MP Materials Reports Third Quarter 2026 Results
MP Materials Corp. / DE (MP) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 MP Materials Reports Third Quarter 2026 Results NdPr production of 1,018 metric tons, a 41% increase year over year NdPr sales of 1,020 metric tons 1 , a 94% increase year over year Generated $155.8 million of consolidated revenue and PPA Income, consisting of $147.7
How this was made
The 30-second read
Why it matters
The disclosed figures represent the first public release of the quarter's performance, providing fresh data for valuation models.
Market read
Earnings beat and loss narrowing could trigger short‑term price appreciation and affect sector peers.
What to watch
Higher SG&A and inventory reserves could limit near‑term profitability despite top‑line gains.
MP Materials Q3 2026: revenue up 176% to $147,655 thousand, NdPr sales volume up 94%, GAAP net loss narrows to $(20,710) thousand
Volume, revenue and Adjusted EBITDA improved sharply year over year, and the company reports completing GM magnet qualification with revenue expected from Q4. GAAP net loss persists, Magnetics segment revenue and Adjusted EBITDA declined, operating loss remains, operating cash flow is negative for the nine months, and cash and short-term investments fell from $1,830,286 thousand to $1,337,911 thousand. No outlook was printed.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue (Q3 2026, three months ended Sep 30)GAAP | $147.7M | – | 176% |
| Price protection agreement income (Q3 2026)GAAP | $8.11M | – | N/M |
| Net loss (Q3 2026)GAAP | −$20.71M | – | 50% |
| Adjusted EBITDA (Q3 2026)non-GAAP | $41.14M | – | N/M |
| Adjusted Net Income (Q3 2026)non-GAAP | $8.77M | – | N/M |
| Diluted loss per common share (Q3 2026)GAAP | $(0.12) | – | 50% |
| Adjusted Diluted EPS (Q3 2026)non-GAAP | $0.04 | – | N/M |
| Cost of sales excluding DD&A (Q3 2026)GAAP | $85.63M | – | – |
| Selling, general and administrative (Q3 2026)GAAP | $37.99M | – | – |
| Depreciation, depletion and amortization (Q3 2026)GAAP | $36.13M | – | – |
| Start-up costs (Q3 2026)GAAP | $14.15M | – | – |
| Advanced projects and development (Q3 2026)GAAP | $1.90M | – | – |
| Other operating costs and expenses (income), net (Q3 2026)GAAP | $2.02M | – | – |
| Total operating costs and expenses, net (Q3 2026)GAAP | $177.8M | – | – |
| Operating loss (Q3 2026)GAAP | −$22.06M | – | – |
| Interest expense, net (Q3 2026)GAAP | −$9.41M | – | – |
| Other income, net (Q3 2026)GAAP | $4.22M | – | – |
| Loss before income taxes (Q3 2026)GAAP | −$27.25M | – | – |
| Income tax benefit (Q3 2026)GAAP | $6.54M | – | – |
| NdPr production volume (Q3 2026)other | 1,018 MTs | – | 41% |
| NdPr sales volume (Q3 2026)other | 1,020 MTs | – | 94% |
| REO production volume (Q3 2026)other | 12,887 MTs | – | (3)% |
| Materials Segment revenue (Q3 2026)other | $133.5M | – | 322% |
| Materials Segment NdPr oxide and metal revenue (Q3 2026)other | $101.0M | – | 227% |
| Materials Segment other revenue (Q3 2026)other | $32.58M | – | N/M |
| Materials Segment Adjusted EBITDA (Q3 2026)other | $47.83M | – | N/M |
| Magnetics Segment revenue (Q3 2026)other | $18.62M | – | (15)% |
| Magnetics Segment Adjusted EBITDA (Q3 2026)other | $5.35M | – | (44)% |
| Corporate and other (Adjusted EBITDA, Q3 2026)other | −$11.28M | – | (50)% |
| Revenue (nine months ended Sep 30, 2026)GAAP | $346.8M | – | – |
| Price protection agreement income (nine months ended Sep 30, 2026)GAAP | $67.96M | – | – |
| Cost of sales excluding DD&A (nine months ended Sep 30, 2026)GAAP | $232.2M | – | – |
| Selling, general and administrative (nine months ended Sep 30, 2026)GAAP | $106.8M | – | – |
| Depreciation, depletion and amortization (nine months ended Sep 30, 2026)GAAP | $103.6M | – | – |
| Start-up costs (nine months ended Sep 30, 2026)GAAP | $34.47M | – | – |
| Advanced projects and development (nine months ended Sep 30, 2026)GAAP | $5.08M | – | – |
| Other operating costs and expenses (income), net (nine months ended Sep 30, 2026)GAAP | $10.80M | – | – |
