MP Materials Corp. / DE (MP) Form 10-Q — Aug 6, 2026

$MPForm 10-QFiled Aug 6, 2026, 6:15 PM ET0001801368-26-000048Original filing

MP Materials' Q2 2026 revenue nearly doubled year over year to $108.5 million (+89%), driven by a 277% surge in NdPr oxide and metal sales plus $17.6 million of price-protection income from its Department of War agreement. Net loss narrowed 34% to $20.3 million (-$0.11 per share) and Adjusted EBITDA swung positive to $28.5 million from -$12.5 million a year ago. The balance sheet holds $1.45 billion in cash, equivalents and short-term investments against $934.6 million of carrying debt, though capex ramped to $307.7 million in H1 2026 for the 10X Facility build-out in Northlake, Texas.

Key figures

Eps: -$0.11 basic and diluted Q2 2026 (vs -$0.19 Q2 2025)
Revenue: $108.5 million Q2 2026; $199.1 million H1 2026
Net Income: -$20.3 million Q2 2026 (vs -$30.9 million Q2 2025); -$28.3 million H1 2026
Total Debt: $1.01 billion principal ($934.6 million carrying value)
Revenue Yoy: +89% Q2 YoY; +68% H1 YoY
Total Assets: $3.73 billion
Cash Position: $429.1 million cash and equivalents plus $1.02 billion short-term investments = $1.45 billion total
Shares Outstanding: 178,101,588 as of July 31, 2026
Ppa Income: $17.6 million Q2 2026; $59.9 million H1 2026 under $110/kg NdPr price floor with DoW
Capex H1 2026: $307.7 million (vs $59.5 million H1 2025)
Ten XFacility: ~$80 million land purchase April 2026; >$1.25 billion planned investment; $140 million EBITDA guarantee by DoW
Adjusted EBITDA: $28.5 million Q2 2026 (vs -$12.5 million Q2 2025); $65.1 million H1 2026
Apple Prepayments: $72.0 million received of $200.0 million committed
Gm Deferred Revenue: $45.5 million remaining GM prepayment classified current
Notes2030 Fair Value: $2.31 billion fair value vs $847.3 million carrying value; conversion condition met, convertible during Q3 2026 (39,683,215 underlying shares)
Adjusted Net Income H1: $4.6 million H1 2026 (vs -$41.3 million H1 2025)
Samarium Project Loan: $150.0 million at 5.38% fixed, maturing August 1, 2037
Litigation Settlement: $8.8 million construction-related litigation settlement in H1 2026
Nd Pr Oxide Metal Revenue: $94.4 million Q2 2026, +277% YoY
Segment Adjusted EBITDA: Materials $32.5 million; Magnetics $7.5 million (Q2 2026)
Stock Price June30 2026: $56.01
Revolving Credit Facility: $275.0 million facility, no borrowings, $203.0 million remaining capacity
Customer Concentration Q2 2026: Customer A 40%, Customer B 32%, Customer C 15% of revenue

Price after filing

1 day: +0.9%7 days: +17.3%30 days: +14.9%

Close on the filing date to close N calendar days later (from $47.47). Historical, not a forecast.

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