MP Materials revenue jumps 175.7% to $147.7M as losses narrow; heavy capex drives free cash flow to -$421.5M

Filed November 6, 2026 · Period ending September 30, 2026 · Compared to 10-Q Nov 7, 2025 · ~1 min read

Key Changes

• high

  Revenue surged 175.7% to $147.7M on ramping NdPr sales and a one-time $31.6M SEG+ sale; net loss narrowed 50.4% to -$20.7M.

  MD&A: Results verify on EDGAR →
• high

  Adjusted EBITDA swung to positive $41.1M for the quarter and $106.2M for nine months, driven by price protection agreement income.

  MD&A: Adjusted EBITDA verify on EDGAR →
• high

  Free cash flow deteriorated to -$421.5M from -$194.7M as capex surged; 2026 capex guidance set at $500M-up to $600M.

  MD&A: Cash Flow verify on EDGAR →