MP Materials Corp. (NYSE:MP) Q3 2024 Earnings Call Transcript November 7, 2024 5:00 PM ET

Company Participants

Martin Sheehan - Senior VP of Investor Relations
Jim Litinsky - Chairman, and Chief Executive Officer
Ryan Corbett - Chief Financial Officer
Michael Rosenthal - Chief Operating Officer

Conference Call Participants

Kevin Estok - Jefferies
Matt Summerville - D.A. Davidson
Greg Jones - BMO
Bill Peterson - JPMorgan
Ben Kallo - Baird

Operator

Hello. And welcome to the MP Materials’ Third Quarter 2024 Earnings Call. [Operator Instructions] Also as a reminder, this call is being recorded. With that, I would now like to turn the call over to Martin Sheehan, Head of Investor Relations. Mr. Sheehan, you may begin.

Martin Sheehan

Thank you, operator, and good afternoon, everyone. Welcome to the MP Materials’ third quarter 2024 earnings conference call. With me today from MP Materials are Jim Litinsky, Founder, Chairman and Chief Executive Officer; Michael Rosenthal, Founder and Chief Operating Officer; and Ryan Corbett, Chief Financial Officer.

As a reminder, today’s discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the Company’s actual results to differ materially from these statements are included in today’s presentation, earnings release and in our SEC filings. In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in today’s earnings release and the appendix to today’s slide presentation. Any reference in our discussion today to EBITDA means adjusted EBITDA and tons means metric tons. Finally, the earnings release and slide presentation are available on our website. With that, I’ll turn the call over to Jim. Jim?

Jim Litinsky

Thanks Martin. Hello, everyone. It's been an incredibly exciting week in America, and regardless of how you voted, we are all on the same team now. So let's get started on slide 4. Put simply, I am extremely proud of the MP team's execution this quarter. We achieved a new upstream. production record of 13,742 metric tons of contained REO. That is nearly 15% or over 1,700 metric tons higher than our previous best quarter. Let me repeat that. We produced 15% more REO this quarter than our previous best quarter ever. Michael will get into more detail shortly, but we believe this signifies material progress towards the significant step function change in potential we have recently discussed for our Upstream business.