MP Materials Corp. (MP) Earnings
MP Materials Corp. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $0.02. MP has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +114.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.01 | $0.03 | +400.0% | $91M | +21.2% |
| Nov 6, 2025 | $-0.17 | $-0.10 | +42.2% | $54M | +0.6% |
| Aug 7, 2025 | $-0.20 | $-0.13 | +34.0% | $57M | +24.4% |
| May 8, 2025 | $-0.10 | $-0.12 | -20.0% | $61M | -1.6% |
| Feb 20, 2025 | $-0.09 | $-0.12 | -33.3% | $61M | +20.3% |
| Nov 7, 2024 | $-0.13 | $-0.12 | +7.7% | $63M | +30.4% |
| Aug 1, 2024 | $-0.09 | $-0.17 | -88.9% | $31M | -23.0% |
| May 2, 2024 | $-0.02 | $-0.04 | -84.6% | $49M | -0.8% |
| Feb 22, 2024 | $-0.01 | $-0.02 | -53.5% | $41M | -10.7% |
| Nov 2, 2023 | $0.00 | $0.04 | +4110.5% | $53M | +2.7% |
| Aug 3, 2023 | $0.07 | $0.09 | +28.6% | $64M | +5.0% |
| May 4, 2023 | $0.18 | $0.27 | +50.0% | $96M | +8.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Materials segment: Team produced record NDPR oxide, began initial shipments to new U.S. customer, delivered strong concentrate quarter. Heavy rare earth separation circuit to begin commissioning in Q2, engineering design of recycling circuit advanced. • Magnetics division: Steady progress commissioning commercial production equipment, advancing through customer validation, broke ground on 10X. • Financials: Received $32 million Apple prepayment in February, total Apple prepayments at 72 million. Magnetic segment revenue was $21.1 million, segment-adjusted EBITDA was $9.6 million. Ended quarter with $1.7 billion of cash and short-term investments. • Mountain Pass: Solid production with concentrate recovery and grade performing well, midstream operation had strong NDPR production, successfully concluded semi-annual maintenance outage, heavy rare earth separation circuit on schedule, magnet recycling line advanced, expansion efforts at Independence towards 3,000 metric tons of annual magnet capacity continued.
Guidance
• Second-quarter realized pricing expected to be in the low to mid-90s per kilogram, PPA agreement mostly offsets difference from $110 per kilogram floor. • Prepaid revenue for magnetic precursor products remaining: approximately $62 million to be earned over next four quarters, modestly declining quarter to quarter. • Second-quarter CapEx to step up meaningfully as acquiring 10X site and accelerating construction. Full-year CapEx expected to be $500 to $600 million.
Segment performance
In the materials segment, the team produced a record 917 metric tons of NDPR oxide, up 63% year over year and 28% sequentially. Total NDPR oxide sales were 1,006 metric tons, more than double prior year levels, and 79% higher than Q4. Also produced just under 13,000 metric tons of REO, a 6% year-over-year increase. Material segment revenue and PPA income were $114.5 million, approximately double last year's first quarter, and segment-adjusted EBITDA was $36.7 million. In the Magnetics division, commercial production equipment commissioning is ongoing, magnetic performance meets customer specifications, and 10X broke ground. Consolidated revenue was $132.9 million, a 28% sequential increase from Q4, and adjusted EBITDA was $36.6 million. Adjusted diluted EPS was 3 cents per share, compared to a loss of 12 cents per share in Q1 2025.
Analyst Q&A
Q: George Giannourakis with Canaccord Genuity asked about the knowledge or operational moat built through stages one and three and barriers to greenfield competitors.
A: Jim Latinsky said capital formation is helpful, existing refineries are a significant advantage for foreseeable future, projects take long time, have processing challenges.
Q: Brian Lee with Goldman Sachs asked about materials segment EBITDA margins.
A: Ryan Corbett said pleased with production ramp, sales quarter successful, puts and takes on shipment timing, clear path to pull costs out.
Q: Corinne Blanchett with Joint Bank Research asked about production cadence and Middle East conflict impact.
A: Michael said NDPR production expected to be down slightly in Q2, up in Q3, continuing progress to 500 ton per month run rate; Middle East events accelerated perspective on drones and robotics in warfare.
Q: Lawson Winder with Bank of America Securities asked about timeline to nameplate capacity at Independence and 10X timing.
A: Jim said in product qualification process with GM, takes time, deliveries will be modest then grow, 10X moving with extreme urgency.
Q: Bill Peterson with JP Morgan asked about cost side progress and magnet revenue trajectory.
A: Ryan said no meaningful deviation from ultimate plan, moving pieces in single quarters, magnet revenue will roll off prepaid revenue then ramp as finished magnets ramp.
Q: David Sunderland with Bard asked about learnings from Independence for 10X and logistics costs.
A: Michael said design process faster, leverage existing knowledge; Ryan said logistics costs minimal relative to product cost, protected from raw material price increases in magnetics contracting.
Q: Sam Brandes with Redbush Securities asked about balance between locking in offtake agreements and optionality and demand pull from physical AI.
A: Jim said magnet business gets material at market, benefits from price of NDPR and customers wanting stable supply chain; talked about physical AI demand and its impact on NDPR.
Q: Carlos to Alba with Morgan Stanley asked about incentive price for NDPR capacity and cash from operations.
A: Jim said incentive price materially higher when considering all factors; Ryan said Q1 tends to be weakest working capital cash flow quarter, due to timing issues of working capital.