MP Materials Corp(NYSE:MP) 
MP Materials Corp. engages in the ownership and operation of integrated rare earth mining and processing facilities. It owns and operates the Mountain Pass facility located in the Western Hemisphere. The company holds the mineral rights to the Mountain Pass mine and surrounding areas, as well as int...
Website: http://www.mpmaterials.com
Founded: 2017
Full Time Employees: 280
CEO: James H. Litinsky
Sector: Basic Materials
Industry: Other Industrial Metals & Mining
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 52,685,000 | 53,553,000 | 57,393,000 | 60,810,000 | |||||||||||||||||||
yoy | |||||||||||||||||||||||
qoq | -1.62% | -6.69% | -5.62% | ||||||||||||||||||||
operating expenses and income: | |||||||||||||||||||||||
cost of sales | 45,050,000 | 48,477,000 | 50,431,000 | 48,831,000 | 58,263,000 | 57,266,000 | 41,463,000 | 35,594,000 | 23,577,000 | 22,217,000 | 22,704,000 | 24,216,000 | 24,536,000 | 22,417,000 | 22,092,000 | 23,173,000 | 18,455,000 | 21,907,000 | 17,955,000 | 17,936,000 | |||
selling, general and administrative | 32,066,000 | 28,405,000 | 27,429,000 | 24,166,000 | 19,073,000 | 21,525,000 | 21,434,000 | 21,267,000 | 21,416,000 | 19,561,000 | 18,865,000 | 19,403,000 | 19,449,000 | 17,604,000 | 18,222,000 | 20,565,000 | |||||||
depreciation, depletion and amortization | 24,609,000 | 22,497,000 | 20,777,000 | 21,384,000 | 22,118,000 | 19,344,000 | 18,210,000 | 18,385,000 | 18,633,000 | 16,751,000 | 12,203,000 | 8,122,000 | 5,593,000 | 2,096,000 | 5,407,000 | 5,260,000 | 4,615,000 | 6,951,000 | 6,666,000 | 6,150,000 | |||
start-up costs | 1,136,000 | 1,413,000 | 761,000 | 976,000 | 1,397,000 | 1,627,000 | 1,373,000 | 1,287,000 | |||||||||||||||
advanced projects and development | 2,212,000 | 19,026,000 | 2,496,000 | 474,000 | 1,164,000 | 2,051,000 | 1,886,000 | 4,206,000 | |||||||||||||||
other operating costs and expenses (income) | -26,000 | 758,000 | -619,000 | -243,000 | |||||||||||||||||||
total operating expenses | 79,359,750 | 120,576,000 | |||||||||||||||||||||
operating income | -3,691,000 | -67,023,000 | -43,882,000 | -34,778,000 | -43,962,000 | -39,540,000 | -53,492,000 | -32,432,000 | -33,628,000 | -17,536,000 | 483,000 | 32,962,000 | 37,466,000 | 79,167,000 | 95,754,000 | 115,024,000 | 57,078,000 | 54,093,000 | 32,465,000 | 21,709,000 | |||
yoy | -91.60% | 69.51% | -17.97% | 7.23% | 30.73% | 125.48% | -11174.95% | -198.39% | -189.76% | -122.15% | -99.50% | -71.34% | -34.36% | 46.35% | 194.95% | 429.84% | |||||||
qoq | -94.49% | 52.73% | 26.18% | -20.89% | 11.18% | -26.08% | 64.94% | -3.56% | 91.77% | -3730.64% | -98.53% | -12.02% | -52.67% | -17.32% | -16.75% | 101.52% | 5.52% | 66.62% | 49.55% | ||||
operating margin % | -7.01% | -125.15% | -76.46% | -57.19% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | NaN% | NaN% | NaN% |
interest expense | -9,886,000 | -8,566,000 | -5,414,000 | -7,615,000 | -6,762,000 | -6,646,000 | -6,745,000 | -2,857,000 | -1,107,000 | -1,396,000 | -1,392,000 | -1,359,000 | -1,331,000 | -1,224,000 | -1,326,000 | -1,905,000 | -2,487,000 | -2,624,000 | -2,639,000 | -1,154,000 | |||
gain on early extinguishment of debt | 6,646,000 | 46,265,000 | |||||||||||||||||||||
other income | 24,134,000 | 17,157,000 | 6,572,000 | 15,218,000 | 10,117,000 | 11,320,000 | 12,084,000 | 12,657,000 | 14,078,000 | 14,456,000 | 13,821,000 | 13,693,000 | 10,953,000 | 6,168,000 | 2,212,000 | 194,000 | 98,000 | 97,000 | 3,504,000 | 55,000 | |||
income before income taxes | 10,557,000 | -58,432,000 | -42,724,000 | -27,175,000 | -33,961,000 | -34,866,000 | -48,153,000 | 23,633,000 | -20,657,000 | -4,476,000 | 12,912,000 | 45,296,000 | 47,088,000 | 84,111,000 | 96,640,000 | 113,313,000 | 54,689,000 | 51,566,000 | 33,330,000 | 20,610,000 | |||
income tax benefit | -1,131,000 | 16,652,000 | 11,852,000 | 4,527,000 | 11,619,000 | 9,350,000 | 14,098,000 | -3,291,500 | 200,000 | -5,700,000 | -8,803,000 | ||||||||||||
net income | 9,426,000 | -41,780,000 | -30,872,000 | -22,648,000 | -22,342,000 | -25,516,000 | -34,055,000 | 16,489,000 | -16,259,000 | -4,276,000 | 7,395,000 | 37,447,000 | 67,007,000 | 63,177,000 | 73,269,000 | 85,551,000 | 48,989,000 | 42,763,000 | 27,166,000 | 16,119,000 | -3,067,033 | -316,341 | |
