MP Materials (MP) Q1 2026 earnings summary

Executive summary

• Achieved record NdPr production of 917 metric tons, up 63% year over year, and record NdPr sales of 1,006 metric tons, up 117% year over year.

• Total consolidated revenue reached $132.9 million, including $90.6 million in revenue and $42.3 million in price protection agreement (PPA) income.

• Adjusted EBITDA improved to $36.6 million from a loss of $2.7 million year over year, driven by higher sales and PPA income.

• Net loss narrowed to $8.0 million from $22.6 million year over year; Adjusted Net Income turned positive at $6.7 million.

• Broke ground on the 10X magnetics facility and advanced heavy rare earth separation and recycling projects, supporting strategic agreements with Apple and the Department of War.

Financial highlights

• Revenue increased 49% year over year to $90.6 million, mainly from higher NdPr oxide and metal sales and stronger market pricing.

• Consolidated revenue and PPA income reached $132.9 million, up 28% sequentially from Q4.

• Materials segment revenue and PPA income totaled $72.2 million, with $36.7 million segment adjusted EBITDA; Magnetics segment revenue was $21.1 million, generating $9.6 million segment adjusted EBITDA.

• Diluted loss per share improved to $(0.04) from $(0.14); Adjusted Diluted EPS was $0.03, up from $(0.12) year over year.

• Cash, cash equivalents, and short-term investments totaled $1.74 billion as of March 31, 2026.

Outlook and guidance

• Heavy rare earth separation commissioning activities at Mountain Pass set to begin imminently.

• Expect Q2 NdPr oxide production to decline slightly quarter-over-quarter, with significant sequential growth in Q3.

• Second quarter realized NdPr pricing anticipated in the low to mid-$90s/kg, with PPA agreement offsetting price differences.

• Full-year CapEx guidance remains $500–$600 million, focused on expanding magnet manufacturing and HREE refining.

• Initial magnet revenue expected in H2 2026, with volumes ramping over subsequent quarters.