MP Materials Corp. Q3 2026 Earnings Recap

MP Materials’ shares rose 4.9% after the company reported sharply higher NdPr sales volumes and outlined Q4 materials expectations broadly consistent with Q3. The outlook was more measured for magnets: shipments to GM begin this quarter, but volumes are expected to start modestly and build gradually.

Key Takeaways

• NdPr production rose 41% year over year to 1,018 metric tons; sales volumes increased 94% to 1,020 metric tons.
• Consolidated revenue plus PPA income was $155.8 million, up 23.6% sequentially. Adjusted EBITDA improved $53.7 million year over year.
• Q4 NdPr oxide volumes and realized prices are expected to remain broadly consistent with Q3, at approximately 1,000 metric tons and $100 per kilogram; expected PPA income is about $8 per kilogram on sold NdPr.
• The company sold a modest portion of SEG+ inventory, generating what management described as attractive economics, while retaining several hundred tons of feedstock.
• Magnetics segment revenue was $18.6 million and adjusted EBITDA was $5.3 million. GM shipments are set to begin in Q4, but magnet sales may be lumpy and are expected to build gradually, with a larger ramp anticipated in the back half of 2027.