yoy | -142.19% | 63.74% | -9.35% | -237.35% | 37.41% | 496.73% | -560.51% | -55.97% | -124.26% | -106.77% | -89.91% | -56.23% | 36.78% | 47.74% | 169.71% | 430.75% | -1494.28% | -8687.57% | |||||
qoq | -122.56% | 35.33% | 36.31% | 1.37% | -12.44% | -25.07% | -306.53% | -201.41% | 280.24% | -157.82% | -80.25% | -44.11% | 6.06% | -13.77% | -14.36% | 74.63% | 14.56% | 57.41% | 68.53% | 869.53% | |||
net income margin % | 17.89% | -78.02% | -53.79% | -37.24% | -Infinity% | -Infinity% | -Infinity% | Infinity% | -Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | NaN% | -Infinity% | -Infinity% |
loss per common share: | |||||||||||||||||||||||
basic | -142.5 | -240 | |||||||||||||||||||||
diluted | -142.5 | -240 | |||||||||||||||||||||
weighted-average shares outstanding: | |||||||||||||||||||||||
basic | 170,126,753,000 | 175,034,287,000 | 163,834,693 | 163,764,345 | 166,840,611 | 164,149,348 | 165,344,511 | 174,556,850 | 177,181,661 | 177,231,717 | 176,984,917 | 176,881,723 | 176,519,203 | 176,543,624 | 176,527,570 | 176,355,566 | 173,469,546 | 176,053,586 | 172,677,923 | 168,922,566 | |||
diluted | 170,126,753,000 | 175,034,287,000 | 163,834,693 | 163,764,345 | 169,882,640 | 164,149,348 | 165,344,511 | 186,791,826 | 178,152,212 | 177,231,717 | 177,859,118 | 193,613,539 | 193,453,087 | 193,409,857 | 193,414,563 | 193,490,330 | 189,844,028 | 193,215,313 | 193,145,644 | 179,319,489 | |||
operating costs and expenses: | |||||||||||||||||||||||
total operating costs and expenses | 101,275,000 | 95,588,000 | 104,948,000 | 102,467,000 | 84,750,000 | 81,116,000 | 74,833,000 | 70,052,000 | 63,541,000 | 62,738,000 | 55,779,000 | 45,278,000 | 47,808,000 | 51,234,000 | 42,031,000 | 45,661,000 | 40,653,000 | 38,262,000 | |||||
loss per share: | |||||||||||||||||||||||
basic | -0.19 | ||||||||||||||||||||||
diluted | -0.19 | ||||||||||||||||||||||
earnings per share: | |||||||||||||||||||||||
basic | -0.14 | -0.13 | -0.16 | -0.21 | 0.09 | -0.09 | -0.02 | 0.04 | 0.21 | 0.38 | 0.36 | 0.42 | 0.49 | 0.1 | |||||||||
diluted | -0.14 | -0.13 | -0.16 | -0.21 | -0.08 | -0.08 | -0.02 | 0.04 | 0.2 | 0.36 | 0.33 | 0.38 | 0.45 | 0.09 | |||||||||
revenue: | |||||||||||||||||||||||
rare earth concentrate | 26,888,750 | 43,053,000 | 24,426,000 | 40,076,000 | 40,329,000 | 52,472,000 | |||||||||||||||||
ndpr oxide and metal | 8,509,250 | 19,179,000 | 6,531,000 | 8,327,000 | |||||||||||||||||||
other revenue | 319,250 | 695,000 | |||||||||||||||||||||
total revenue | 35,717,250 | 62,927,000 | 31,258,000 | 48,684,000 | 41,205,000 | 52,516,000 | 64,024,000 | 95,700,000 | 93,245,000 | 124,445,000 | 143,562,000 | 166,258,000 | 99,109,000 | 99,754,000 | |||||||||
other operating costs and expenses | 2,933,000 | 654,000 | 384,000 | 377,000 | |||||||||||||||||||
other rare earth products | 301,000 | 281,000 | 181,000 | 44,000 | |||||||||||||||||||
income tax expense | -7,144,000 | -5,517,000 | -7,849,000 | -18,016,750 | -20,934,000 | -23,371,000 | -27,762,000 | -6,164,000 | -4,491,000 | ||||||||||||||
advanced projects, start-up, development and other | 6,427,750 | 10,209,000 | 7,222,000 | 8,280,000 | |||||||||||||||||||
accretion of asset retirement and environmental obligations | 170,250 | 227,000 | 227,000 | 227,000 | 222,000 | 418,000 | 419,000 | 418,000 | 595,000 | 595,000 | 592,000 | 593,000 | |||||||||||
loss on disposals of long-lived assets | 1,474,250 | 1,087,000 | |||||||||||||||||||||
product sales | 64,001,000 | 95,666,000 | 92,098,000 | 124,231,000 | 139,183,000 | 161,755,000 | 97,721,000 | 98,581,000 | 73,118,000 | 59,971,000 | |||||||||||||
other sales | 23,000 | 34,000 | 1,147,000 | 214,000 | 4,379,000 | 4,503,000 | 1,388,000 | 1,173,000 | |||||||||||||||
loss on sale or disposal of long-lived assets | 2,320,000 | 2,490,000 | |||||||||||||||||||||
advanced projects, development and other | 1,557,250 | 2,743,000 | 1,668,000 | 1,818,000 | 2,137,000 | 1,327,000 | |||||||||||||||||
write-down of inventories | 1,809,000 | ||||||||||||||||||||||
general and administrative | 16,229,000 | 14,881,000 | 13,631,000 | 13,583,000 | |||||||||||||||||||
royalty expense to snr | |||||||||||||||||||||||
settlement charge | |||||||||||||||||||||||
net income per share | |||||||||||||||||||||||
basic | 0.28 | 0.24 | 0.16 | ||||||||||||||||||||
