 2025 Change % Change
--- ------- ------- ---------- ----------
Financial
Measures:
Revenue $ 90,649 $ 60,810 $ 29,839 49%
Price
protection
agreement
income $ 42,273 $ -- $ 42,273 N/M
Net loss $ (7,968) $(22,648) $ 14,680 65%
Adjusted
EBITDA(2) $ 36,610 $ (2,696) $ 39,306 N/M
Adjusted Net
Income
(Loss)(2) $ 6,652 $(19,898) $ 26,550 N/M
Diluted loss
per common
share $ (0.04) $ (0.14) $ 0.10 71%
Adjusted
Diluted
EPS(2) $ 0.03 $ (0.12) $ 0.15 N/M
N/M = Not
meaningful.
1 Includes sales volumes, revenue, and profits recognized in the
Materials Segment on intercompany transactions with the Magnetics
Segment.
2 See "Use of Non-GAAP Financial Measures" below for the
definitions. See tables below for reconciliations of non-GAAP
financial measures to their most directly comparable GAAP financial
measures.
First Quarter 2026 Consolidated Review
Total revenue increased 49% year over year to $90.6 million, driven by higher sales of NdPr oxide and metal, reflecting the continued ramping of production of separated products, as well as stronger market pricing. Revenue from magnetic precursor products also increased year over year. These increases were partially offset by the cessation of our concentrate sales beginning in July 2025.
Adjusted EBITDA increased by $39.3 million year over year to $36.6 million, driven mainly by the increase in total revenue discussed above and price protection agreement income ("PPA Income") generated in the Materials Segment.
Adjusted Net Income improved by $26.6 million year over year to $6.7 million, driven primarily by the higher Adjusted EBITDA as discussed above, along with higher interest income due to increased cash and short-term investment balances. This improvement was partially offset by the amortization related to the price protection agreement upfront asset, with no comparable cost in the prior year period.
Net loss improved by $14.7 million year over year to $(8.0) million, primarily due to the factors driving the improvement in Adjusted Net Income discussed above.
Diluted loss per common share and Adjusted Diluted EPS improved by $0.10 and $0.15 year over year, respectively, to $(0.04) and $0.03, respectively, in line with the change in Net loss and Adjusted Net Income discussed above.
First Quarter 2026 Segment Financial Highlights
For the three months
ended March 31, 2026 vs. 2025
--------------------- --------------------
(in thousands,
unaudited) 2026 2025 $ Change % Change
------ ------ -------- ----------
Segment
Financials:
Revenue
Materials
Segment $72,177 $ 55,619 $16,558 30%
Magnetics
Segment 21,078 5,191 15,887 306%
Intercompany
eliminations(1) (2,606) -- (2,606) N/M
------ ------ ------
Total revenue $90,649 $ 60,810 $29,839 49%
====== ====== ======
Segment Adjusted
EBITDA(2)
Materials
Segment $36,732 $ 3,758 $32,974 877%
Magnetics
Segment 9,592 493 9,099 N/M
------ ------ ------
Total Segment
Adjusted
EBITDA $46,324 $ 4,251 $42,073 990%
====== ====== ======
Corporate and
other(3) (9,587) (6,947) (2,640) (38)%
Intercompany
eliminations(1) (127) -- (127) N/M
------ ------ ------
Adjusted
EBITDA(4) $36,610 $ (2,696) $39,306 N/M
====== ====== ======
N/M = Not
meaningful.
(1) Represents the elimination of intercompany revenues and Segment Adjusted
EBITDA associated with NdPr oxide sales made by the Materials Segment to
the Magnetics Segment.
(2) Segment Adjusted EBITDA is management's measure of profit or loss
required by GAAP in assessing segment performance and deciding how to
allocate the Company's resources. See "Segment Information" below for
further information.
(3) Corporate and other is not considered a reportable segment, and is
presented solely to reconcile the total of Segment Adjusted EBITDA to
Adjusted EBITDA on a consolidated basis. Corporate and other represents
costs incurred at the corporate level that are not allocated to the
operating segments, specifically relating to executive compensation,
investor relations, other corporate costs, and the remaining unallocated
costs for shared service functions such as legal, information
technology, human resources, finance and accounting and supply chain.
