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MP Materials (MP) guidance and outlook
MP Materials (MP) raised its guidance on Nov 5, 2026: Net income −$20.7M for FY2026. MP Materials' 10-Q filed Nov 6, 2026 makes 38 forward-looking statements.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| Net income | FY2026 | −$20.7M | raised |
From the earnings release filed Nov 5, 2026 (8-K on EDGAR).
Forward-looking statements, 10-Q filed Nov 6, 2026
- In July 2026, we launched Project Swarm, an initiative through which U.S. and allied drone and motor manufacturers may reserve future magnet production capacity from the 10X Facility.
- In November 2023, we announced our “Upstream 60K” strategy whereby we intend to grow our annual REO Production Volume to approximately 60,000 MTs via investments in further beneficiation capability and through better usage of lower-grade ore and other underutilized parts of the Mountain Pass ore body.
- We continue to expect that it may take many quarters to achieve our designed throughput of NdPr oxide.
- However, as we increase production over time, we expect to reduce our per-unit production costs.
- In the third quarter of 2026, we began further refining our SEG+ production stream, and we expect to begin producing separated terbium and dysprosium by the end of 2026.
- (NASDAQ: AAPL) (“Apple”), we will develop and install scaled magnet recycling capabilities at Mountain Pass with dedicated capacity for both NdPr and heavy rare earth separation.
- Furthermore, we expect our downstream manufacturing operations to benefit from geopolitical developments, including initiatives to repatriate critical materials supply chains, including those supported by our agreements with General Motors Company (NYSE: GM) (“GM”), the DoW and Apple.
- Our operations are expected to progress in phases, with magnet production volumes increasing over time as additional capabilities are commissioned and scaled.
- As part of our partnership with the DoW, we committed to expand capacity of the Independence Facility to a projected 3,000 MTs of magnets annually.
- We expect to continue selling magnetic precursor products ahead of fully commissioning our magnet manufacturing capabilities, which commissioning began in late 2025.
- After the Independence Facility is commissioned and scaled, we expect to primarily sell permanent magnets.
- We expect to invest more than $1.25 billion in this project, which is supported by approximately $200 million of state and local incentive packages, as well as a 10‑year magnet offtake agreement with the DoW.
MP Materials' latest quarter
MP Materials, Q3 2026: revenue $148M (+176% year over year), operating margin -14.9%, net loss $20.7M, operating cash flow −$12.7M. The chart follows the revenue to costs, profit and cash.
Questions
Did MP Materials raise or lower its guidance?
MP Materials (MP) raised its guidance on Nov 5, 2026: Net income −$20.7M for FY2026.
What does MP Materials expect?
In July 2026, we launched Project Swarm, an initiative through which U.S. and allied drone and motor manufacturers may reserve future magnet production capacity from the 10X Facility. In November 2023, we announced our “Upstream 60K” strategy whereby we intend to grow our annual REO Production Volume to approximately 60,000 MTs via investments in further beneficiation capability and through better usage of lower-grade ore and other underutilized parts of the Mountain Pass ore body. We continue to expect that it may take many quarters to achieve our designed throughput of NdPr oxide.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.