diluted | 0.26 | 0.23 | 0.15 | ||||||||||||||||||||
general and administrative expenses | 3,048,747 | 266,402 | |||||||||||||||||||||
franchise tax expense | 50,232 | 86,814 | |||||||||||||||||||||
income from operations | -3,098,979 | -353,216 | |||||||||||||||||||||
interest income | 31,946 | 36,875 | |||||||||||||||||||||
weighted-average shares outstanding - class a common stock | 34,500,000 | 34,500,000 | |||||||||||||||||||||
basic and diluted net loss per share, class a | |||||||||||||||||||||||
weighted-average shares outstanding - class f common stock | 8,625,000 | 8,625,000 | |||||||||||||||||||||
basic and diluted net loss per share, class f | -0.36 | -0.04 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
current assets | |||||||||||||||||||||
cash and cash equivalents | 1,166,011,000 | 1,147,155,000 | 261,535,000 | 198,343,000 | 282,442,000 | 284,434,000 | 295,604,000 | 296,468,000 | 263,351,000 | 547,668,000 | 927,245,000 | 651,215,000 | 136,627,000 | 427,969,000 | 664,457,000 | 1,233,300,000 | 1,179,297,000 | 1,179,371,000 | 1,196,875,000 | 1,181,515,000 | 519,652,000 |
short-term investments | 664,275,000 | 793,217,000 | 492,122,000 | 560,814,000 | 568,426,000 | 582,056,000 | 641,398,000 | 650,299,000 | 734,493,000 | 536,994,000 | 200,828,000 | 517,831,000 | 1,045,718,000 | 836,288,000 | 599,666,000 | ||||||
total cash, cash equivalents and short-term investments | 1,830,286,000 | 1,940,372,000 | 753,657,000 | 759,157,000 | 850,868,000 | 866,490,000 | 937,002,000 | 946,767,000 | 997,844,000 | 1,084,662,000 | 1,128,073,000 | 1,169,046,000 | 1,182,345,000 | 1,264,257,000 | 1,264,123,000 | ||||||
trade accounts receivable, net of allowance for credit losses of 0 and 0, respectively | 14,642,000 | ||||||||||||||||||||
income taxes receivable | 1,004,000 | 23,805,000 | 23,805,000 | 23,805,000 | 23,672,000 | 4,128,000 | 4,127,000 | 1,727,000 | 2,201,000 | 3,857,000 | 4,271,000 | ||||||||||
other receivables | 131,038,000 | ||||||||||||||||||||
inventories | 171,560,000 | 144,366,000 | 128,048,000 | 133,084,000 | 107,905,000 | 116,699,000 | 115,384,000 | 108,509,000 | 95,182,000 | 77,179,000 | 67,783,000 | 61,804,000 | 57,554,000 | 61,645,000 | 42,244,000 | 39,619,000 | 38,692,000 | 34,126,000 | 35,501,000 | 35,098,000 | 32,272,000 |
prepaid expenses and other current assets | 17,271,000 | 15,160,000 | 13,791,000 | 17,903,000 | 10,204,000 | 11,599,000 | 10,419,000 | 10,021,000 | 8,820,000 | 9,162,000 | 12,788,000 | 13,566,000 | 18,872,000 | 11,004,000 | 5,486,000 | 6,447,000 | 7,809,000 | 4,954,000 | 5,558,000 | 8,583,000 | 5,534,000 |
total current assets | 2,165,801,000 | 2,174,351,000 | 960,395,000 | 1,022,873,000 | 1,031,322,000 | 1,017,183,000 | 1,090,635,000 | 1,106,199,000 | 1,131,177,000 | 1,188,311,000 | 1,223,877,000 | 1,267,388,000 | 1,293,828,000 | 1,356,781,000 | 1,348,872,000 | 1,316,474,000 | 1,276,807,000 | 1,255,546,000 | 1,246,112,000 | 1,239,121,000 | 561,047,000 |
non-current assets | |||||||||||||||||||||
property, plant and equipment | 1,369,817,000 | 1,306,159,000 | 1,290,090,000 | 1,278,830,000 | 1,251,496,000 | 1,230,517,000 | 1,217,073,000 | 1,196,486,000 | 1,158,054,000 | 1,097,727,000 | 1,044,839,000 | 1,002,240,000 | 935,743,000 | 830,033,000 | 749,848,000 | 668,488,000 | 610,612,000 | 582,838,000 | 560,616,000 | 532,504,000 | 501,974,000 |
price protection agreement upfront asset | 209,668,000 | 221,102,000 | |||||||||||||||||||
other non-current assets | 38,335,000 | 33,923,000 | 24,567,000 | 29,383,000 | 15,659,000 | 6,825,000 | 12,537,000 | 8,889,000 | 5,252,000 | 4,070,000 | 3,186,000 | 4,630,000 | 2,472,000 | 2,348,000 | 2,519,000 | 2,249,000 | 973,000 | 1,099,000 | 1,226,000 | 812,000 | 1,139,000 |
total non-current assets | 1,698,359,000 | 1,623,963,000 | 1,375,792,000 | 1,345,251,000 | 1,302,236,000 | 1,283,103,000 | 1,273,691,000 | 1,247,840,000 | 1,205,275,000 | 1,133,911,000 | 1,065,568,000 | 1,013,714,000 | 943,959,000 | 832,381,000 | 752,367,000 | 670,737,000 | 612,859,000 | 593,908,000 | 571,844,000 | 543,405,000 | 513,241,000 |
total assets | 3,864,160,000 | 3,798,314,000 | 2,336,187,000 | 2,368,124,000 | 2,333,558,000 | 2,300,286,000 | 2,364,326,000 | 2,354,039,000 | 2,336,452,000 | 2,322,222,000 | 2,289,445,000 | 2,281,102,000 | 2,237,787,000 | 2,189,162,000 | 2,101,239,000 | 1,987,211,000 | 1,889,666,000 | 1,849,454,000 | 1,817,956,000 | 1,782,526,000 | 1,074,288,000 |
