MP Materials reported a significant increase in revenues from its Magnetics segment, reaching $21.1 million in Q1 2026, up from $5.2 million in Q1 2025. The adjusted EBITDA for the segment was $9.6 million, compared to $0.49 million a year earlier, highlighting a shift from a mining-focused operation to an integrated manufacturer of rare-earth-based products.
The company began deliveries of magnetic precursor products to General Motors in March 2025, contributing $5.2 million to its 2025 revenues. A major development for MP Materials was the long-term supply agreement with Apple in July 2025 to produce magnets, underscoring its growth strategy. The company is also expanding its Independence facility in Fort Worth, Texas, aiming for a future capacity of 10,000 MTs of rare earth magnets annually.
As of now, MP Materials’ shares have surged 99.5% year-over-year, outpacing the industry growth of 42.2%. The Zacks Consensus Estimate for MP Materials is 16 cents per share for 2026, indicating a recovery from a loss of 24 cents in 2025.
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