MP Materials, Q3 2026 Earnings Call Transcript

MP Materials reported higher NdPr output and sales in Q3, while commissioning heavy rare-earth separation and qualifying magnets for GM shipments beginning in Q4. The company expects Q4 NdPr volumes near 1,000 metric tons and realized prices around $100/kg. Commercial dysprosium and terbium production is starting, primarily to supply its magnet business; management says current prices for some medium and heavy rare earths are unusually high and may not persist. NdPr production is expected to exceed a 5,000-ton annual rate in 2027, with cost improvements more visible in the second half as new facilities stabilize.

Magnet sales are expected to build gradually, starting modestly before increasing in late 2027; the segment’s adjusted EBITDA contribution should remain modest that year, with its full earnings potential clearer in 2028. Management sees growing customer interest in robotics and other magnet markets, but cautions that timing and winners are uncertain and expects a difficult year for parts of the industry. It plans to preserve financial flexibility and remain disciplined with capital as it executes contracted customer commitments.