MP Materials posts Q4 profit, unveils $1.25B Texas magnet factory plans

Published: 11:16 27 Feb 2026 EST

MP Materials Corp (NYSE: MP) reported a profitable fourth quarter driven largely by a $51 million non-revenue Price Protection Agreement from the US Department of War, as the rare-earths miner also announced plans for a major new manufacturing campus in Texas.

The company posted net income of $9.4 million in Q4 2025, alongside adjusted EBITDA of $39.2 million, marking its first profitable quarter of the year.

However, GAAP revenue fell 14% year-on-year to $52.7 million due to a strategic pause in rare-earth concentrate sales to China.

Despite the revenue slowdown, MP Materials highlighted record US rare-earth production. Neodymium-praseodymium (NdPr) oxide output surged 101% year-on-year to 2,599 metric tons in 2025, with the company exiting the quarter at an annualized production run rate of approximately 4,000 metric tons. Production of rare-earth oxide in concentrate also hit an all-time US high of 50,692 metric tons for the year.

The company’s Magnetics segment achieved another milestone, producing its first commercial NdFeB magnets at its Independence facility. MP Materials also signed a significant NdPr oxide offtake agreement with a new strategic OEM.

Looking ahead, MP Materials plans to invest $1.25 billion to build a rare-earth magnet manufacturing campus in Texas. The so-called “10X” facility is expected to create more than 1,500 jobs across corporate, manufacturing, and engineering roles and will produce NdFeB magnets, essential components in semiconductors, electric vehicles, and other advanced technologies. The project has already secured a $200 million incentive award.

Shares of MP Materials fell 3% in Friday trading, as investors weighed the impact of the PPA income against the underlying operational performance.