MP Materials Corp. reported financial results for the second quarter ended June 30, 2026, announcing consolidated revenue of $108.5 million and Adjusted EBITDA of $28.5 million. Revenue increased 89% year-over-year, driven by an 89% rise in NdPr oxide and metal sales to $94.4 million and $17.6 million in price protection agreement income. The company generated a net loss of $20.3 million, an improvement from the prior year's loss of $30.9 million. Operational highlights included 840 metric tons of NdPr production, a 41% increase, and sales of 1,006 metric tons, up 127%. MP Materials also signed a long-term offtake agreement for separated gadolinium with a U.S. aerospace and defense customer and launched Project Swarm for the drone industry. The company operates in the rare earth materials sector, mining, processing, and manufacturing permanent magnets.