MP Materials reported second-quarter results on August 6 that reset the operating baseline for the only fully integrated US rare earth producer. Revenue reached $108.5 million, up 89% year over year from $57.4 million. Including income from the Department of War price protection agreement, total top-line was $126.1 million. Adjusted EBITDA came in at $28.5 million, a $41.0 million swing from the year-ago loss.
The driver was volume. NdPr oxide production at Mountain Pass hit 840 metric tons, up 41% year over year. Sales were 1,006 metric tons, up 127%. The gap between production and sales reflects drawdown of stockpiled material MP had been holding back through the 2024-25 price trough, now moving in a firmer pricing environment and against a DoW floor.
Net loss narrowed to $20.3 million from $30.9 million a year ago. On an adjusted basis, net loss was $2.1 million against $21.4 million in Q2 2025, essentially breakeven.
Downstream ramp. The Independence magnet facility in Fort Worth commenced commercial production in December 2025 and continues to scale. This is the piece that matters for the thesis: refined oxide is a commodity output, but sintered NdFeB magnets are the choke-point in every US motor, drone, and defense platform that currently sources from Chinese suppliers. Independence is the first non-Chinese commercial magnet line at scale on US soil in a generation.
New customer surface. MP disclosed a long-term gadolinium supply agreement with an unnamed aerospace and defense customer and announced “Project Swarm,” an aggregation vehicle to consolidate rare-earth magnet demand from US drone makers. Separately, the Department of War partnership was extended to include samarium oxide, which along with samarium-cobalt magnets sits inside high-temperature guidance and radar applications where NdFeB will not work.
Why this matters for the chain. China refines roughly 91% of global rare earths and dominates magnet fabrication. Every unit of US-produced, US-refined, US-magnetized NdPr routed to an IRA-eligible or DoW-anchored offtake is a marginal share shift the generalist coverage will underweight for several quarters. The Apple magnet agreement and the DoW price floor together give MP a demand book that does not depend on spot NdPr prices holding a particular level. That is the structural piece.
What to watch next quarter. Independence throughput, first commercial magnet shipments to non-Apple customers, and any samarium oxide construction milestones. Also: whether NdPr sales continue running ahead of production, or converge as stockpile burns down.
Source: MP Materials Q2 2026 investor release, August 6, 2026.