liabilities, redeemable preferred stock and stockholders’ equity | |||||||||||||||||||||
current liabilities | |||||||||||||||||||||
accounts and construction payable | 36,655,000 | 25,382,000 | 21,726,000 | 20,867,000 | 23,562,000 | 21,711,000 | 19,755,000 | 26,139,000 | 27,995,000 | ||||||||||||
accrued liabilities | 95,086,000 | 77,977,000 | 74,447,000 | 69,141,000 | 64,727,000 | 66,224,000 | 74,943,000 | 73,987,000 | 73,939,000 | ||||||||||||
current portion of long-term debt | 67,411,000 | 67,522,000 | 67,434,000 | 67,346,000 | |||||||||||||||||
deferred revenue | 74,301,000 | 82,241,000 | 79,894,000 | 75,335,000 | 56,880,000 | 50,000,000 | 50,000,000 | ||||||||||||||
other current liabilities | 25,596,000 | 17,055,000 | 23,366,000 | 15,518,000 | 18,850,000 | 8,854,000 | 13,380,000 | 7,420,000 | 6,616,000 | 4,188,000 | 3,803,000 | 4,139,000 | 4,053,000 | 4,504,000 | 4,050,000 | 4,675,000 | 4,010,000 | 3,637,000 | 6,505,000 | 3,580,000 | 2,163,000 |
total current liabilities | 299,049,000 | 270,177,000 | 266,867,000 | 248,207,000 | 164,019,000 | 146,789,000 | 158,078,000 | 107,546,000 | 108,550,000 | 97,012,000 | 75,773,000 | 93,874,000 | 97,481,000 | 74,746,000 | 66,147,000 | 51,575,000 | 59,543,000 | 70,767,000 | 90,287,000 | 72,921,000 | 43,061,000 |
non-current liabilities | |||||||||||||||||||||
long-term debt | 931,330,000 | 929,745,000 | 843,369,000 | 842,415,000 | 908,729,000 | 937,634,000 | 936,610,000 | 935,585,000 | 681,980,000 | 681,094,000 | 680,210,000 | 679,326,000 | 678,444,000 | 677,563,000 | 676,683,000 | 675,804,000 | 674,927,000 | 674,050,000 | 673,174,000 | 672,582,000 | 961,000 |
deferred government grant | 22,101,000 | 22,069,000 | 22,029,000 | 22,029,000 | 20,087,000 | 19,836,000 | 18,762,000 | 18,349,000 | 17,433,000 | ||||||||||||
deferred investment tax credit | 26,860,000 | 21,382,000 | 26,428,000 | 25,178,000 | 25,502,000 | ||||||||||||||||
deferred income taxes | 51,558,000 | 55,863,000 | 67,309,000 | 80,695,000 | 85,309,000 | 98,541,000 | 107,702,000 | 121,877,000 | 130,793,000 | 135,435,000 | 135,592,000 | 129,711,000 | 122,353,000 | 167,028,000 | 146,606,000 | 127,979,000 | 104,500,000 | 98,444,000 | 95,578,000 | 91,635,000 | 87,473,000 |
other non-current liabilities | 57,005,000 | 58,163,000 | 48,565,000 | 37,625,000 | 26,114,000 | 4,568,000 | 5,504,000 | 4,247,000 | 3,025,000 | 3,578,000 | 3,921,000 | 4,464,000 | 5,000,000 | 5,691,000 | 6,315,000 | 7,003,000 | 7,197,000 | 7,918,000 | 8,553,000 | 9,273,000 | 1,628,000 |
total non-current liabilities | 1,172,743,000 | 1,149,717,000 | 1,058,770,000 | 1,083,806,000 | 1,114,659,000 | 1,088,957,000 | 1,097,210,000 | 1,108,739,000 | 862,123,000 | 849,137,000 | 848,741,000 | 835,423,000 | 827,672,000 | 872,110,000 | 864,355,000 | 845,268,000 | 821,391,000 | 824,492,000 | 821,044,000 | 834,448,000 | 177,350,000 |
total liabilities | 1,471,792,000 | 1,419,894,000 | 1,325,637,000 | 1,332,013,000 | 1,278,678,000 | 1,235,746,000 | 1,255,288,000 | 1,216,285,000 | 970,673,000 | 946,149,000 | 924,514,000 | 929,297,000 | 925,153,000 | 946,856,000 | 930,502,000 | 896,843,000 | 880,934,000 | 895,259,000 | 911,331,000 | 907,369,000 | 220,411,000 |
commitments and contingencies | |||||||||||||||||||||
redeemable preferred stock: | |||||||||||||||||||||
series a cumulative perpetual convertible preferred stock | 413,611,000 | 413,611,000 | |||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||||
preferred stock, undesignated | |||||||||||||||||||||
common stock | 19,000 | 19,000 | 18,000 | 18,000 | 18,000 | 18,000 | 18,000 | 18,000 | 17,000 | 17,000 | 17,000 | 17,000 | 18,000 | 18,000 | 18,000 | 18,000 | 18,000 | 18,000 | 18,000 | 17,000 | 17,000 |
additional paid-in capital | 1,970,970,000 | 1,966,537,000 | 970,823,000 | 965,487,000 | 961,434,000 | 948,687,000 | 943,508,000 | 938,209,000 | 979,891,000 | 974,103,000 | 958,819,000 | 952,791,000 | 951,008,000 | 947,973,000 | 939,900,000 | 932,384,000 | 936,299,000 | 930,751,000 | 925,944,000 | 921,643,000 | 916,482,000 |