(4) See "Use of Non-GAAP Financial Measures" below for definition. See table
below for a reconciliation of Adjusted EBITDA to its most directly
comparable GAAP financial measure, net income or loss.
First Quarter 2026 Materials Segment Financial and Operational Results
For the three months
ended March 31, 2026 vs. 2025
------------------------- ---------------------
Amount
(unaudited) 2026 2025 Change % Change
--------- --------- --------- ----------
Revenue: (in thousands)
NdPr oxide
and metal $ 71,136 $ 24,321 $ 46,815 192%
Rare earth
concentrate -- 30,115 (30,115) N/M
Other
revenue 1,041 1,183 (142) (12)%
--------- --------- -------
Total Materials
Segment
revenue $ 72,177 $ 55,619 $ 16,558 30%
========= ========= =======
Price protection
agreement
income $ 42,273 $ -- $ 42,273 N/M
Segment Adjusted
EBITDA(1) $ 36,732 $ 3,758 $ 32,974 877%
Key Performance
Indicators(2) : (in whole units)
Separated NdPr
products
NdPr
Production
Volume (MTs) 917 563 354 63%
NdPr Sales
Volume (MTs) 1,006 464 542 117%
Rare earth
concentrate
REO Production
Volume (MTs) 12,983 12,213 770 6%
N/M = Not
meaningful.
(1) See "Segment Information" below for further information.
(2) See "Key Performance Indicators" below for definitions and further
information.
First Quarter 2026 Materials Segment Review
Materials Segment revenue increased by 30% to $72.2 million year over year, driven by a $46.8 million increase in NdPr oxide and metal sales due to a 117% increase in NdPr Sales Volume as a result of continuing to ramp the production of separated products and higher market prices compared to the first quarter of 2025. The increase was partially offset by the cessation of all REO sales to third parties in July 2025, which resulted in no revenue recognized from rare earth concentrate during the current quarter.
Materials Segment Adjusted EBITDA increased by $33.0 million year over year to $36.7 million, primarily due to the net increase in revenue discussed above, as well as the PPA Income. These increases were netted against higher Materials Segment cost of sales, which increased year over year by $22.3 million, consistent with the increase in NdPr Sales Volume.
First Quarter 2026 Magnetics Segment Financial Results
For the three months ended
March 31, 2026 vs. 2025
------------------------------- ----------------------
(in thousands,
unaudited) 2026 2025 $ Change % Change
----------- ---------- ---------- ----------
Magnetic
precursor
products
revenue $ 21,078 $ 5,191 $ 15,887 306%
Segment
Adjusted
EBITDA(1) $ 9,592 $ 493 $ 9,099 N/M
N/M = Not
meaningful.
(1 ) See "Segment Information" below for further information.
First Quarter 2026 Magnetics Segment Review
Magnetics Segment revenue increased by $15.9 million to $21.1 million year over year, driven by increased production of magnetic precursor products. These sales also drove the increase in the Magnetics Segment Adjusted EBITDA.
