MP Materials Sets Stage For Heavy Rare Earth Breakthrough In 2026

Core Insights - MP Materials Corp. reported a mixed quarterly update, indicating improving profitability trends and steady momentum in magnetics [1] - The company outlined progress toward domestic heavy rare earth separation, enhancing sentiment around its long-term strategy [1] Financial Performance - For the third quarter, MP Materials reported revenue of $53.55 million, which fell short of analyst estimates of $54.92 million [1] - The adjusted loss was 10 cents per share, better than the expected loss of 18 cents per share [2] - Adjusted EBITDA was negative $13 million, an improvement from negative $11 million a year earlier and better than the forecast of negative $14 million [3] Sales and Revenue Breakdown - Magnetics revenue slightly exceeded projections, while oxide sales were lower due to reduced volume [3] - Lower tons sold were partially offset by better price realization [4] Strategic Developments - MP Materials has halted sales of REO concentrate to China as per the DoW agreement, which began in October [4] - The company plans to commission a new heavy rare earth separation facility at Mountain Pass by mid-2026, initially focusing on dysprosium and terbium production [4] Capacity and Production - The nameplate capacity for the Dy/Tb circuit is 200 metric tons per year, with the ability to process about 3,000 metric tons of feedstock [5] - The facility will utilize MP's own heavy concentrate, stockpiled material, and third-party feedstock from new sources [5] Market Reaction - Following the quarterly update, MP shares increased by 8.37% to $56.30 [5]