MP Materials reported a sharp increase in rare earth production and sales during the second quarter of 2026 as the company continues to expand its vertically integrated U.S. rare earth supply chain.
Production of separated neodymium-praseodymium, or NdPr, increased 41% year-over-year to 840 metric tons, while NdPr sales volume jumped 127% to 1,006 metric tons. Revenue from NdPr oxide and metal surged 277% to $94.4 million from $25 million in the prior-year period.
The increases reflect MP Materials’ continued shift from primarily mining rare earth concentrate toward producing higher-value separated rare earth materials and eventually finished permanent magnets in the U.S. The company operates the Mountain Pass rare earth mine and processing facility in California and its Independence magnet manufacturing facility in Fort Worth, Texas.
Materials Segment revenue increased 155% to $95.6 million from $37.5 million. The segment also generated $17.6 million of price protection agreement income and $32.5 million of adjusted EBITDA, compared with a $12.7 million adjusted EBITDA loss a year earlier.
At the consolidated level, revenue increased 89% to $108.5 million. Adjusted EBITDA improved to $28.5 million from a $12.5 million loss, while the GAAP net loss narrowed to $20.3 million from $30.9 million.
MP is also broadening the strategic importance of its rare earth portfolio. During the quarter, the company signed a long-term agreement to supply separated gadolinium to a new U.S. aerospace and defense customer, expanding its heavy rare earth business.
The company also launched Project Swarm, an initiative intended to aggregate demand and standardize specifications for the drone industry. MP said it has executed subscription agreements with multiple leading U.S. and allied customers.
Meanwhile, qualification of magnets produced at Independence advanced through additional customer deliveries and regulatory testing, while construction of MP’s 10X manufacturing facility accelerated. The company began manufacturing neodymium-iron-boron permanent magnets at Independence in December 2025.
KEY QUOTES:
“MP Materials built on its strong start to the year, ramping NdPr production and sales volumes while generating solid Adjusted EBITDA.”
“We also signed a significant long-term agreement to supply gadolinium to a new U.S. aerospace and defense customer at attractive economics, expanding both our customer base and our heavy rare earth product portfolio.”
James Litinsky, Founder, Chairman and CEO of MP Materials