MP MATERIALS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share March 31, December 31,
and per share data, unaudited) 2026 2025
----------- ----------------
Assets
Current assets
Cash and cash equivalents $ 886,277 $ 1,166,011
Short-term investments 852,058 664,275
--------- ---------
Total cash, cash equivalents and
short-term investments 1,738,335 1,830,286
Trade accounts receivable 47,291 14,642
Other receivables 71,981 132,042
Inventories 169,192 171,560
Prepaid expenses and other current
assets 20,104 17,271
--------- ---------
Total current assets 2,046,903 2,165,801
--------- ---------
Non-current assets
Property, plant and equipment, net 1,434,231 1,369,817
Inventories 96,454 80,539
Price protection agreement upfront
asset, net 198,503 209,668
Other non-current assets 64,112 38,335
--------- ---------
Total non-current assets 1,793,300 1,698,359
--------- ---------
Total assets $3,840,203 $ 3,864,160
========= =========
Liabilities, redeemable preferred stock
and stockholders' equity
Current liabilities
Accounts and construction payable $ 32,988 $ 36,655
Accrued liabilities 99,412 95,086
Current portion of long-term debt 67,499 67,411
Deferred revenue 62,062 74,301
Other current liabilities 23,291 25,596
--------- ---------
Total current liabilities 285,252 299,049
--------- ---------
Non-current liabilities
Long-term debt, net of current portion 932,942 931,330
Deferred revenue 77,849 83,889
Deferred government grant 24,523 22,101
Deferred investment tax credit 36,262 26,860
Deferred income taxes 35,231 51,558
Other non-current liabilities 67,386 57,005
--------- ---------
Total non-current liabilities 1,174,193 1,172,743
--------- ---------
Total liabilities 1,459,445 1,471,792
--------- ---------
Commitments and contingencies
Redeemable preferred stock:
Series A cumulative perpetual
convertible preferred stock ($0.0001
par value, 400,000 shares authorized,
issued and outstanding as of March 31,
2026, and December 31, 2025,
respectively; aggregate liquidation
preference of $420,725 and $413,489 as
of March 31, 2026 and December 31,
2025, respectively) 413,611 413,611
Stockholders' equity:
Preferred stock, undesignated ($0.0001
par value, 49,600,000 shares authorized
as of March 31, 2026, and December 31,
2025, respectively, zero issued and
outstanding in either period) -- --
Common stock ($0.0001 par value,
450,000,000 shares authorized,
192,919,450 and 192,607,429 shares
issued, and 177,669,668 and
177,357,647 shares outstanding, as of
March 31, 2026, and December 31, 2025,
respectively) 19 19
Additional paid-in capital 1,967,757 1,970,970
Retained earnings 226,460 234,428
Accumulated other comprehensive income
(loss) (42) 387
Treasury stock, at cost, 15,249,782
shares for both periods (227,047) (227,047)
--------- ---------
Total stockholders' equity 1,967,147 1,978,757
--------- ---------
Total liabilities, redeemable preferred
stock and stockholders' equity $3,840,203 $ 3,864,160
========= =========
MP MATERIALS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended March 31,
------------------------------------------
(U.S. dollars in thousands,
except share and per share
data, unaudited) 2026 2025
---------------- ---------------
Revenue $ 90,649 $ 60,810
Price protection agreement
income 42,273 --
Operating costs and
expenses:
Cost of sales (excluding
depreciation, depletion
and amortization) 74,245 48,831
Selling, general and
administrative 33,640 24,166
Depreciation, depletion
and amortization 32,137 21,384
Start-up costs 5,889 976
Advanced projects and
development 1,905 474
Other operating costs and
expenses (income), net 9,228 (243)
---------------- ---------------
Total operating costs
and expenses, net 157,044 95,588
---------------- ---------------
Operating loss (24,122) (34,778)
Interest expense, net (9,846) (7,615)
Other income, net 20,326 15,218
---------------- ---------------
Loss before income taxes (13,642) (27,175)
Income tax benefit 5,674 4,527
---------------- ---------------
Net loss $ (7,968) $ (22,648)
================ ===============
Loss per common share:
Basic $ (0.04) $ (0.14)
================ ===============
Diluted $ (0.04) $ (0.14)
================ ===============
Weighted-average shares
outstanding:
Basic 178,019,549 163,764,345
================ ===============
Diluted 178,019,549 163,764,345
================ ===============
MP MATERIALS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31,
----------------------------------------------
(U.S. dollars in thousands,
unaudited) 2026 2025
---------------- -------------