| Total operating costs and expenses, net (nine months ended Sep 30, 2026)GAAP | $493.0M | – | – |
| Operating loss (nine months ended Sep 30, 2026)GAAP | −$78.21M | – | – |
| Interest expense, net (nine months ended Sep 30, 2026)GAAP | −$28.96M | – | – |
| Other income, net (nine months ended Sep 30, 2026)GAAP | $36.94M | – | – |
| Loss before income taxes (nine months ended Sep 30, 2026)GAAP | −$70.23M | – | – |
| Income tax benefit (nine months ended Sep 30, 2026)GAAP | $21.25M | – | – |
| Net loss (nine months ended Sep 30, 2026)GAAP | −$48.97M | – | – |
| Diluted loss per common share (nine months ended Sep 30, 2026)GAAP | $(0.27) | – | – |
| Adjusted EBITDA (nine months ended Sep 30, 2026)non-GAAP | $106.2M | – | – |
| Adjusted Net Income (nine months ended Sep 30, 2026)non-GAAP | $13.33M | – | – |
| Adjusted Diluted EPS (nine months ended Sep 30, 2026)non-GAAP | $0.07 | – | – |
| Net cash used in operating activities (nine months ended Sep 30, 2026)GAAP | −$7.76M | – | – |
| Purchases of property, plant and equipment (nine months ended Sep 30, 2026)GAAP | −$420.3M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Materials SegmentCompany attributes the increase to higher sales of NdPr oxide and metal and stronger market pricing. NdPr oxide and metal revenue was $100,961 thousand (prior year $30,911 thousand) and other revenue was $32,578 thousand (prior year $730 thousand). The release states that consolidated revenue further benefited from a $31.6 million sale of SEG+ to a U.S. aerospace and defense customer, without assigning it to a segment. Segment Adjusted EBITDA was $47,828 thousand, and PPA Income of $8,109 thousand was generated in this segment. | $133.5M | – | 322% |
| Magnetics SegmentCompany states that revenue from magnetic precursor products was slightly lower due to the start-up of magnetics production at Independence. Segment Adjusted EBITDA was $5,348 thousand (prior year $9,481 thousand, (44)%). The company states that Q4 2026 will bring saleable GM magnet deliveries with revenue commencing. | $18.62M | – | (15)% |
| Intercompany eliminationsElimination of intercompany revenues and Segment Adjusted EBITDA associated with NdPr oxide sales from the Materials Segment to the Magnetics Segment. Segment Adjusted EBITDA elimination was $(756) thousand. Prior-year elimination was nil. | −$4.51M | – | N/M |
Capital returns
- No share repurchases or dividends are printed in the filing.
- Treasury stock was unchanged at $(227,047) thousand at both September 30, 2026 and December 31, 2025.
- Payments related to tax withholding on stock-based awards were $(20,086) thousand in the nine months ended September 30, 2026 (prior year $(5,524) thousand). The company does not describe these as capital returns.
What drove it
- Company attributes the year-over-year revenue increase to higher sales of NdPr oxide and metal and stronger market pricing.
- Company cites a $31.6 million sale of SEG+ to a U.S. aerospace and defense customer as a further benefit to revenue in the quarter.
- Company attributes the Adjusted EBITDA improvement mainly to higher revenue and to PPA Income generated in the Materials Segment.
- Company states that Adjusted EBITDA was partially offset by higher cost of sales in the Materials Segment from significantly higher NdPr sales volumes, a $6.4 million reserve on certain non-core product inventories, the sale of SEG+, and higher SG&A mainly from headcount to support downstream expansion.
- Company attributes the Net loss improvement mainly to the factors behind the Adjusted Net Income improvement and to lower Advanced projects and development expenses, which in the prior-year period included DoW transaction and financing costs.
- Company states that Net loss was partially offset by higher start-up costs for initial magnet production, higher stock-based compensation expense, and an unfavorable change in fair value of the derivative instrument associated with the 2030 Notes.
- Company states that the GM magnet qualification was completed, with saleable magnet deliveries and revenue beginning in the fourth quarter of 2026.
