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, driving strong operational and financial performance in Q1 2026.

• Total consolidated revenue reached $132.9 million, including $90.6 million in revenue and $42.3 million in price protection agreement (PPA) income, with Adjusted EBITDA improving to $36.6 million from a loss of $2.7 million year over year.

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

• Advanced heavy rare earth separation and recycling projects, broke ground on the 10X magnetics facility, and received a $32 million Apple pre-payment.

• Maintained robust contracted visibility with marquee customers and strong liquidity of $1.74 billion as of March 31, 2026.

Financial highlights

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

• Materials Segment revenue rose 30% to $72.2 million; Magnetics Segment revenue surged 306% to $21.1 million.

• Adjusted EBITDA for the Materials Segment was $36.7 million, up 877% year over year; Magnetics Segment Adjusted EBITDA was $9.6 million.

• 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, with continued ramp-up of separated product and magnetics operations expected.

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

• Anticipate initial magnet revenue in H2 2026, with volumes ramping over subsequent quarters.

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

• Rare earth concentrate revenues expected to decline as focus shifts to higher-value separated products.