Operating activities:
Net loss $ (7,968) $ (22,648)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation, depletion
and amortization 32,137 21,384
Accretion of discount on
short-term investments (5,773) (5,691)
Stock-based compensation
expense 12,930 7,353
Amortization of debt
discount and debt
issuance costs 1,840 1,033
Lower of cost or net
realizable value
reserve -- 3,164
Deferred income taxes (5,178) (4,558)
Other (2,796) (6,932)
Decrease (increase) in
operating assets:
Trade accounts
receivable (32,649) (318)
Other receivables 48,018 (57,000)
Inventories (8,853) (31,103)
Prepaid expenses,
other current and
non-current assets (7,365) (6,991)
Increase (decrease) in
operating liabilities:
Accounts payable and
accrued liabilities (2,831) (1,786)
Deferred revenue (19,196) 44,809
Deferred government
grant 3,380 2,723
Other current and
non-current
liabilities (7,605) (6,637)
---------------- -------------
Net cash used in
operating
activities (1,909) (63,198)
---------------- -------------
Investing activities:
Additions to property,
plant and equipment (77,376) (30,467)
Purchases of short-term
investments (576,555) (364,680)
Proceeds from sales of
short-term investments 15,840 23,164
Proceeds from maturities
of short-term
investments 378,279 354,613
Proceeds from sale of
property, plant and
equipment -- 1,666
---------------- -------------
Net cash used in
investing activities (259,812) (15,704)
---------------- -------------
Financing activities:
Principal payments on debt
obligations (912) (1,361)
Tax withholding on
stock-based awards (17,634) (3,642)
---------------- -------------
Net cash used in
financing activities (18,546) (5,003)
---------------- -------------
Net change in cash, cash
equivalents and restricted
cash (280,267) (83,905)
Cash, cash equivalents and
restricted cash beginning
balance 1,167,359 283,603
---------------- -------------
Cash, cash equivalents and
restricted cash ending
balance $ 887,092 $ 199,698
================ =============
Reconciliation of cash, cash
equivalents and restricted
cash:
Cash and cash equivalents $ 886,277 $ 198,343
Restricted cash, current 815 815
Restricted cash,
non-current -- 540
---------------- -------------
Total cash, cash
equivalents and
restricted cash $ 887,092 $ 199,698
================ =============
Reconciliation of GAAP Net Loss to
Non-GAAP Adjusted EBITDA
For the three months ended March 31,
----------------------------------------------
(in thousands, unaudited) 2026 2025
-------------- --------------
Net loss $ (7,968) $ (22,648)
Adjusted for:
Depreciation, depletion
and amortization 32,137 21,384
Interest expense, net 9,846 7,615
Income tax benefit (5,674) (4,527)
Stock-based compensation
expense(1) 12,867 7,353
Initial start-up costs(2) 4,853 772
Transaction-related and
other costs(3) 10,489 2,816
Accretion of asset
retirement and
environmental
obligations(4) 386 373
Loss on disposals of
long-lived assets,
net(4) -- (616)
Other income, net(5) (20,326) (15,218)
-------------- --------------
Adjusted EBITDA $ 36,610 $ (2,696)
============== ==============
(1) Principally included in "Selling, general and administrative" within our
unaudited Condensed Consolidated Statements of Operations.
(2) Included in "Start-up costs" within our unaudited Condensed Consolidated
Statements of Operations and excludes any applicable stock-based
compensation, which is included in the "Stock-based compensation
expense" line above. Primarily relates to certain costs incurred in
connection with the commissioning and starting up of our initial
magnet-making capabilities at the Independence Facility prior to the
achievement of commercial production.
(3) Pertains to legal, consulting, and advisory services, and other costs
associated with specific matters or transactions, including litigation
matters, potential acquisitions, mergers, or other investments. For the
three months ended March 31, 2026, amount is principally included in
"Other operating costs and expenses (income), net" within our unaudited
Condensed Consolidated Statements of Operations and includes $8.8
million related to the settlement of a construction-related litigation
matter. For the three months ended March 31, 2025, amount is principally
included in "Selling, general and administrative" within our unaudited
Condensed Consolidated Statements of Operations.
(4) Included in "Other operating costs and expenses (income), net" within
our unaudited Condensed Consolidated Statements of Operations.
(5) Principally comprised of interest and investment income.
