MP Materials (MP) Q2 FY26 earnings call

Earnings call· Jun 2026 (Q2 FY26)· Materials· Aug 6, 2026

Source: earnings call transcript

MP Materials delivered a strong Q2 FY26, marked by significant NdPr production and sales growth, alongside a strategic long-term gadolinium supply agreement. The company is advancing its heavy rare earth separation capabilities and magnet manufacturing, with commercial magnet shipments expected to commence in Q4. Despite sequential EBITDA pressure from planned maintenance and startup costs, MP is focused on scaling production, optimizing processes, and building a resilient domestic supply chain for critical materials, including through initiatives like Project Swarm for autonomous systems.

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MP operating KPIs by quarter

MP operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	This call Jun 2026 Q2 FY26	Change vs prior quarter
Production volume concentrate	12.08K tons In the Materials segment operating metrics, concentrate production totaled 12,080 metric tons, approximately 600 metric tons higher than the prior year period. Source: earnings call transcript	<13K tons We also delivered 1 of our strongest concentrate quarters producing just under 13,000 metric tons of REO, a 6% year-over-year increase and our highest first quarter output to date. Source: earnings call transcript	—	—
Production volume NdPr oxide	—	917 tons In our Materials segment, the team produced a record 917 metric tons of NPR oxide up 63% year-over-year and 28% sequentially. Source: earnings call transcript	840 tons Starting with the Materials segment, we produced 840 metric tons of NdPr, up 41% year-over-year and consistent with our expectations. Source: earnings call transcript	-8.4%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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