MP · MP Materials Corp.

MP Materials Corp. reported strong first quarter 2026 results, driven by record production and sales of separated NdPr products. Consolidated revenue increased 49% year-over-year to $90.6 million, primarily due to a 117% increase in NdPr sales volume and higher market prices, partially offset by the cessation of rare earth concentrate sales in July 2025. The company also recognized $42.3 million in price protection agreement income (PPA Income), which contributed to a significant improvement in profitability. Adjusted EBITDA swung from a loss of $2.7 million in Q1 2025 to a gain of $36.6 million, reflecting the revenue growth and PPA Income, partially offset by higher cost of sales. Net loss improved 65% to $(8.0) million, while Adjusted Net Income was $6.7 million. The Materials Segment saw Adjusted EBITDA surge 877% to $36.7 million, driven by NdPr sales and PPA Income. The Magnetics Segment revenue grew 306% to $21.1 million, with Adjusted EBITDA of $9.6 million, as production of magnetic precursor products ramped. Management highlighted the record NdPr production of 917 metric tons (up 63% YoY) and sales of 1,006 metric tons (up 117% YoY), as well as the groundbreaking of the 10X magnetics facility and imminent commissioning of heavy rare earth separation activities at Mountain Pass. The company's balance sheet remains strong with $1.74 billion in cash, cash equivalents, and short-term investments, and total debt of $1.0 billion. Capital expenditures were $77.4 million in the quarter, reflecting ongoing investment in growth initiatives. The results demonstrate accelerating momentum in MP Materials' vertically integrated strategy, with both segments contributing to improved financial performance.