Reconciliation of GAAP Net Loss to
Non-GAAP Adjusted Net Income (Loss)
For the three months ended March 31,
----------------------------------------------
(in thousands, unaudited) 2026 2025
--- ------------- --------------
Net loss $ (7,968) $ (22,648)
Adjusted for:
Stock-based compensation
expense(1) 12,867 7,353
Initial start-up costs(2) 4,853 772
Transaction-related and
other costs(3) 10,489 2,816
Loss on disposals of
long-lived assets,
net(4) -- (616)
Change in fair value of
derivative instrument(5) (4,098) (6,997)
Tax impact of adjustments
above(6) (9,491) (578)
--- ------------- --------------
Adjusted Net Income (Loss) $ 6,652 $ (19,898)
=== ============= ==============
(1) Principally included in "Selling, general and administrative" within our
unaudited Condensed Consolidated Statements of Operations.
(2) Included in "Start-up costs" within our unaudited Condensed Consolidated
Statements of Operations and excludes any applicable stock-based
compensation, which is included in the "Stock-based compensation
expense" line above. Primarily relates to certain costs incurred in
connection with the commissioning and starting up of our initial
magnet-making capabilities at the Independence Facility prior to the
achievement of commercial production.
(3) Pertains to legal, consulting, and advisory services, and other costs
associated with specific matters or transactions, including litigation
matters, potential acquisitions, mergers, or other investments. For the
three months ended March 31, 2026, amount is principally included in
"Other operating costs and expenses (income), net" within our unaudited
Condensed Consolidated Statements of Operations and includes $8.8
million related to the settlement of a construction-related litigation
matter. For the three months ended March 31, 2025, amount is principally
included in "Selling, general and administrative within our unaudited
Condensed Consolidated Statements of Operations.
(4) Included in "Other operating costs and expenses (income), net" within
our unaudited Condensed Consolidated Statements of Operations.
(5) Included in "Other income, net" within our unaudited Condensed
Consolidated Statements of Operations.
(6) Tax impact of adjustments is calculated using an adjusted effective tax
rate, which excludes the impact of discrete tax costs and benefits, to
each adjustment. The adjusted effective tax rates were 39.4% and 17.4%
for the three months ended March 31, 2026 and 2025, respectively.
Reconciliation of GAAP Diluted Loss per Common Share to
Non-GAAP Adjusted Diluted EPS
For the three months ended March 31,
------------------------------------------
(unaudited) 2026 2025
---------------- ---------------
Diluted loss per common
share $ (0.04) $ (0.14)
Adjusted for:
Stock-based compensation
expense 0.07 0.04
Initial start-up costs 0.02 --
Transaction-related and
other costs 0.05 0.02
Change in fair value of
derivative instrument (0.02) (0.04)
Tax impact of adjustments
above(1) (0.05) --
---------------- ---------------
Adjusted Diluted EPS $ 0.03 $ (0.12)
================ ===============
Diluted weighted-average
shares outstanding 178,019,549 163,764,345
Assumed conversion of
Series A Preferred
Stock(2) 13,320,013 --
Assumed conversion of
Warrant(2) 5,577,049 --
Assumed conversion of 2026
Notes(2) 395,908 --
Assumed conversion of
restricted stock units(2) 1,017,347 --
Assumed conversion of
performance stock
units(2) 524,451 --
---------------- ---------------
Adjusted diluted
weighted-average shares
outstanding 198,854,317 163,764,345
================ ===============
(1) Tax impact of adjustments is calculated using an adjusted effective tax
rate, which excludes the impact of discrete tax costs and benefits, to
each adjustment. The adjusted effective tax rates were 39.4% and 17.4%
for the three months ended March 31, 2026 and 2025, respectively.
(2) For the three months ended March 31, 2026, these shares were
antidilutive for GAAP purposes. For purposes of calculating Adjusted
Diluted EPS, we have added back the assumed conversion of these shares
since they would not be antidilutive when using Adjusted Net Income as
the numerator in the calculation of Adjusted Diluted EPS.
