MP Materials revenue jumps 49% on record NdPr output and magnetics sales

MP Materials reported first-quarter revenue of $90.6 million, up 49% from a year earlier, driven by record neodymium-praseodymium output.

The company attributed the growth to its strategic shift toward higher-value separated rare earth products after ceasing concentrate sales to China in July 2025, according to its earnings statement.

MP achieved record NdPr production of 917 metric tons, up 63% year over year, while NdPr sales surged 117% to 1,006 metric tons. The Materials segment generated $72.2 million in revenue despite the absence of concentrate sales. The Magnetics segment contributed $21.1 million, up from $5.2 million a year earlier, supported by precursor product sales under a long-term supply agreement with General Motors. Consolidated revenue, including a $42.3 million contribution from a price protection agreement with the US Department of War, reached $132.9 million for the quarter. Consensus estimates and earnings per share were not disclosed.

The results reinforce MP's position as a leading US rare earth producer as the US seeks to diversify supply chains away from China. The company has sold $87.9 million of magnetic precursor products to General Motors and expects to complete the remaining $62.1 million commitment within the next year, with finished magnet sales anticipated to begin in 2026.

Peer Lynas Rare Earths also reported strong growth, with third-quarter fiscal 2026 revenue jumping 115% year over year to AUD 265 million ($183 million), driven by higher NdPr prices and sales volumes. Lynas produced 1,996 tons of NdPr during the quarter, up 32% year over year.

Looking ahead, MP Materials is advancing key growth initiatives including expanding operations at Independence and breaking ground on the 10X magnetics facility, its second domestic rare earth magnet manufacturing plant. Scaled heavy rare earth separation commissioning is set to begin soon at Mountain Pass.

The strong quarter shows that MP's vertical integration strategy is gaining traction. Investors will watch for updates on the 10X facility and heavy rare earth separation, both of which could drive further revenue growth in the second half of 2026.

This article is for informational purposes only and does not constitute investment advice.