Concerns
- GAAP operating loss was $(22,058) thousand in Q3 2026 and $(78,209) thousand in the nine months, and the GAAP net loss was $(20,710) thousand in Q3 2026.
- Start-up costs rose to $14,152 thousand in Q3 2026 from $1,413 thousand, and to $34,469 thousand in the nine months from $3,150 thousand.
- Magnetics Segment revenue fell 15% and its Segment Adjusted EBITDA fell 44% year over year, as the company attributes to the start-up of magnetics production at Independence.
- Corporate and other Adjusted EBITDA loss widened to $(11,282) thousand from $(7,529) thousand.
- Interest expense, net rose to $(9,409) thousand from $(8,566) thousand, and other income, net fell to $4,217 thousand from $17,157 thousand.
- Cash and short-term investments fell by $492,375 thousand during the nine months, and net cash used in operating activities was $(7,757) thousand. Capital expenditure was $(420,250) thousand.
- Trade accounts receivable rose to $64,074 thousand from $14,642 thousand at December 31, 2025.
- The company reports a $6.4 million reserve on certain non-core product inventories in Q3 2026.
- Company notes that the 2030 Notes derivative fair value change was unfavorable in the quarter ($8,914 thousand adjustment to net loss).
What to watch
- Revenue contribution from saleable GM magnet deliveries, which the company states will begin in Q4 2026.
- Materials Segment NdPr sales volume and NdPr production volume trends, and continued PPA Income of $8,109 thousand in Q3 2026 ($67,962 thousand in the nine months).
- Start-up costs and Magnetics Segment Adjusted EBITDA as Independence magnet production scales.
- Whether the SEG+ sale and the $6.4 million inventory reserve recur or fade in future quarters, which the filing does not address.
- Cash balance and capital spending: cash and short-term investments of $1,337,911 thousand at September 30, 2026 compared with $1,830,286 thousand at December 31, 2025.
- Changes in the NdPr material conversion ratio: the company moved from 1.20 to 1.25 in Q1 2026 and states that prior-period amounts were not recast.
Balance sheet and cash flow
- Total cash, cash equivalents and short-term investments: $1,337,911 thousand at September 30, 2026 versus $1,830,286 thousand at December 31, 2025.
- Cash and cash equivalents: $260,336 thousand at September 30, 2026 versus $1,166,011 thousand at December 31, 2025.
- Short-term investments: $1,077,575 thousand at September 30, 2026 versus $664,275 thousand at December 31, 2025.
- Total assets: $3,786,487 thousand at September 30, 2026 versus $3,864,160 thousand at December 31, 2025.
- Long-term debt, net of current portion: $936,253 thousand at September 30, 2026 versus $931,330 thousand at December 31, 2025. Current portion of long-term debt was nil at September 30, 2026 versus $67,411 thousand at December 31, 2025.
- Payments to retire long-term debt were $(67,499) thousand in the nine months ended September 30, 2026. The filing prints no prior-year amount for this line (prior-year figure is nil).
- Total stockholders' equity: $1,950,099 thousand at September 30, 2026 versus $1,978,757 thousand at December 31, 2025.
- Redeemable Series A preferred stock carrying amount: $413,611 thousand at both dates. Aggregate liquidation preference was $435,580 thousand at September 30, 2026 versus $413,489 thousand at December 31, 2025.
- Net cash used in operating activities: $(7,757) thousand in the nine months ended September 30, 2026 versus $(108,901) thousand in the prior-year nine months.
- Purchases of property, plant and equipment: $(420,250) thousand in the nine months ended September 30, 2026 versus $(109,969) thousand in the prior-year nine months. Property, plant and equipment, net rose to $1,757,949 thousand from $1,369,817 thousand.
- Free cash flow is not printed in the filing.
Analysis
MP Materials reported third-quarter 2026 revenue of $147,655 thousand, up 176% from $53,553 thousand, with NdPr production of 1,018 MTs (up 41%) and NdPr sales of 1,020 MTs (up 94%). Materials Segment revenue reached $133,539 thousand, and NdPr oxide and metal revenue rose to $100,961 thousand from $30,911 thousand. The company attributes the growth to higher volumes and stronger market pricing, and it also cites a $31.6 million sale of SEG+ to a U.S. aerospace and defense customer. Price protection agreement income of $8,109 thousand appears for the first time in the quarter, against nil in the prior year. The filing does not separate how much of the revenue increase came from each driver.