Conference Call Details
MP Materials will host a conference call to discuss these results at 2:00 p.m. Pacific Time, Thursday, May 7, 2026. To join the conference call on a listen-only basis, participants should dial 1-888-788-0099 and international participants should dial 1-646-876-9923 and enter the conference ID number: 919 7945 9050 as well as the passcode: 716921. The live audio webcast along with the press release and accompanying slide presentation, will be accessible at investors.mpmaterials.com. A recording of the webcast will also be available following the conference call.
About MP Materials
MP Materials (NYSE: MP) is America's only fully integrated rare earth producer with capabilities spanning the entire supply chain--from mining and processing to advanced metallization and magnet manufacturing. We extract and refine materials from one of the world's richest rare earth deposits in California and manufacture the world's strongest and most efficient permanent magnets. Our products enable innovation across critical sectors of the modern economy, including transportation, energy, robotics, defense, and aerospace. More information is available at https://mpmaterials.com/.
Join the MP Materials community on X, YouTube, and LinkedIn.
We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investors section of our website. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. MP Materials Corp. (the "Company," "we," "us" and "our") intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of the words such as "estimate," "plan," "shall," "may," "project," "forecast," "intend," "expect," "anticipate," "believe, " "seek," "will," "target," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the price and market for rare earth materials; the continued demand for rare earth materials and the market for rare earth materials generally; future demand for magnets; estimates and forecasts of the Company's results of operations and other financial and performance metrics, including expected NdPr oxide production and shipments; the Company's mining and magnet projects, including the Company's ability to expand its heavy rare earth separation capabilities, and to develop the 10X Facility and to achieve run rate production of separated rare earth materials and production of commercial metal and magnets; the transactions ("Transactions") with the United States Department of War ( the "DoW") formerly known as the Department of Defense, the timing and consummation of future phases of the Transactions, the Company's and the DoW's future obligations related to the Transactions; the availability of government appropriations, funding and support for the Transactions; the availability of additional or replacement funding for our development projects and operations; statements regarding expectations and benefits of a long-term agreement with Apple and the Company's ability to supply U.S.-produced rare earth magnets; the ability to achieve technological advancements and supply chain objectives and the timing thereof; and statements related to the incentives in the State of Texas related to the 10X Facility. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company's future financial results and business.
Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, the heightened significance of the development of the Company's midstream and downstream operations, including ramping its separation capabilities, and its ability to vertically integrate its value chain; risks related to the timing and achievement of expected business milestones, including with respect to the construction of the 10X Facility; the availability of appropriations from the legislative branch of the federal government and the ability of the DoW to obtain funding and support for the Transactions; the determination by the legislative, judicial or executive branches of the federal government that any aspect of the Transactions was unauthorized, void or voidable; our ability to obtain additional or replacement financing, as needed; our ability to effectively assess, determine and monitor the financial, tax and accounting treatment of the Transactions, together with our and the DoW's obligations thereunder; challenges associated with identifying alternate sales channels and customers for the highly-specialized products contemplated by the Transactions should the partnership be altered or terminated; our ability to effectively use the proceeds and utilize the other anticipated benefits of the Transactions as contemplated thereby; risks related to the Company's long-term agreement with Apple and the Company's ability to meet the obligations thereunder, including risks related to our ability to construct, develop and scale our facilities, technology and production; fluctuations in the pricing and volume of the magnet products to be produced under the agreement with Apple, risks related to our ability to satisfy the conditions necessary to receive the Texas incentives related to the 10X Facility, our ability to effectively comply with the broader legal and regulatory requirements and heightened scrutiny associated with government partnerships and contracts; limitations on the Company's ability to transact with non-U.S. customers; changes in trade and other policies and priorities in U.S. and foreign governments, including with respect to tariffs; fluctuations, variability and uncertainty in demand and pricing in the market for rare earth products, including magnets; volatility in the price of our common stock; and those risk factors discussed in the Company's filings with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed by the Company with the Securities and Exchange Commission.
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