NYSE · Mining and magnets
MP Materials (MP): rare earth profile
MP Materials (NYSE: MP) operates the Mountain Pass rare earth mine in California, the main US rare earth mine (USGS), and produced 840 tonnes of NdPr oxide in the quarter to 30 June 2026, up 41% year on year.
Information only, not investment advice · figures from company filings, reviewed 28 October 2026
This profile reports company disclosures. It contains no share price, valuation, rating or recommendation. See the disclosures.
MP Materials latest results: Quarter ended 30 June 2026
| Measure | Q2 2026 | Q2 2025 |
|---|---|---|
| NdPr oxide production | 840 t | 597 t |
| NdPr sales | 1,006 t | 443 t |
| REO in concentrate produced | 11,072 t | 13,145 t |
| Revenue | $108.5 million | $57.4 million |
| Adjusted EBITDA | $28.5 million | $(12.5) million |
| Net loss | $(20.3) million | $(30.9) million |
| Price protection agreement income | $17.6 million | none |
Source: MP Materials second-quarter 2026 results release (6 August 2026). NdPr sales include intercompany volumes and are converted to oxide equivalent at 1.25.
MP Materials assets and projects
| Asset | Status |
|---|---|
| Mountain Pass, California | Bastnaesite mine, concentrator and separation; USGS records it as the primary US rare earth source |
| Independence magnet facility, Fort Worth, Texas | Began NdPr-based magnet manufacturing in December 2025; customer qualification and regulatory testing continue; Magnetics segment revenue $16.5 million in Q2 2026, down 17% |
| Segments | Materials: $95.6 million revenue, $32.5 million segment adjusted EBITDA. Magnetics: $16.5 million revenue, $7.5 million segment adjusted EBITDA |
Recent developments
Balance sheet
Cash and short-term investments were $1,452.6 million on 30 June 2026, down from $1,830.3 million on 31 December 2025. Long-term debt, net of current portion, was $934.6 million, and six-month capital expenditure was $307.7 million.
Government and offtake
The company reports a long-term offtake agreement with a US aerospace and defence customer for separated gadolinium, a July 2025 Department of War loan that supports a samarium oxide build-out, and a launch of Project Swarm to aggregate drone-industry demand. USGS records a $150 million Department of War direct loan in August 2025 for a heavy rare earth separation facility at Mountain Pass.
Price protection income
Price protection agreement income was $59.9 million for the six months to 30 June 2026. The release gives no price-floor terms.
What to watch
- Qualification of Independence magnets with automotive and other customers
- Dysprosium and terbium separation start-up (the Q2 release gives no status)
- Construction of the 10X magnet facility, for which the release gives no capacity or date
Context: rare earth mines, heavy vs light rare earths, Chinese export controls and rare earth prices.
MP Materials: frequently asked questions
What does MP Materials produce?
MP Materials produces rare earth concentrate and NdPr oxide at Mountain Pass, California, and began manufacturing NdPr magnets at its Independence facility in Texas in December 2025.
How much NdPr did MP Materials produce in Q2 2026?
It produced 840 tonnes of NdPr oxide in the quarter to 30 June 2026, up 41% from 597 tonnes a year earlier, and sold 1,006 tonnes.
Is MP Materials profitable?
Not on a net basis. It reported a net loss of $20.3 million in Q2 2026 and adjusted EBITDA of $28.5 million, helped by $17.6 million of price protection agreement income.
Sources
Compiled from the sources above, reviewed 28 October 2026. Report errors on the corrections page. Other companies: rare earth stocks.