Is MP Materials Stock a Buy After Earnings?

MP Materials reported strong Q2 earnings with 89% revenue growth to $108 million and a swing to $28.5 million adjusted EBITDA. The company is shifting from selling low-value rare earth concentrate to higher-margin separated NdPr oxide and metal products, with concentrate revenue dropping to zero while oxide/metal revenue jumped to $95 million. While the stock is down 45% from its 52-week high, the company's improving economics and Pentagon partnership support a cautiously optimistic outlook, though scaling magnet production remains a key test.