MP Materials Corp. Earnings Recaps
Q2 2026
Aug 10, 2026
MP Materials shares rose 6.7% following Q2 as strong volume growth in NdPr sales and advancing commercial magnet initiatives outweighed muted short-term margin pressures and startup costs in the Magnetics segment.
Key takeaways
- NdPr sales surged 127% year-over-year, exceeding 1,000 metric tons for the second consecutive quarter, driven by robust customer demand outpacing production growth.
- Materials segment revenue including PPA income reached $113.2 million with adjusted EBITDA of $32.5 million, up $45 million year-over-year.
- Magnetics segment progressing toward commercial shipments in Q4, delivering magnets to GM for in-vehicle qualification; precursor production margins exceeded 40%.
- Consolidated adjusted EBITDA grew $41 million year-over-year to $28.5 million despite slight sequential decline, impacted by planned plant shutdown and Magnetics startup costs.
- Entered a substantial multi-year agreement to supply gadolinium oxide to a U.S. aerospace and defense customer, expanding heavy rare earths portfolio strategically.
Q1 2026
May 9, 2026
Shares of MP Materials dropped 7.2% following the quarter as investors reacted negatively to cautious second-quarter guidance and the anticipated roll-off of high-margin precursor product sales, signaling concerns about near-term margin pressure and deceleration in key revenue streams.
Key takeaways
- Q1 revenue and PPA income totaled $132.9 million, up 28% sequentially, driven by record NPR oxide sales of 1,006 metric tons and strong market pricing.
- Adjusted EBITDA was $36.6 million, with a modest sequential decline reflecting the composition of PPA income compared to the prior quarter.
- Magnetic segment generated $21.1 million in revenue and $9.6 million in adjusted EBITDA; however, $62 million of prepaid revenue remains on a declining quarterly schedule, indicating an upcoming revenue headwind.
- Capital expenditures totaled $77.4 million, primarily for the Magnetics segment, with full-year CapEx guidance of $500 million to $600 million as 10x site construction accelerates.
- Management signaled a cautious outlook for Q2 pricing and margin sustainability due to expected decline in precursor product sales and stockpiled concentrate PPA income.
Q3 2025
Nov 8, 2025
MP Materials achieved record production and sales in Q3 2025, driven by strategic partnerships and a strong operational ramp-up, positioning the company for profitability in Q4 and beyond.
Key takeaways
- NdPr oxide production increased 21% sequentially and 51% year-over-year to a record 721 metric tons.
- Commenced a long-term purchase price agreement with the Department of War, enhancing earnings visibility for future growth.
- Received the first $40 million prepayment from Apple to support magnet production from recycled materials, with total prepayments expected to reach $200 million.
- On track to begin commercial-scale magnet production by year-end 2025, reflecting strong progress in the U.S. magnetics platform.