MP Materials Completes GM Magnet Qualification

The Tip Desk · November 6, 2026 · 3 min read

Third-quarter revenue reached $147.7 million, up 176% from a year earlier, as NdPr sales hit 1,020 metric tons and Adjusted EBITDA turned to $41.1 million.

MP Materials Corp. (MP), America’s only fully integrated rare earth producer, completed the GM magnet qualification process in the third quarter, with saleable deliveries and revenue set to begin in the fourth quarter.

Founder, Chairman and CEO James Litinsky said the milestone marked an inflection point for the company after years of building capabilities across its platform.

Consolidated revenue rose 176% year over year to $147.7 million, a faster pace than the 89% increase recorded in the second quarter. Revenue plus price protection agreement income totaled $155.8 million. The company said the revenue increase was driven by higher sales of NdPr oxide and metal and stronger market pricing, and further benefited from a $31.6 million sale of SEG+ to a U.S. aerospace and defense customer. The increase was partially offset by slightly lower revenue from magnetic precursor products due to the start-up of magnetics production at Independence.

Adjusted EBITDA increased $53.7 million year over year to $41.1 million, from $28.5 million in the second quarter. Adjusted Net Income improved $26.6 million year over year to $8.8 million, reversing a $2.1 million adjusted net loss in the prior quarter. Net loss narrowed 50% year over year to $20.7 million. Diluted loss per share improved 50% year over year to $0.12; Adjusted Diluted EPS improved $0.14 year over year to $0.04.

The Materials Segment generated $133.5 million in revenue, $8.1 million of PPA Income, and $47.8 million in Adjusted EBITDA. NdPr oxide and metal revenue rose 227% year over year to $101.0 million. Other Materials revenue rose to $32.6 million from $0.7 million a year earlier, including the SEG+ sale. NdPr production was 1,018 metric tons, a 41% increase year over year, up from 840 metric tons in the second quarter. NdPr sales were 1,020 metric tons, a 94% increase year over year. Rare earth oxide production was 12,887 metric tons, down 3% year over year. PPA Income was $8.1 million, down from $17.6 million in the second quarter.

The Magnetics Segment generated $18.6 million in revenue and $5.3 million in Adjusted EBITDA. The company said Adjusted EBITDA was driven mainly by the revenue changes above and by PPA Income in Materials, partially offset by higher cost of sales in Materials from the growth in NdPr sales volumes, a $6.4 million reserve on certain non-core product inventories, and the SEG+ sale, as well as higher SG&A mainly from headcount to support downstream expansion. Start-up costs were $14.2 million, up from $1.4 million a year earlier, as Independence magnet production ramped. Advanced projects and development expenses fell to $1.9 million from $19.0 million a year earlier, when the prior-year period included DoW transaction and financing costs.

Cash, cash equivalents and short-term investments were $1.34 billion at September 30, 2026, down from $1.83 billion at December 31, 2025.