MP Materials Corp. (MP) Announced Q1 2026 Earnings on May 7, 2026, Reporting $132.9 million of revenue and PPA income

MP Materials Corp. reported Q1 2026 financial results, generating $132.9 million of revenue and PPA income for the quarter.

The company reported adjusted EBITDA of $36.6 million and adjusted diluted EPS of $0.03 per share for the quarter.

The Materials segment generated $114.5 million of revenue and PPA income along with $36.7 million of segment adjusted EBITDA. The Magnetics segment drove $21.1 million of revenue and $9.6 million of segment adjusted EBITDA in the quarter.

The company ended the quarter with $1.7 billion of cash and short-term investments.

During the quarter, the Materials segment produced a record 917 metric tons of NPR oxide and delivered just under 13,000 metric tons of REO concentrate.

Management noted they began initial shipments to a newest U.S. customer, driving total NDPR oxide sales of 1,006 metric tons.

The company recently broke ground on its 10x facility and is advancing the engineering design of the recycling circuit for its agreement with Apple.

The heavy rare earth separation circuit is expected to begin commissioning in the second quarter.

Looking ahead, management expects second quarter realized pricing to be in the low to mid-90s per kilogram.

The company expects to achieve a single-digit quarter-over-quarter decline in NDPR oxide production in the second quarter due to a maintenance outage, followed by significant sequential growth in the third quarter.

Full year capital expenditures are expected to be $500 million to $600 million.

Initial magnet revenue is expected in the second half of 2026.