Profitability improved sharply but remains negative on a GAAP basis. Adjusted EBITDA was $41,138 thousand, against $(12,570) thousand a year earlier, and Adjusted Net Income was $8,768 thousand. GAAP net loss narrowed to $(20,710) thousand from $(41,780) thousand, and the diluted loss per share was $(0.12) against $(0.24). Cost of sales excluding DD&A rose to $85,628 thousand from $48,477 thousand, and SG&A rose to $37,995 thousand from $28,405 thousand. Start-up costs of $14,152 thousand and DD&A of $36,131 thousand were both materially higher. Advanced projects and development fell to $1,896 thousand from $19,026 thousand, reflecting the absence of prior-year DoW and financing transaction costs as the company describes them.
The segment mix moved in two directions. Magnetics Segment revenue declined 15% to $18,623 thousand and its Segment Adjusted EBITDA fell 44% to $5,348 thousand, which the company links to the start-up of magnetics production at Independence. Corporate and other Adjusted EBITDA loss widened to $(11,282) thousand. Intercompany eliminations were $(4,507) thousand of revenue. The company states that GM magnet qualification was completed and that saleable deliveries and revenue begin in Q4 2026, but no guidance or outlook figures were printed in this filing.
Cash generation and balance sheet figures show a heavier investment phase. Net cash used in operating activities was $(7,757) thousand for the nine months, against $(108,901) thousand a year earlier, while purchases of property, plant and equipment were $(420,250) thousand. Cash and short-term investments declined to $1,337,911 thousand from $1,830,286 thousand at December 31, 2025, and property, plant and equipment, net increased to $1,757,949 thousand. Non-current debt was $936,253 thousand and stockholders' equity $1,950,099 thousand. The filing prints no share repurchases or dividends.
The nine-month GAAP net loss was $(48,974) thousand against $(95,300) thousand, and nine-month Adjusted EBITDA was $106,241 thousand against $(27,801) thousand. The NdPr sales volume comparison is affected by a change in the material conversion ratio from 1.20 to 1.25 in Q1 2026, and the company states that prior-period amounts were not recast. Figures that most merit attention are the magnetics revenue decline, the continuing GAAP losses, the cash drawdown, and the Q4 2026 revenue start that the company describes.
Management, verbatim
MP Materials delivered a strong quarter of growth across production, sales, and earnings,
James Litinsky, Founder, Chairman and CEO, MP Materials
Most importantly, we completed the GM qualification process, with saleable magnet deliveries and revenue beginning in the fourth quarter.
James Litinsky, Founder, Chairman and CEO, MP Materials
Not in the filing
stated, not guessed- No outlook or guidance section was printed, so guidance and prior-guidance comparisons are null.
- Q2 2026 (prior quarter) figures are not printed, so all prior_quarter and qoq_change fields are null.
- Percentage changes for cost, expense and nine-month lines are not printed and are left null.
- Prior-year value for price protection agreement income is shown as a dash in the filing and is left null.
- Free cash flow is not printed.
- Prior-year Q3 comparison for payments to retire long-term debt is not printed (line shows no prior amount).
- NdPr production and sales volumes for the nine months are not printed.
- Segment revenue and Adjusted EBITDA for the nine months are not printed.
- Share price reaction, consensus estimates and analyst expectations are not in the document.
- The filing does not attribute the SEG+ sale revenue to a specific segment.
- Dividend and share repurchase activity: none printed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
MP Materials filed an SEC Form 8‑K Item 2.02 disclosing its Q3 2026 financial and operational results.
Ticker impact
MP Materials reported Q3 2026 results with revenue up 176% YoY to $147.7M and a net loss narrowing to $20.7M.
likely upward pressure as investors price in the revenue surge and loss improvement.
The 176% revenue increase and loss reduction are material new data that can drive short‑term buying.
Market effects
Highlights strength in rare‑earth materials, potentially boosting related mining and magnetics stocks.
Positive for U.S. mining sector and downstream manufacturers reliant on NdPr supply.
May influence global rare‑earth supply dynamics and pricing.
Counterpoint
Despite revenue growth, the company remains loss‑making; investors may remain cautious on cash burn.
Key entities
- companyMP Materials Corp.
Rare‑earth miner and magnetics producer listed on NYSE (MP).
