MP Materials Corp. posted consolidated revenue of $108.5 million for the three months ended June 30, 2026, marking an 89% increase compared to $57.4 million in the same period of 2025.

The year-on-year revenue growth was driven by higher sales volumes and stronger market pricing for neodymium-praseodymium (NdPr) oxide and metal, along with price protection agreement income of $17.6 million generated in the Materials segment. These gains were partially offset by the cessation of rare earth concentrate sales in July 2025 and slightly lower revenue from magnet precursor products due to the initial start-up of magnetics production at the Independence facility in Fort Worth, Texas.

During the second quarter of 2026, the company produced 840 metric tonnes of separated NdPr products and recorded NdPr sales volume of 1,006 metric tonnes. Operations at the Mountain Pass mine and processing facility in California also produced 11,072 metric tonnes of rare earth oxide equivalent in concentrate.

The operations generated a consolidated net loss of $20.3 million, an improvement from the net loss of $30.9 million reported in the second quarter of 2025. Adjusted EBITDA rose to $28.5 million, compared to an adjusted EBITDA loss of $12.5 million in the prior-year period. Adjusted net loss improved to $2.1 million from $21.4 million.

The latest quarterly revenue figure also represents an increase from the $90.65 million reported by MP Materials in the first quarter of 2026.

To support the buildout of its domestic rare earth magnet manufacturing operations, the company previously secured a $58.5 million Section 48C Advanced Energy Project tax credit allocation awarded in April 2024 for the Fort Worth facility. During the period, the company also signed a long-term agreement to supply gadolinium to a new U.S. aerospace and defense customer, while construction activities accelerated at its 10X facility.

MP Materials shares fell 0.88% to close at $47.49 on a volume of 7,290,799 shares during the trading session coinciding with the release of the financial results.

Read the full announcement: MP Materials Reports Second Quarter 2026 Results