MP Materials (NYSE: MP) reported Q2 revenue of $108 million, an 89% increase year-over-year, with adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) swinging from a $12.5 million loss to a positive $28.5 million. The company also received $17.6 million in price-protection income from the Pentagon, as market prices for neodymium-praseodymium (NdPr) fell below the agreed floor. MP Materials has shifted its sales strategy, generating $95 million from NdPr oxide and metal revenue with zero revenue from concentrate sales, and its second magnet factory is on track for commissioning in 2028.