Revenue growth accelerated to 118.6% in 2026Q1, yet the company continues to struggle with structural profitability, evidenced by an operating margin of -19.5%.
| Sales/Revenue | 347.57M | 275.46M | 203.85M | 253.44M | 527.51M | 331.95M | 134.31M | 73.41M | 67.42M |
| Revenue Growth % | 60.93% | 35.12% | -19.57% | -51.95% | 58.91% | 147.15% | 82.96% | 8.89% | - |
| Cost of Goods Sold | 263.59M | 282.06M | 270.64M | 148.42M | 110.57M | 100.64M | 70.73M | 67.83M | 57.28M |
| COGS % of Revenue | - | 102.4% | 132.76% | 58.56% | 20.96% | 30.32% | 52.66% | 92.4% | 84.97% |
| Gross Profit | 83.98M | -6.6M | -66.79M | 105.02M | 416.94M | 231.32M | 63.58M | 5.58M | 10.13M |
| Gross Margin % | 24.16% | -2.4% | -32.76% | 41.44% | 79.04% | 69.68% | 47.34% | 7.6% | 15.03% |
| Gross Profit Growth % | - | 90.12% | -163.59% | -74.81% | 80.24% | 263.81% | 1039.85% | -44.96% | - |
| Operating Expenses | 220.99M | 116.17M | 102.64M | 122.74M | 89.53M | 65.97M | 98.28M | 13.2M | 19.02M |
| OpEx % of Revenue | - | 42.18% | 50.35% | 48.43% | 16.97% | 19.87% | 73.18% | 17.98% | 28.21% |
| Selling, General & Admin | 121.54M | 112.07M | 83.3M | 79.25M | 75.86M | 56.65M | 26.77M | 11.1M | 14.56M |
| SG&A % of Revenue | - | 40.68% | 40.86% | 31.27% | 14.38% | 17.06% | 19.93% | 15.13% | 21.6% |
| Research & Development | 6.61M | 0 | 9.31M | 14.93M | 4.25M | 4.2M | 140K | 0 | 0 |
| R&D % of Revenue | - | - | 4.57% | 5.89% | 0.81% | 1.26% | 0.1% | - | - |
| Other Operating Expenses | 2.14M | 4.11M | 10.03M | 28.56M | 9.42M | 5.13M | 71.38M | 2.09M | 4.45M |
| Operating Income | -137.01M | -122.77M | -169.43M | -17.72M | 327.41M | 165.34M | -34.7M | -7.62M | -8.88M |
| Operating Margin % | -39.42% | -44.57% | -83.11% | -6.99% | 62.07% | 49.81% | -25.84% | -10.38% | -13.18% |
| Operating Income Growth % | - | 27.54% | -856.18% | -105.41% | 98.02% | 576.46% | -355.42% | 14.23% | - |
| EBITDA | -27.39M | -32.02M | -91.37M | 37.99M | 345.77M | 189.73M | -27.77M | -2.93M | -4.43M |
| EBITDA Margin % | -7.88% | -11.62% | -44.82% | 14.99% | 65.55% | 57.16% | -20.68% | -4% | -6.57% |
| EBITDA Growth % | 69.81% | 64.96% | -340.51% | -89.01% | 82.24% | 783.16% | -846.88% | 33.81% | - |
| D&A (Non-Cash Add-back) | 109.62M | 90.76M | 78.06M | 55.71M | 18.36M | 24.38M | 6.93M | 4.69M | 4.45M |
| EBIT | -90.86M | -86.29M | -70.34M | 38.33M | 346.94M | 169.1M | -34.45M | -3.34M | -8.88M |
| Net Interest Income | 27.83M | 20.53M | 24.1M | 50.38M | 14.04M | -8.55M | -4.85M | -2.95M | -5.02M |
| Interest Income | 59.05M | 52.02M | 47.11M | 55.64M | 19.83M | 353K | 163K | 461K | 0 |
| Interest Expense | 31.22M | 31.48M | 23.01M | 5.25M | 5.79M | 8.9M | 5.01M | 3.41M | 5.02M |
| Other Income/Expense | 32.77M | 5M | 76.08M | 50.79M | 13.74M | -5.15M | -4.76M | 866K | -4.58M |
| Pretax Income | -104.24M | -117.77M | -93.35M | 33.08M | 341.15M | 160.19M | -39.46M | -6.75M | -13.46M |
| Pretax Margin % | -29.99% | -42.76% | -45.79% | 13.05% | 64.67% | 48.26% | -29.38% | -9.2% | -19.97% |
| Income Tax | -33.05M | -31.9M | -27.92M | 8.77M | 52.15M | 25.16M | -17.64M | 1K | 1K |
| Effective Tax Rate % | 31.7% | 27.09% | 29.91% | 26.51% | 15.29% | 15.7% | 44.69% | -0.01% | -0.01% |
| Net Income | -71.19M | -85.87M | -65.42M | 24.31M | 289M | 135.04M | -21.82M | -6.75M | -13.47M |
| Net Margin % | -20.48% | -31.18% | -32.09% | 9.59% | 54.79% | 40.68% | -16.25% | -9.2% | -19.97% |
| Net Income Growth % | 31.91% | -31.26% | -369.16% | -91.59% | 114.02% | 718.73% | -223.09% | 49.84% | - |
| Net Income (Continuing) | -71.19M | -85.87M | -65.42M | 24.31M | 289M | 135.04M | -21.82M | -6.75M | -13.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.36 | -0.50 | -0.57 | 0.14 | 1.52 | 0.73 | -0.27 | -0.10 | -0.20 |
