MP Materials posted an adjusted third-quarter profit of 4 cents a share, beating forecasts of a 2-cent loss, as revenue nearly tripled to $147.6 million. It still made a net loss of $20.7 million, narrower than a year earlier.
At a glance
- NdPr oxide output rose 41% from a year earlier to 1,018 tonnes, and NdPr sales jumped 94%.
- US government price protection added $8.1 million in the quarter.
- General Motors has completed its qualification, and magnet revenue starts in the fourth quarter, the company said.
Background
MP Materials runs the only rare earths mine in North America, processes the material in California and has built a magnet plant in Texas. NdPr is neodymium-praseodymium, the main input for permanent magnets. In July 2025 the US government invested in MP and agreed to fund it under a deal tied to market prices.
What happened
MP Materials posted an adjusted profit of 4 cents a share for the third quarter on Thursday, against analyst forecasts of a 2-cent loss, Reuters reported. Revenue nearly tripled to $147.6 million from $53.55 million a year earlier.
The company still recorded a net loss of $20.7 million, or 12 cents a share, narrower than the $41.8 million loss a year earlier.
Why results improved
NdPr oxide output rose 41% to 1,018 tonnes, and NdPr sales jumped 94%, Benzinga reported. MP also began supplying SEG+, an intermediate product containing several rare earths, to an unnamed US aerospace customer, which brought in $31.6 million.
US government price protection added $8.1 million. MP has received nearly $120 million since those payments began last year.
What comes next
Chief executive James Litinsky said MP has completed the General Motors qualification process, with saleable magnet deliveries and revenue beginning in the fourth quarter. He called it an inflection point for the business.
MP ended the quarter with about $1.34 billion in cash and short-term investments. Revenue beat the $117.47 million analysts expected, Benzinga reported.
The shares rose about 3% after hours, after falling more than 6% during Thursday's wider market selloff.
Our read
Outlook: bullish. Rising NdPr sales and US price support point to firm demand for rare earths from outside China.
What to watch
- First magnet revenue from General Motors in the fourth quarter.
- NdPr output and sales in the coming quarters.
- Further payments under the US price protection deal.
For information only, not investment advice.
Neodymium price in India
metalscost.com India reference price as of 2026-11-08.
Detailed analysis
Timeline
- 2026-11-05: MP Materials reports third-quarter results.
Supply Drivers
MP's NdPr oxide output rose 41% to 1,018 tonnes in the quarter.
Government Policies
US price protection added $8.1 million in the quarter.
What could lift prices
- NdPr sales rose 94% from a year earlier.
- A US aerospace customer has started buying SEG+.
What could weigh on prices
- NdPr output rose 41%, adding supply outside China.
- MP still needs US price support.
Country impact
| Country | Impact | Reason |
|---|---|---|
| United States | High | MP is the main US producer of rare earths, backed by the US government. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Critical Minerals Mining | Positive | MP's revenue nearly tripled on rising rare earth sales. |
| Automotive Manufacturing | Positive | General Motors is due to begin taking MP's magnets. |
Who gains, who loses
- General Motors: It gains a US source of magnets, with deliveries starting in the fourth quarter.
- Chinese magnet suppliers: US buyers are starting to take magnets from a domestic producer.
Other ways this could play out
- If magnet deliveries ramp up on time, MP's revenue could keep rising.
- If NdPr prices fall, MP would lean more on US price protection.
Price risks
- Higher supply outside China could weigh on NdPr prices.
- A change in US policy could affect price protection.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
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