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 execution and revenue growth.

• Entered a significant long-term offtake agreement for separated gadolinium with a leading U.S. aerospace and defense customer, expanding the heavy rare earth product portfolio.

• Magnetics segment advanced customer qualification with GM and expects initial commercial magnet deliveries in Q4, with ramping production thereafter.

• Launched Project Swarm to aggregate and standardize future magnet demand for autonomous systems and the drone industry, securing multiple U.S. and allied customers.

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

Financial highlights

• Q2 2026 revenue rose 89% year-over-year to $108.5 million, driven by higher NdPr sales and improved pricing; six-month revenue reached $199.1 million.

• Adjusted EBITDA improved by $41 million year-over-year to $28.5 million, turning positive from a prior year loss.

• Net loss for Q2 2026 narrowed to $20.3 million, with Adjusted Net Loss improving to $(2.1) million.

• Diluted loss per share improved to $(0.11) from $(0.19) year-over-year; Adjusted Diluted EPS improved to $(0.01) from $(0.13).

• Materials Segment revenue grew 155% year-over-year to $95.6 million; Magnetics Segment revenue was $16.5 million, down 17% year-over-year.

Outlook and guidance

• Expects significant NdPr volume growth in Q3, with production forecast to exceed 1,000 metric tons.

• Realized NdPr oxide pricing expected in the high $90s per kg for Q3, with PPA income around $10 per kg; slight sequential decline in overall PPA income anticipated.

• Full-year CapEx expected in the $500 million to $600 million range, with continued ramp-up of NdPr production and sales.

• Initial commercial magnet deliveries to GM expected in Q4, with ramping capacity over subsequent quarters.

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