U.S.-based MP Materials is continuing its strategic shift toward higher-value rare earth products.
MP Materials increased first-quarter 2026 revenue by 49% to $90.6 million. In addition, the leading U.S. rare earth producer recorded $42.3 million from a price-floor agreement with the U.S. Department of Defense, bringing combined revenue and related compensation payments to $132.9 million.
Despite substantially improved operating performance, the company still reported a net loss of $8.0 million. Adjusted EBITDA, however, came in strongly positive at $36.6 million.
The results underline the company’s ongoing transition toward higher-margin products. Revenue from neodymium-praseodymium (NdPr) oxide and metal products rose sharply, while no revenue was generated from rare earth concentrate sales. Operationally, MP Materials also posted record figures: NdPr production increased by 63%, while sales surged by 117%.
At the same time, the Magnetics segment continues to expand rapidly and is becoming increasingly important to the company’s vertically integrated growth strategy.
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