MP Materials Q3 2026: Revenue Surges 176%, GM Magnet Sales Begin in Q4

MP Materials posted adjusted earnings per share of $0.04 in the third quarter of 2026, beating expectations against a consensus estimate of negative $0.01. Revenue rose 176% from a year earlier, driven by higher NdPr oxide volumes, stronger market pricing, and a one-time sale of SEG+ material to a U.S. aerospace and defense customer.

The SEG+ transaction, booked within the Materials Segment, was a meaningful contributor to the quarter's results. NdPr oxide production at Mountain Pass climbed 41% year over year, while NdPr sales volume nearly doubled. Materials Segment Adjusted EBITDA swung to a profit from a loss in the year-ago period.

General Motors magnet qualification is complete, and saleable magnet deliveries and revenue from that program are set to begin in the fourth quarter of 2026, the first commercial proof that the company's Independence facility in Fort Worth, Texas is operating at production scale. CEO James Litinsky called the milestone "an inflection point for our business and mission."

The company's EPS history over the past two years shows a business that spent most of 2024 and the first half of 2025 posting losses before turning positive in Q4 2025. The return to positive adjusted EPS in Q3 2026 is the second time in three quarters that MP has landed in the black, though the Q2 2026 result of negative $0.05 serves as a reminder that the path remains uneven.

Beyond GM, the company is developing a long-term magnet supply agreement with Apple, expanding heavy rare earth separation capabilities, and working toward a larger 10X magnet manufacturing facility. Risks worth watching include execution on the production ramp, dependence on government funding arrangements, and ongoing capital expenditure pressure that pushed cash and equivalents down sharply year over year.