retained earnings | 234,428,000 | 225,002,000 | 266,782,000 | 297,654,000 | 320,302,000 | 342,644,000 | 368,160,000 | 402,215,000 | 385,726,000 | 401,985,000 | 406,261,000 | 398,866,000 | 361,419,000 | 294,412,000 | 231,235,000 | 157,966,000 | 72,415,000 | 23,426,000 | |||
accumulated other comprehensive income | 387,000 | 298,000 | -26,000 | -1,000 | 173,000 | 296,000 | -90,000 | -130,000 | 145,000 | -32,000 | -166,000 | 131,000 | 189,000 | ||||||||
treasury stock | -227,047,000 | -227,047,000 | -227,047,000 | -227,047,000 | -227,047,000 | -227,105,000 | -202,558,000 | -202,558,000 | |||||||||||||
total stockholders’ equity | 1,978,757,000 | 1,964,809,000 | 1,010,550,000 | 1,036,111,000 | 1,054,880,000 | 1,064,540,000 | 1,109,038,000 | 1,137,754,000 | 1,365,779,000 | 1,376,073,000 | 1,364,931,000 | 1,351,805,000 | 1,312,634,000 | 1,242,306,000 | 1,170,737,000 | 1,090,368,000 | 1,008,732,000 | 954,195,000 | 906,625,000 | 875,157,000 | 853,877,000 |
total liabilities, redeemable preferred stock and stockholders’ equity | 3,864,160,000 | 3,798,314,000 | |||||||||||||||||||
accounts receivable | 14,792,000 | 21,821,000 | 69,719,000 | 18,874,000 | 14,549,000 | 8,459,000 | 21,600,000 | 10,029,000 | 32,856,000 | ||||||||||||
government grant receivable | 35,856,000 | 19,273,000 | 19,205,000 | 19,799,000 | 7,846,000 | 19,371,000 | 19,302,000 | 19,302,000 | |||||||||||||
operating lease right-of-use assets | 9,139,000 | 9,629,000 | 8,680,000 | 9,004,000 | 9,357,000 | 9,705,000 | 10,065,000 | 10,346,000 | 10,133,000 | ||||||||||||
intangible assets | 6,772,000 | 7,071,000 | 7,370,000 | 7,970,000 | 8,283,000 | 8,582,000 | 8,881,000 | 9,179,000 | |||||||||||||
liabilities and stockholders’ equity | |||||||||||||||||||||
operating lease liabilities | 6,016,000 | 6,390,000 | 5,798,000 | 6,016,000 | 6,314,000 | 6,573,000 | 6,829,000 | 728,000 | |||||||||||||
preferred stock | |||||||||||||||||||||
total liabilities and stockholders’ equity | 2,336,187,000 | 2,368,124,000 | 2,333,558,000 | 2,300,286,000 | 2,364,326,000 | 2,354,039,000 | 2,336,452,000 | 2,322,222,000 | 2,289,445,000 | 2,281,102,000 | 2,237,787,000 | 2,189,162,000 | 2,101,239,000 | 1,987,211,000 | 1,889,666,000 | 1,849,454,000 | 1,817,956,000 | 1,782,526,000 | 1,074,288,000 | ||
equity method investment | 8,962,000 | 9,339,000 | 9,647,000 | 9,673,000 | |||||||||||||||||
asset retirement obligations | 5,856,000 | 5,795,000 | 5,576,000 | 5,518,000 | 5,462,000 | 5,406,000 | 5,351,000 | 5,295,000 | 5,244,000 | 18,162,000 | 17,888,000 | 17,615,000 | 26,925,000 | 26,488,000 | 25,859,000 | 25,570,000 | |||||
environmental obligations | 16,506,000 | 16,523,000 | 16,532,000 | 16,545,000 | 16,554,000 | 16,562,000 | 16,571,000 | 16,580,000 | 16,584,000 | 16,589,000 | 16,594,000 | 16,598,000 | 16,530,000 | 16,612,000 | 16,679,000 | 16,602,000 | |||||
income taxes payable | 21,161,000 | 21,163,000 | 5,246,000 | 3,463,000 | 8,097,000 | ||||||||||||||||
accounts receivable (including related party), net of allowance for credit losses of 0 and 0, respectively | 13,180,000 | 11,106,000 | 21,245,000 | 16,018,000 | 32,748,000 | 37,108,000 | 51,009,000 | 37,095,000 | 8,178,000 | 13,925,000 | |||||||||||
accounts payable, construction payables and accrued liabilities | 92,096,000 | 71,661,000 | 68,574,000 | 72,265,000 | |||||||||||||||||
non-current inventories | 7,410,000 | 6,844,000 | 5,744,000 | ||||||||||||||||||
current portion of operating lease liabilities | 309,000 | ||||||||||||||||||||
operating lease liabilities, net of current portion | 7,050,000 | ||||||||||||||||||||
current installments of long-term debt—related party | 16,082,000 | 30,937,000 | 45,796,000 | 38,457,000 | |||||||||||||||||
accounts payable and accrued liabilities | 70,242,000 | 62,097,000 | 41,654,000 | 35,734,000 | 27,842,000 | 37,730,000 | 27,500,000 | 16,136,000 | |||||||||||||
accumulated other comprehensive loss | -97,000 | -416,000 | |||||||||||||||||||
restricted cash | 516,000 | 9,124,000 | 9,118,000 | 9,115,000 | 9,100,000 | ||||||||||||||||
finance lease right-of-use assets | 758,000 | 847,000 | 884,000 | 974,000 | 1,028,000 | ||||||||||||||||
current installments of long-term debt | 3,105,000 | 2,403,000 | |||||||||||||||||||
current portion of finance lease liabilities | 254,000 | 254,000 | 256,000 | 279,000 | 266,000 | ||||||||||||||||
