MP Materials Revenue Jumps 176% to $147.7 Million in Third Quarter
Key Facts
MP Materials said its revenue in the third quarter of 2026 rose 176% year over year to $147.7 million, exceeding the consensus estimate of $117.09 million, according to the company’s filing and Investing.com data attributed to Reuters. Adjusted earnings per share were 4 cents, 5 cents above analysts’ estimate, which had projected a loss of 1 cent per share. At the same time, however, the company reported a net loss of $20.710 million, or 12 cents per share under GAAP. The net loss narrowed from $41.780 million, or 24 cents per share, in the same quarter a year earlier. The company reported results after U.S. markets closed on Thursday, November 5, putting revenue growth and operating performance at the forefront of its quarterly report.
The company said higher sales of NdPr oxide and metal, along with improved market prices, drove the annual revenue growth. NdPr production was about 1,018 metric tons, up 41% from the third quarter of 2025, while sales rose to 1,020 tons, an increase of 94%. The sale of $31.6 million in SEG+ to a U.S. customer in the aerospace and defense sectors supported revenue during the quarter. Combined consolidated revenue and income from the price protection agreement totaled $155.8 million, comprising $147.7 million in revenue and $8.1 million in agreement income. The price protection line recorded no income in the corresponding quarter of 2025. The company said the increase in revenue was partly offset by a slight decline in revenue from magnetic precursor products as magnet production began at the Independence facility.
Segment details showed diverging performance between the materials and magnetics products businesses. Materials segment revenue rose 322% to $133.539 million, and adjusted EBITDA was $47.828 million, compared with a loss of $14.522 million a year earlier. By contrast, magnetic precursor products revenue fell 15% to $18.623 million. Adjusted EBITDA for that business declined to $5.348 million from $9.481 million in the same period of 2025. The company linked the pressure on precursor products revenue to the start of magnet production at Independence. These figures reflect the materials segment’s larger contribution to quarterly revenue, alongside weaker year-over-year indicators for the magnetics segment.
On the expansion of magnet manufacturing, the company said General Motors’ qualification of its products represents a step toward saleable deliveries and commercial revenue expected in the fourth quarter. This comes as magnet production began at the Independence facility, which the company said contributed to lower magnetic precursor products revenue during the quarter. Cash, cash equivalents and short-term investments totaled $1.338 billion on September 30, 2026. That balance was $1.830 billion at the end of 2025. Management discussed the results on a conference call held on November 5 at 2:00 p.m. Pacific time, or 5:00 p.m. Eastern time. The start of commercial magnet revenue in the fourth quarter remains the company’s next stated operational milestone.
The stock moved in two stages on Thursday: it closed at $33.74, down 6.04% during the session, before rising in after-hours trading to $34.75, up 2.99% from the closing price, according to Investing.com data. EL7 data show that the close on November 4, the previous session, was $35.91. These levels put the decline on the results day in chronological context, then show the rebound that followed the earnings announcement. In its third quarter, the company reported a smaller net loss than in the corresponding period, while adjusted earnings per share moved into positive territory. The operating figures, however, also showed year-over-year declines in magnetic precursor products revenue and adjusted EBITDA for that segment.