10-K · February 26, 2026
MP Materials Corp. continues to solidify its position as a leading producer of rare earth materials with a strategic emphasis on domestic supply chains. In 2025, the company achieved record production while…
Earnings analysis · 10-Q
MP earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
MP Materials saw significant revenue growth in Q1 2026, delivering $90.6 million, a 49% increase from $60.8 million in Q1 2025. The company achieved a positive shift in EPS, reporting a loss of $0.04 compared to a…
Read full summary
MP Materials saw significant revenue growth in Q1 2026, delivering $90.6 million, a 49% increase from $60.8 million in Q1 2025. The company achieved a positive shift in EPS, reporting a loss of $0.04 compared to a larger loss of $0.14 in the previous year, showing improvement in operational efficiency and sales. The Materials segment led the revenue increase with 192% growth in NdPr products, while the newly established Magnetics segment also saw a substantial revenue growth of 306%.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.03
- Segment
- Materials
- Segment
- Magnetics
What stood out
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Record Revenue Growth
Total revenue rose 49% year-over-year to $90.6 million, beating estimates by 20%.
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Improvement in EPS
EPS improved to -$0.04 from -$0.14 a year prior, marking a 71% improvement.
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Significant NdPr Revenue Increase
NdPr oxide and metal revenue skyrocketed 192% to $71.1 million.
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Positive Segment Performance
The Magnetics segment contributed $21.1 million in revenue, a 306% increase.
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New Price Protection Income
Price protection agreement income of $42.3 million significantly supported overall revenue.
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Record NdPr Production Volume
NdPr Production Volume increased 63% to 917 MTs from 563 MTs, reflecting operational improvements.
What to watch
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Rising Input Costs
Cost of sales increased by 52% to $74.2 million as production ramps up in separated products.
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High Cash Burn Rate
Net cash used in operating activities totaled $1.9 million, despite significant revenue increases.
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Debt Servicing Concerns
Long-term debt remains at $1.1 billion, raising concerns about liquidity as capital needs increase.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 7, 2025
MP Materials Corp. reported a decrease in total revenue for Q3 2025 to $53.6 million, down 15% year-over-year, mainly due to the cessation of sales to China. The company incurred a net loss of $41.8 million, reflecting…
10-Q · August 8, 2025
MP Materials Corp. reported strong Q2 2025 revenue growth of 84% year-over-year, led by a significant increase in NdPr sales, despite net losses narrowing. The company has ceased shipments of rare earth concentrate to…
10-Q · May 9, 2025
MP Materials Corp.'s Q1 2025 filing shows a significant increase in revenue year-over-year, driven mainly by higher NdPr oxide and metal sales despite a challenging environment due to trade tariffs and a major shift in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.