MP Materials
’ stock surged on Friday after the miner narrowed its losses in the second quarter on record production of a key rare earth oxide, raising hopes among investors that the company is moving toward profitability after a big investment by the Defense Department.
Shares of MP were more than 6% in morning trading.
MP booked an adjusted loss of $21.37 million, or 13 cents per share, down 24% compared to $28 million, or 17 cents per share, in the same period a year ago. Its sales jumped 84% to $57.4 million compared to $31.3 million in second quarter of 2024.
The miner produced a record amount of neodymium-praseodymium (NdPr) oxide in the quarter. NdPr is the main raw material in permanent magnets that are used in electric vehicle motors, robotics and electronics. MP produced 597 metric tons of NdPr in the second quarter, a 119% increase over last year.
