MP Materials' Magnetics Segment Revenue Rises 50% in First Half of 2026

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Summary · why it matters

MP Materials' Magnetics segment, the company's downstream magnet manufacturing arm, generated $37.6 million in revenues in the first half of 2026, up 50% year over year, while segment adjusted EBITDA nearly doubled to $17.1 million from $8.6 million. Within that half, first-quarter revenues surged 306% year over year to $21.1 million on higher magnetic precursor production, with segment adjusted EBITDA of $9.6 million versus $0.49 million a year earlier, while second-quarter revenues declined 17% year over year to $16.5 million and segment adjusted EBITDA fell 7% to $7.5 million, a drop MP attributed to the startup of magnet production at the Independence Facility and its impact on magnetic product pricing rather than weaker demand. MP delivered magnets to General Motors for in-vehicle qualification testing in the second quarter of 2026 and expects to begin commercial magnet shipments in the fourth quarter, followed by a steady production ramp. As of June 30, 2026, MP had collected $150 million in required prepayments from GM under their long-term supply agreement, had delivered $104.5 million of magnetic precursor products, and expects to deliver the remaining $45.5 million within one year, after which it plans to shift to finished magnet sales in 2026. MP is also building a second magnet plant in Northlake, Texas, known as the 10X Facility, expected to lift its overall U.S. rare earth magnet production capacity to roughly 10,000 metric tons per year, and is extending heavy rare earth refining at Mountain Pass.

Impact on assets 3

Critical Materials & Supply Chain▲ · 1 stocks
MP Materials Corp
MP
▲ PositiveCapitalDemandrelevance

MP Materials' Magnetics segment revenue rose 50% in H1 2026 with adjusted EBITDA nearly doubling to $17.1 million.

Electrification & Mobility▲ · 1 stocks
General Motors Company
GM
▲ PositiveDemandrelevance

GM's long-term supply agreement with MP Materials advances with magnet deliveries for in-vehicle qualification testing and $150M in prepayments collected.

Artificial Intelligence▲ · 1 stocks

Theme Impact 2

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