MP's Operating Losses Continue in Q2: Can It Revert to Profitability?

MP Materials narrowed its Q2 2026 operating loss to $32 million, extending its loss streak to 12 consecutive quarters. While revenues surged 89% driven by higher NdPr oxide and metal sales with stronger pricing, rising costs from downstream investments and magnet production ramp-up continue to pressure margins. The company faces elevated cost of sales and start-up expenses, though higher output and a DoW Price Protection Agreement may provide some offset.