Rare earth miner MP reports Q2 revenue of $108 million and positive EBITDA after Pentagon price protection income.
MP Materials reported Q2 revenue of $108 million, an 89% increase year-over-year, as the company benefited from higher rare earth production at its Mountain Pass facility. Adjusted EBITDA swung to a positive $28.5 million from a $12.5 million loss in the same period last year.
The results included $17.6 million in Pentagon-related price protection income after market prices for neodymium-praseodymium (NdPr) fell below the $110 per kilogram floor agreed upon in a 2025 defense contract. MP stock, which surged over 400% last year, has since retreated 45% from its 52-week high.
Despite the pullback, the company highlighted operational improvements and revenue growth as key drivers of its financial turnaround.