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MP MATERIALS MP Materials Reports Second Quarter 2021 Results Record Quarterly Production , Revenue and Net Income Accelerates Domestic Magnet Manufacturing Plans ; Location TBA Later This Year Second Quarter 2021 Revenue Grew 141 % Year - over - Year to $ 73.1 million Second Quarter 2021 Net Income Increased Year - over - Year to $ 27.2 million Second Quarter 2021 Adjusted EBITDA Grew 491 % Year - over - Year to $ 46.4 million MOUNTAIN PASS , Calif . - August 5 , 2021 – MP Materials Corp. ( NYSE : MP ) ( “ MP Materials " or the " Company " ) , the largest rare earth materials producer in the Western Hemisphere , today announced its financial results for the three months ended June 30 , 2021 . " MP Materials ' second quarter results demonstrate our strong execution as demand for rare earth materials continues to grow . The MP team produced the highest quarterly REO output in Mountain Pass history , driving revenues to more than double and Adjusted EBITDA to increase nearly six times compared to the second quarter of 2020 , ” said MP Materials Chairman and CEO , James H. Litinsky . " As we continue to drive strong performance in our Stage I operations , we are making steady progress on our Stage II Optimization and remain on - track to deliver our first full year of separated NdPr production in 2023. " Litinsky continued , “ In addition , our Stage III team is making significant progress on our strategy to repatriate magnet manufacturing in the United States , and we intend to announce the site of our initial facility this year . " Second Quarter 2021 Financial and Operating Highlights For the three months ended 2021 vs. 2020 June 30 , ( unaudited ) Financial Measures : 2021 2020 Amount % Change ( in thousands ) Product sales $ 73,118 $ 30,391 $ 42,727 Net income ( loss ) $ 27,166 $ ( 62,491 ) $ 89,657 Adjusted EBITDA ( 1 ) $ 46,447 $ 7,856 $ 38,591 141 % n.m. 491 % Adjusted Net Income ( ¹ ) $ 33,440 $ 4,898 $ 28,542 583 % Key Performance Indicators : ( in whole units or dollars ) REO production volume ( MTs ) 10,305 REO sales volume ( MTs ) 9,877 9,287 10,297 1,018 11 % ( 420 ) ( 4 ) % Realized price per REO MT ( ¹ ) $ 7,343 $ 3,093 $ 4,250 137 % Production cost per REO MT ( ¹ ) $ 1,538 $ 1,412 $ 126 9 % n.m. Not meaningful . ( 1 ) See " Use of Non - GAAP Financial Measures " below for the definitions of Adjusted EBITDA , Adjusted Net Income , and Total Value Realized and Production Costs , which are used in the calculations of realized price per REO MT and production cost per REO MT . In addition , see tables below for reconciliations of non - GAAP financial measures to GAAP financial measures . 1