Filing Flows › MP Materials (MP) › Q1 2026
MP Materials (MP) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
MP Materials (MP) reported revenue of $90.6M for the first quarter 2026 (Q1 2026), +49% from a year earlier and +72% from the quarter before. Operating margin was -26.6%, net loss $8.0M (8.8% of revenue).
MP Materials, Q1 2026: revenue $90.6M (+49% year over year), operating margin -26.6%, net loss $8.0M, operating cash flow −$1.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $90.6M | +72% | +49% |
| Operating profit | −$24.1M | — | — |
| Net earnings | −$8.0M | -185% | — |
| Operating cash flow | −$1.9M | — | — |
What changed
Revenue was $90.6M in Q1 2026, up 49% year over year and up 72% from the previous quarter.
Operating costs exceeded revenue by $24.1M, an operating margin of -26.6%. Total costs grew 20% against revenue growth of 49%. The fastest-growing cost line was Cost of revenue (+52%). The quarter ended with a net loss of $8.0M, after a profit of $9.4M the previous quarter. Non-operating items added $10.5M, -77% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.9M. Non-cash charges added back $32.1M of depreciation and amortization and $12.9M of share-based compensation. Working capital and other items used $39.0M. Capital expenditures of $77.4M exceeded it, leaving free cash flow of −$79.3M.
Questions
What was MP Materials' revenue in the first quarter 2026?
MP Materials (MP) reported revenue of $90.6M for the first quarter 2026 (Q1 2026), +49% from a year earlier and +72% from the quarter before.
Was MP Materials profitable in the first quarter 2026?
Operating loss was $24.1M (-26.6% of revenue) and net loss $8.0M.
Source: MP Materials 10-Q on SEC EDGAR.