Key Points – Q2 performance improved sharply: Revenue and PPA income more than doubled year over year to $126.1 million, while adjusted EBITDA rose by $41 million to $28.5 million.
NdPr sales volumes increased 127%, supported by stronger production and materials-segment profitability. – Rare-earth expansion is advancing: MP Materials completed its first heavy rare-earth separation circuit and expects to begin producing terbium and dysprosium later this year
It also secured a sizable, multiyear gadolinium oxide supply agreement with a U.S. aerospace and defense customer. – Magnet manufacturing is nearing commercialization: The Independence facility delivered magnets to General Motors for qualification testing, with initial commercial shipments still expected in Q4. Construction has begun at the larger 10X facility, and the company maintained 2026 capital-expenditure guidance of $500 million to $600 million. – Why Rare Earth Processing Could Be the Real 2027 Opportunity MP Materials (NYSE:MP) reported second-quarter 2026 revenue and PPA income of $126.1 million, more than double the prior-year period, as sales volumes of neodymium-praseodymium, or NdPr, increased 127% year over year. Consolidated adjusted EBITDA was $28.5 million, improving by $41 million from a year earlier, while adjusted diluted earnings per share improved $0.12 to a loss of $0.01 per share.
Chief Executive Officer James Litinsky said the company continued to expand both its rare-earth materials and magnetics businesses during the quarter, including higher NdPr output, progress on heavy rare-earth separation, customer qualification work at its Independence magnet facility, and construction of its planned 10X magnet manufacturing facility. Materials production and sales increase – Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? MP Materials produced 840 metric tons of NdPr during the quarter, a 41% increase from a year earlier.