| EPS Growth % | 34.97% | 12.28% | -507.14% | -90.79% | 108.22% | 370.37% | -175.23% | 50.95% | - |
| EPS (Basic) | - | -0.50 | -0.57 | 0.14 | 1.64 | 0.78 | -0.27 | -0.10 | -0.20 |
| Diluted Shares Outstanding | 199.23M | 170.13M | 169.88M | 178.15M | 193.45M | 189.84M | 79.69M | 68.88M | 68.88M |
| Basic Shares Outstanding | 177.67M | 170.13M | 166.84M | 177.18M | 176.52M | 173.47M | 79.69M | 66.56M | 66.56M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Chemical separation technical failure
As reported in the most recent quarterly filings, MP Materials achieved a significant revenue acceleration to 118.6% in 2026Q1, marking a sharp recovery from the contractionary periods observed throughout 2024, though this growth remains heavily tethered to the cyclical and volatile global pricing of rare earth oxides.
The recent surge in top-line performance suggests a potential stabilization in production volumes or a favorable shift in market pricing dynamics. Investors should monitor whether this growth trajectory is sustainable or merely a reflection of temporary inventory liquidation cycles that may not repeat in subsequent quarters.
Based on the provided financial statements, MP's gross margin profile has exhibited extreme variance, swinging from a low of -90.9% in 2024Q2 to a positive 44.1% in 2026Q1, highlighting the significant operational leverage and sensitivity inherent in the company's transition toward refined rare earth oxide production.
The wide fluctuations in gross margins suggest that the company is still navigating the difficult commissioning phase of its separation facilities. The recent improvement warrants further investigation to determine if it stems from permanent cost efficiencies or simply favorable accounting adjustments related to inventory valuation.
According to historical income statement data, MP's operating income has consistently remained in negative territory, with operating margins reaching -19.5% in 2026Q1, indicating that the company's overhead and processing costs are currently scaling faster than the revenue generated from its core mining and separation activities.
The persistent operating losses suggest that the firm has yet to achieve the necessary economies of scale required to offset its substantial fixed-cost base. Until the separation circuit reaches consistent, high-yield output, the company will likely continue to struggle with achieving positive operating leverage.
As indicated by the reported financial figures, the company's cost structure is dominated by heavy infrastructure and processing expenses, with SG&A and R&D spending remaining elevated as the firm attempts to finalize its transition into a vertically integrated magnetics manufacturer, pressuring overall bottom-line profitability.
The company's expense discipline appears secondary to the capital-intensive requirements of its Stage II and Stage III expansion projects. Analysts should scrutinize whether these costs are being effectively managed or if they represent a structural drag that will continue to impede net income generation for the foreseeable future.
Quick answers to the most common questions about buying MP stock.
For fiscal year 2025, MP Materials Corp. (MP) reported total revenue of $275.5M. This represents a 308.6% increase compared to $67.4M in 2018.
MP Materials Corp. (MP) reported a net loss of $85.9M for the fiscal year ending 2025.
MP Materials Corp. (MP) reported an operating income of $-122.8M, resulting in an operating profit margin of -44.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MP Materials Corp. (MP) generated $-6.6M in gross profit for the year, representing a gross profit margin of -2.4%. This demonstrates the company's core pricing power and production efficiency.