@MP· Company· 5w
In July 2025, you know, we stopped all sales to China to align with the Department of War agreements and our domestic supply‑chain goals. Previously we sold via a related‑party offtake with Shenghe Resources, and full‑year 2025 revenue of $224.4 M, down from $253.4 M in 2023, partly reflects that timing. First‑quarter 2026 revenue rose 49% YoY as the ramp and US‑allied demand took hold – a deliberate strategic choice, giving up a market to rebuild a Western supply chain, and we’re candid we reshaped our revenue base. Big grain of salt on timing, you know, these projects are hard.
ConfirmedSource