long-term debt—related party, net of current portion | 17,733,000 | ||||||||||||||||||||
finance lease liabilities, net of current portion | 554,000 | 625,000 | 639,000 | 687,000 | 736,000 | ||||||||||||||||
accumulated deficit | -19,337,000 | -46,503,000 | -62,622,000 | ||||||||||||||||||
trade accounts receivable | 3,589,000 | ||||||||||||||||||||
accounts payable and accrued liabilities—related parties | 23,000 | ||||||||||||||||||||
deferred revenue—related parties | |||||||||||||||||||||
current installments of long-term debt—related parties | 22,070,000 | ||||||||||||||||||||
other current liabilities—related parties | |||||||||||||||||||||
deferred revenue—related parties, net of current portion | |||||||||||||||||||||
long-term debt—related parties, net of current portion | 44,380,000 | ||||||||||||||||||||
stockholders’ equity |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities: | |||||||||||||||||||
net income | -41,780,000 | -30,872,000 | -22,648,000 | -22,342,000 | -25,516,000 | -34,055,000 | 16,489,000 | -16,259,000 | -4,276,000 | 7,395,000 | 37,447,000 | 67,007,000 | 63,177,000 | 73,269,000 | 85,551,000 | 48,989,000 | 42,763,000 | 27,166,000 | 16,119,000 |
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||
depreciation, depletion and amortization | 22,497,000 | 20,777,000 | 21,384,000 | 22,118,000 | 19,344,000 | 18,210,000 | 18,385,000 | 18,633,000 | 16,751,000 | 12,203,000 | 8,122,000 | 5,593,000 | 2,096,000 | 5,407,000 | 5,260,000 | 4,615,000 | 6,951,000 | 6,666,000 | 6,150,000 |
accretion of discount on short-term investments | -6,136,000 | -5,771,000 | -5,691,000 | -6,586,000 | -7,352,000 | -7,824,000 | -8,493,000 | -8,982,000 | -3,401,000 | -5,091,000 | -8,842,000 | -6,037,000 | -2,913,000 | ||||||
gain on early extinguishment of debt | -6,646,000 | 0 | 0 | -46,265,000 | |||||||||||||||
stock-based compensation expense | 7,686,000 | 5,552,000 | 7,353,000 | 4,560,000 | 5,453,000 | 5,703,000 | 7,467,000 | 6,195,000 | 6,298,000 | 5,730,000 | 7,013,000 | 6,761,000 | 7,806,000 | 7,440,000 | 9,773,000 | 8,208,000 | 4,552,000 | 4,498,000 | 5,673,000 |
amortization of debt discount and debt issuance costs | |||||||||||||||||||
lower of cost or net realizable value reserve | -384,000 | 3,572,000 | 3,164,000 | -2,668,000 | 11,762,000 | 5,991,000 | |||||||||||||
deferred income taxes | -11,553,000 | -13,378,000 | -4,558,000 | -11,535,000 | -9,286,000 | -14,098,000 | 7,144,000 | -4,701,000 | -200,000 | 5,979,000 | 7,377,000 | -44,772,000 | 20,455,000 | 18,627,000 | 23,479,000 | 6,163,000 | 3,157,000 | 3,943,000 | 4,162,000 |
other | 1,819,000 | -5,984,000 | 65,000 | 2,880,000 | 1,029,000 | 557,000 | -163,000 | -259,000 | -512,000 | ||||||||||
decrease (increase) in operating assets: | |||||||||||||||||||
accounts receivable | 7,028,000 | 47,899,000 | -50,845,000 | -4,325,000 | -6,090,000 | 13,141,000 | -11,571,000 | 3,151,000 | -2,074,000 | 10,139,000 | 11,611,000 | -16,838,000 | 16,730,000 | 4,360,000 | 13,901,000 | -13,914,000 | -28,917,000 | 5,747,000 | -10,336,000 |
inventories | -31,627,000 | -21,338,000 | -31,103,000 | 1,314,000 | -1,310,000 | -20,598,000 | -20,943,000 | -21,601,000 | -14,092,000 | -6,382,000 | -5,024,000 | -1,928,000 | -18,834,000 | -2,625,000 | -927,000 | -4,566,000 | 1,375,000 | -2,212,000 | -2,826,000 |
government grant receivable | -5,174,000 | -4,519,000 | -6,364,000 | -11,953,000 | 16,293,000 | -3,220,000 | -1,617,000 | ||||||||||||
prepaid expenses, other current and non-current assets | -3,324,000 | 2,811,000 | -7,100,000 | 1,089,000 | 1,425,000 | -572,000 | -3,243,000 | 1,887,000 | 1,902,000 | -1,061,000 | -351,000 | -7,361,000 | -98,000 | 743,000 | 694,000 | -1,802,000 | 621,000 | -742,000 | -2,231,000 |
increase in operating liabilities: | |||||||||||||||||||
accounts payable and accrued liabilities | 5,856,000 | 2,987,000 | -1,786,000 | 2,635,000 | 5,559,000 | 771,000 | -7,633,000 | 2,704,000 | 8,349,000 | 3,838,000 | -3,586,000 | 3,233,000 | 4,205,000 | 1,700,000 | -7,176,000 | 1,226,000 | 68,000 | 1,178,000 | 3,058,000 |
deferred revenue | 19,788,000 | -19,861,000 | 44,809,000 | 50,000,000 | 0 | ||||||||||||||
deferred government grant | 610,000 | 590,000 | 2,723,000 | 825,000 | 1,653,000 | 944,000 | 1,489,000 | ||||||||||||
