MP Materials Corp. (NYSE: MP) posted record neodymium-praseodymium output in the first quarter of 2026, with mp materials q1 2026 results showing NdPr production of 917 metric tons — a 63% increase year on year — as the Mountain Pass operation completes its pivot from concentrate sales to fully separated rare earth products.
Total revenue reached $90.6 million, up 49% versus Q1 2025, with an additional $42.3 million in price protection agreement (PPA) income from the company’s arrangement with the US Department of War, bringing consolidated revenue and PPA income to $132.9 million. Adjusted EBITDA swung from negative $2.7 million in Q1 2025 to positive $36.6 million — a $39.3 million improvement in twelve months.
MP Materials Q1 2026: NdPr Sales Outpace Production
NdPr sales volume reached 1,006 metric tons in the quarter, a 117% increase year on year and above the 917 MT production figure, drawing down inventory built in prior periods as separation capacity ramped. NdPr oxide and metal revenue came in at $71.1 million, up from $24.3 million in Q1 2025 — a 192% increase driven by both volume and improved market pricing.
The company stopped selling rare earth concentrate entirely in July 2025. The Q1 2025 concentrate revenue line of $30.1 million has been replaced by separated product sales, reflecting the completion of MP’s midstream transformation. REO production — the upstream mining metric — reached 12,983 metric tons, up 6% year on year, confirming the mine itself continues to operate at scale while downstream processing absorbs the full feed.
For current NdPr benchmark pricing, see the neodymium price tracker and terbium price page.
Magnetics Segment and Heavy Rare Earth Separation
The Magnetics segment — operating the Independence facility in Fort Worth, Texas — generated $21.1 million in revenue in Q1 2026, up 306% from $5.2 million in the prior year period. Segment Adjusted EBITDA reached $9.6 million. MP commenced commercial NdFeB permanent magnet manufacturing at Independence in December 2025; the Q1 figures reflect early-ramp production volumes rather than full-rate output.
MP broke ground on its “10X” magnetics facility during the quarter. The company has not disclosed the build timeline or target capacity for 10X publicly beyond describing it as a scale-up of the Independence model. James Litinsky, Founder, Chairman and CEO, described scaled heavy rare earth separation commissioning at Mountain Pass as “imminent” — a development that would bring dysprosium and terbium separation into the Mountain Pass midstream circuit for the first time. Dysprosium and terbium prices have risen sharply in 2026; see the dysprosium price tracker for current benchmarks.
On the balance sheet, MP held $1.74 billion in cash, equivalents and short-term investments at 31 March 2026, providing substantial runway for the 10X buildout and the ongoing Mountain Pass heavy rare earth separation expansion. Long-term debt stood at $932.9 million.
Government Partnership and Apple Supply Agreement
The $42.3 million PPA income recognised in Q1 relates to MP’s multi-phase arrangement with the US Department of War, under which the government provides price support and capital commitments in exchange for domestic rare earth supply. The arrangement — which had no comparable figure in Q1 2025 — is a material contributor to MP’s current profitability profile and underpins the economics of the Mountain Pass heavy rare earth separation expansion.
MP has also disclosed a long-term supply agreement with Apple for US-produced rare earth magnets. The agreement adds a second major offtake anchor alongside the DoW arrangement, though production volumes and pricing terms have not been disclosed publicly. The Apple agreement is contingent on MP meeting specific production milestones at the 10X facility.
For a full profile of MP Materials’ operations, assets and strategic position, see the MP Materials company profile.
What to Watch
Three near-term milestones will determine whether the Q1 momentum extends: the commissioning timeline for heavy rare earth separation at Mountain Pass; 10X facility groundbreak-to-production timing (not yet disclosed); and whether the DoW price protection arrangement secures continued congressional appropriations. Any disruption to the government partnership would materially alter the company’s EBITDA profile, given PPA income represented 32% of consolidated revenue and PPA income in Q1.
MP Materials will host a conference call to discuss results at 2:00 p.m. Pacific Time on 7 May 2026. Full filings are available via MP Materials investor relations and the SEC EDGAR filing database.
This article is for informational purposes only and does not constitute investment advice. Prices and financial figures are subject to change without notice.
What were MP Materials’ Q1 2026 NdPr production results?
MP Materials produced 917 metric tons of NdPr in Q1 2026, a 63% increase year on year and a quarterly record. NdPr sales reached 1,006 metric tons, up 117% year on year, as the company continued ramping separated product output at Mountain Pass.
What revenue did MP Materials report for Q1 2026?
MP Materials reported $90.6 million in revenue for Q1 2026, up 49% year on year. Including $42.3 million in price protection agreement income from its arrangement with the US Department of War, consolidated revenue and PPA income totalled $132.9 million.
What is MP Materials’ Magnetics segment and how did it perform in Q1 2026?
The Magnetics segment operates the Independence facility in Fort Worth, Texas, producing magnetic precursor products and NdFeB permanent magnets. Revenue reached $21.1 million in Q1 2026, up 306% year on year, with Adjusted EBITDA of $9.6 million, reflecting the early ramp of commercial magnet manufacturing that began in December 2025.
What is the MP Materials 10X facility?
10X is a new magnetics manufacturing facility that MP Materials broke ground on during Q1 2026. It is designed as a scale-up of the Independence model. A long-term supply agreement with Apple for US-produced rare earth magnets is contingent on MP meeting production milestones at the 10X facility. Build timeline and capacity targets have not been publicly disclosed
When will MP Materials begin heavy rare earth separation at Mountain Pass?
MP Materials described scaled heavy rare earth separation commissioning at Mountain Pass as “imminent” in its Q1 2026 earnings release. The company has not provided a specific commissioning date. Heavy rare earth separation would bring dysprosium and terbium into the Mountain Pass midstream circuit for the first time, expanding beyond the current NdPr focus.
