MP Materials (MP) Q2 2026 earnings summary

Executive summary

• NdPr production reached 840 metric tons, up 41% year-over-year, with sales volumes up 127% to 1,006 metric tons, driving strong operational and financial performance.

• Revenue for Q2 2026 rose 89% year-over-year to $108.5 million, supported by higher NdPr sales and improved pricing, while net loss narrowed to $20.3 million.

• Achieved significant milestones including a long-term offtake agreement for separated gadolinium with a major U.S. aerospace and defense customer and the launch of Project Swarm to aggregate and standardize magnet demand for autonomous systems.

• Advanced commercial magnet manufacturing initiatives, with the Magnetics segment progressing on GM qualification and initial commercial deliveries expected in Q4.

• Significant progress was made on downstream expansion, including the construction of the 10X Facility and ramp-up of magnet manufacturing at the Independence Facility.

Financial highlights

• Q2 2026 revenue reached $108.5 million, up 89% year-over-year, with Adjusted EBITDA turning positive at $28.5 million, a $41 million improvement.

• Net loss for Q2 2026 was $20.3 million, an improvement from $30.9 million in Q2 2025; Adjusted Net Loss improved to $2.1 million.

• Adjusted Diluted EPS improved to $(0.01) from $(0.13) year-over-year.

• Materials Segment revenue grew 155% year-over-year to $95.6 million, with Adjusted EBITDA of $32.5 million; Magnetics Segment revenue was $16.5 million, with Adjusted EBITDA of $7.5 million.

• Price protection agreement income was $17.6 million in Q2, supporting gross margin improvement.

Outlook and guidance

• Continued ramp-up of NdPr production and sales is expected, with initial commercial magnet deliveries to GM anticipated in Q4 2026.

• Construction of the 10X facility is accelerating, supporting long-term vertical integration and competitive positioning.

• Full-year 2026 CapEx is projected at $500–$600 million, with $308 million spent year-to-date.

• Working capital requirements are expected to increase as separated rare earth and magnet production scales.

• Management expects continued revenue growth from ramping downstream operations and new supply agreements.