other current and non-current liabilities | -8,852,000 | 5,842,000 | -6,637,000 | 23,806,000 | -6,351,000 | 9,048,000 | 485,000 | -349,000 | 347,000 | -440,000 | 148,000 | -618,000 | 222,000 | -805,000 | 130,000 | 251,000 | -3,093,000 | 2,638,000 | -698,000 |
net cash from operating activities | -42,048,000 | -3,655,000 | -63,198,000 | 30,477,000 | -6,844,000 | 30,842,000 | -41,126,000 | -13,781,000 | 11,021,000 | 9,968,000 | 55,491,000 | 29,095,000 | 94,557,000 | 98,891,000 | 120,971,000 | 31,507,000 | 22,495,000 | 38,634,000 | 9,335,000 |
capital expenditures | -50,496,000 | -29,006,000 | -30,467,000 | -41,650,000 | -46,442,000 | -46,488,000 | -51,838,000 | -72,970,000 | -58,691,000 | -55,774,000 | -74,462,000 | -112,263,000 | -91,748,000 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | -92,544,000 | -32,661,000 | -93,665,000 | -11,173,000 | -53,286,000 | -15,646,000 | -92,964,000 | -86,751,000 | -47,670,000 | -45,806,000 | -18,971,000 | -83,168,000 | 2,809,000 | 98,891,000 | 120,971,000 | 31,507,000 | 22,495,000 | 38,634,000 | 9,335,000 |
investing activities: | |||||||||||||||||||
additions to property, plant and equipment | -50,496,000 | -29,006,000 | -30,467,000 | -41,650,000 | -46,442,000 | -46,488,000 | -51,838,000 | -72,970,000 | -58,691,000 | -55,774,000 | -74,462,000 | -112,263,000 | -91,748,000 | ||||||
purchases of short-term investments | -707,442,000 | -319,135,000 | -364,680,000 | -417,374,000 | -316,904,000 | -443,097,000 | -390,608,000 | -480,236,000 | -384,357,000 | 0 | -320,884,000 | -1,421,276,000 | -759,195,000 | ||||||
proceeds from sales of short-term investments | 8,271,000 | 57,223,000 | 23,164,000 | 34,595,000 | 41,081,000 | 67,741,000 | 22,954,000 | 46,694,000 | 13,715,000 | 100,000 | 447,227,000 | 1,149,295,000 | |||||||
proceeds from maturities of short-term investments | 404,615,000 | 336,329,000 | 354,613,000 | 402,789,000 | 342,992,000 | 392,100,000 | 460,110,000 | 245,283,000 | 38,000,000 | 321,600,000 | 410,307,000 | 69,000,000 | |||||||
proceeds from return of investment in equity method investee | 0 | ||||||||||||||||||
proceeds from sale of property, plant and equipment | 0 | 2,397,000 | 1,666,000 | 0 | 0 | 0 | 125,000 | ||||||||||||
proceeds from government awards used for construction | 12,000,000 | 0 | 0 | 0 | 96,000 | 1,750,000 | 0 | 0 | 0 | 5,130,000 | 1,767,000 | ||||||||
net cash from investing activities | -333,052,000 | 69,681,000 | -15,704,000 | -21,640,000 | 20,727,000 | -29,744,000 | 40,714,000 | -269,134,000 | -390,283,000 | 265,926,000 | 462,188,000 | -315,244,000 | -325,078,000 | -666,847,000 | -49,802,000 | -35,683,000 | -39,114,000 | -25,393,000 | -19,173,000 |
financing activities: | |||||||||||||||||||
proceeds from issuance of long-term debt | 0 | 0 | 0 | 747,500,000 | 0 | 0 | 0 | 690,000,000 | |||||||||||
proceeds from issuance of common stock | |||||||||||||||||||
proceeds from issuance of series a preferred stock | |||||||||||||||||||
proceeds from issuance of warrant | |||||||||||||||||||
payments of debt issuance costs | |||||||||||||||||||
payments to retire long-term debt | 0 | 0 | 0 | -428,599,000 | |||||||||||||||
payments of equity issuance costs | |||||||||||||||||||
purchase of capped call options | 0 | 0 | 0 | -65,332,000 | |||||||||||||||
repurchases of common stock | 0 | -24,304,000 | 0 | -200,764,000 | |||||||||||||||
principal payments on debt obligations and finance leases | -1,146,000 | -2,496,000 | -1,361,000 | -794,000 | -541,000 | -386,000 | -811,000 | -631,000 | -634,000 | -621,000 | -846,000 | -695,000 | -651,000 | -671,000 | -3,817,000 | -728,000 | -717,000 | -714,000 | -276,000 |
tax withholding on stock-based awards | -1,647,000 | -235,000 | -3,642,000 | -5,535,000 | -453,000 | -175,000 | -3,949,000 | -709,000 | -344,000 | -156,000 | -5,976,000 | -4,061,000 | 0 | -202,000 | -14,094,000 | ||||
net cash from financing activities | 1,260,599,000 | -2,731,000 | -5,003,000 | -10,828,000 | -25,329,000 | -1,554,000 | 32,920,000 | -1,340,000 | -978,000 | -777,000 | -6,822,000 | -4,756,000 | -651,000 | -873,000 | -17,911,000 | -3,501,000 | -880,000 | -1,303,000 | 671,793,000 |
