MP Materials Corp. MP reported an operating loss of $32 million in the second quarter of 2026 compared with the year-ago loss of $43.9 million. Despite the narrower loss, the company extended its streak of operating losses to 12 consecutive quarters, reflecting ongoing margin pressure as it continues transitioning toward higher-value separated rare earth products. During the quarter, revenues surged 89% year over year, fueled by higher neodymium-praseodymium (NdPr oxide) and metal sales and stronger pricing. However, cost of sales climbed 43% due to higher sales volumes of NdPr oxide and metal. Selling, general and administrative expenses rose 28% due to increased personnel costs. Start-up costs surged to $14 million from $0.
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