Earnings Releases·Nov 5, 2026, 4:04 PM ET

MP Materials — Third Quarter 2026 Earnings Summary

Consolidated revenue surged 176% year-over-year to $147.7 million, driven by a 94% increase in NdPr sales volumes, a $31.6 million SEG+ sale, and $8.1 million in new Price Protection Agreement income; net loss narrowed 50% to $20.7 million while Adjusted EBITDA and Adjusted Net Income turned positive at $41.1 million and $8.8 million, respectively.
The Materials segment revenue jumped 322% to $133.5 million with Adjusted EBITDA flipping to a $47.8 million profit, whereas the Magnetics segment saw revenue decline 15% to $18.6 million amid a 44% drop in Adjusted EBITDA due to start-up costs.
The company completed its GM qualification process, marking an inflection point with saleable magnet deliveries and associated revenue scheduled to commence in the fourth quarter, alongside continued ramp-up expectations for the Independence Facility.
Liquidity shifted with cash and cash equivalents decreasing to $260.3 million from $1.2 billion, while short-term investments rose to $1.1 billion; long-term debt increased slightly to $936.3 million and deferred revenue fell to $120.4 million.
Strategic progress includes securing a SEG+ sale to a U.S. aerospace and defense customer and advancing capabilities to fulfill a long-term magnet supply agreement with Apple, though risks remain regarding facility construction timelines and inventory reserves.