net change in cash, cash equivalents and restricted cash | 885,499,000 | 63,295,000 | -83,905,000 | -1,991,000 | -11,446,000 | -456,000 | 32,508,000 | -284,255,000 | -380,240,000 | 275,117,000 | 510,857,000 | -290,905,000 | -231,172,000 | -568,829,000 | 53,258,000 | -7,677,000 | -17,499,000 | 11,938,000 | 661,955,000 |
cash, cash equivalents and restricted cash beginning balance | 0 | 0 | 283,603,000 | 0 | 0 | 0 | 264,988,000 | 0 | 0 | 0 | 143,509,000 | 0 | 0 | 0 | 1,181,157,000 | 0 | 0 | 0 | 532,440,000 |
cash, cash equivalents and restricted cash ending balance | 885,499,000 | 63,295,000 | 199,698,000 | -1,991,000 | -11,446,000 | -456,000 | 297,496,000 | -284,255,000 | -380,240,000 | 275,117,000 | 654,366,000 | -290,905,000 | -231,172,000 | -568,829,000 | 1,234,415,000 | -7,677,000 | -17,499,000 | 11,938,000 | 1,194,395,000 |
reconciliation of cash, cash equivalents and restricted cash: | |||||||||||||||||||
cash and cash equivalents | 885,620,000 | 63,192,000 | 198,343,000 | -1,992,000 | -11,170,000 | -864,000 | 296,468,000 | -284,317,000 | -379,577,000 | 276,030,000 | 651,215,000 | -291,342,000 | -236,488,000 | -568,843,000 | 1,233,300,000 | -74,000 | -17,504,000 | 15,360,000 | 1,181,515,000 |
restricted cash, current | -119,000 | 103,000 | 815,000 | 1,000 | -276,000 | 395,000 | 692,000 | 62,000 | -660,000 | -664,000 | 2,552,000 | 372,000 | 5,315,000 | 13,000 | 587,000 | 1,005,000 | -1,000 | -3,425,000 | 3,765,000 |
restricted cash, non-current | -2,000 | 0 | 540,000 | 0 | 0 | 13,000 | 336,000 | 0 | -3,000 | -249,000 | 599,000 | 65,000 | 1,000 | 1,000 | 528,000 | -8,608,000 | 6,000 | 3,000 | 9,115,000 |
total cash, cash equivalents and restricted cash | 885,499,000 | 63,295,000 | 199,698,000 | -1,991,000 | -11,446,000 | -456,000 | 297,496,000 | -284,255,000 | -380,240,000 | 275,117,000 | 654,366,000 | -290,905,000 | -231,172,000 | -568,829,000 | 1,234,415,000 | -7,677,000 | -17,499,000 | 11,938,000 | 1,194,395,000 |
amortization of debt issuance costs | 1,041,000 | 1,033,000 | 1,037,000 | 973,000 | 978,000 | 913,000 | |||||||||||||
payment of debt issuance costs | -4,499,000 | -31,000 | -993,000 | -15,125,000 | 0 | 0 | -330,000 | -17,419,000 | |||||||||||
change in fair value of derivative instrument | -6,997,000 | ||||||||||||||||||
write-downs of inventories | |||||||||||||||||||
revenue recognized in exchange for debt principal reduction | 0 | 0 | 0 | -13,566,000 | -15,970,000 | -15,957,000 | -11,625,000 | -11,276,000 | |||||||||||
income taxes receivable | -1,000 | -2,400,000 | 474,000 | 1,656,000 | 414,000 | ||||||||||||||
income taxes payable | 0 | 0 | -21,161,000 | -2,000 | 21,163,000 | 0 | -5,246,000 | 1,783,000 | -4,634,000 | ||||||||||
investment in equity method investee | |||||||||||||||||||
accretion of asset retirement and environmental obligations | 231,000 | 227,000 | 227,000 | 227,000 | 227,000 | 222,000 | 418,000 | 419,000 | 418,000 | 595,000 | 595,000 | 592,000 | 593,000 | ||||||
gain on disposals of long-lived assets | 45,000 | ||||||||||||||||||
gain on forgiveness of paycheck protection loan | 0 | 0 | |||||||||||||||||
loss on disposals of long-lived assets | 398,000 | ||||||||||||||||||
accretion of debt discount and amortization of debt issuance costs | 886,000 | 884,000 | 884,000 | 882,000 | 881,000 | 879,000 | 880,000 | 1,394,000 | 1,996,000 | 2,101,000 | |||||||||
loss on sale or disposal of long-lived assets | 133,000 | 0 | 182,000 | ||||||||||||||||
gain on sale or disposal of long-lived assets | -5,000 | 257,000 | -133,000 | ||||||||||||||||
write-down of inventories | 0 | 0 | |||||||||||||||||
non-cash settlement charge | |||||||||||||||||||
refund liability to related party | |||||||||||||||||||
deferred revenue from related party | |||||||||||||||||||
proceeds from second additional advance | |||||||||||||||||||
proceeds from business combination, including pipe financing | |||||||||||||||||||
payment of underwriting and transaction costs | |||||||||||||||||||
additions of property, plant and equipment | -54,932,000 | -37,450,000 | -41,729,000 | -25,393,000 | -19,298,000 | ||||||||||||||
accretion of debt discount and issuance costs | 1,064,000 | ||||||||||||||||||
accrued interest | 16,000 | ||||||||||||||||||
gain on sale of equipment | |||||||||||||||||||
accretion of debt discount | |||||||||||||||||||
trade accounts receivable | |||||||||||||||||||
proceeds from long-term debt |