In July 2025, you know, we stopped all sales to China to align with the Department of War agreements and our domestic supply‑chain goals. Previously we sold via a related‑party offtake with Shenghe Resources, and full‑year 2025 revenue of $224.4 M, down from $253.4 M in 2023, partly reflects that timing. First‑quarter 2026 revenue rose 49% YoY as the ramp and US‑allied demand took hold – a deliberate strategic choice, giving up a market to rebuild a Western supply chain, and we’re candid we reshaped our revenue base. Big grain of salt on timing, you know, these projects are hard.

You know, starting in the fourth quarter of 2025 a new revenue category showed up on our statements – Price Protection Agreement income, $42.3 million in Q1 2026. It flows from the Department of War’s ten‑year NdPr price floor and is booked as a mark‑to‑market derivative, so it records a gain when the market NdPr price falls below that floor for the NdPr we produce at Mountain Pass. In plain terms it’s a cash‑flow backstop that pays most when prices are weak, not an operating sale of product, and by its own design it’s tied to periods when prices sit below the floor.

Q1 twenty-six, you know — consolidated revenue plus price-protection income a record one thirty-two nine, total revenue ninety point six up forty-nine percent, loss narrowed to eight million — Mountain Pass hit records, nine seventeen NdPr oxide, one thousand six sold, twelve-nine-eight-three REO, Materials thirty-six seven adjusted, Magnetics nine six, but the context holds: twenty-five was two twenty-four revenue, eighty-five nine loss, real cash burn, so this is improvement off a capital-heavy build-out, not steady profit yet, big grain of salt on timing, these projects are hard.

It’s not disclosed how we’ll split our Independence and future 10X magnet capacity between the Department of War offtake and merchant customers, nor how quickly the Texas magnet ramp converts into revenue, you know. The Department of War offtake and price floor de‑risk the economics, but defense is just one end market alongside EVs, wind and robotics. The balance between strategic and commercial demand – and the pace of the ramp – is still being proven, not yet reported, so big grain of salt on timing.

MP Materials' first quarter of 2026: consolidated revenue plus price‑protection income of $132.9 million, a record, with total revenue of $90.6 million, up 49% year over year. You know, the net loss narrowed to $8.0 million from $22.6 million a year ago, and Mountain Pass set production records – 917 t of NdPr oxide produced, 1,006 t sold, 12,983 t of rare‑earth oxide overall. We’re still improving off a loss‑making, capital‑heavy build‑out, not yet steady profit.

July twenty-five, you know, we made the call — zero China sales, the Shenghe offtake, related party, all of it — to align with the Department of War agreements and the domestic chain build. Full-year twenty-five revenue two twenty-four four versus two fifty-three four in twenty-three, cutoff timing, but Q1 twenty-six up forty-nine percent year over year as the ramp and allied demand took hold. Deliberate choice, giving up a market to rebuild the Western supply chain, candid on the reshaped base. Big grain of salt on the timing, you know — these projects are hard.

July twenty-five we locked in the Department of War deal — four hundred million for Series A preferred, converts to thirteen-three common, four-thirteen-six net — plus the ten-year NdPr floor, magnet offtake, samarium loan under DPA Title Three. Filing calls it unconventional, flags that pieces need future appropriations Congress still has to pass. So it's a government-backstopped commercial position, yes, but with legislative-funding risk baked in, you know, puts and takes, big grain of salt on the timing.

So you know, the open question — genuinely not disclosed — is how Independence and future 10X capacity split between Department of War offtake and merchant customers, and how fast the Texas magnet ramp converts to revenue. Defense de-risks with the price floor and offtake, but it's one market alongside EVs, wind, robotics. Magnets are contracted with anchors, yes, but the strategic-versus-commercial balance and ramp pace — still being proven, not reported. Big grain of salt on timing, you know, these projects are hard.

July twenty-five I walked from China sales — the Shenghe offtake, related party, all of it — to align with the Department of War agreements and the domestic chain build. Revenue dipped, twenty twenty-five two twenty-four four versus two fifty-three four in twenty twenty-three, cutoff timing, but Q1 twenty-six up forty-nine percent year over year as the ramp and allied demand took hold. Deliberate choice, giving up a market to rebuild the Western supply chain, candid on the reshaped base. Big grain of salt on timing, you know, these projects are hard.

July twenty-five we signed definitive agreements with the Department of War — formerly Defense — four hundred million for Series A preferred convertible into roughly thirteen point three million common, recorded at four thirteen six net, plus a ten-year NdPr price floor and magnet offtake and samarium loan under DPA Title Three, which our filing calls unconventional and warns some funding hinges on future appropriations Congress still has to pass, so it's a government-backstopped commercial position with legislative-funding risk, you know, puts and takes, big grain of salt on the timing.

Q1 twenty-six, you know, consolidated revenue plus price-protection income a record one thirty-two point nine million, total revenue ninety point six million up forty-nine percent, net loss eight million from twenty-two point six — Mountain Pass records, nine seventeen NdPr oxide, one thousand six NdPr sold, Materials thirty-six point seven adjusted, Magnetics nine point six, but full-year twenty-five two twenty-four revenue, eighty-five point nine loss, material cash burn, so we're improving off a loss-making build-out not steady profit, big grain of salt on the timing.

So you know, starting in Q4 twenty-five a new revenue line showed up — Price Protection Agreement income, forty-two point three million in Q1 twenty-six — flows from the Department of War's ten-year NdPr price floor, accounted as a mark-to-market derivative so it records a gain when the market price sits below the floor for our Mountain Pass NdPr, which is to say it's a cash-flow backstop that pays most when prices are weak, not an operating sale, genuinely new and sizeable for the quarter but by its own design tied to periods where prices sit below the floor, puts and takes, that's the math.