MP Materials shares climbed Friday after the rare earth materials company reported second-quarter revenue of $108.49 million, beating the $99.18 million consensus by 9.4% and rising from $57.39 million a year earlier. An adjusted loss of one cent per share missed breakeven expectations but improved from a 13 cent per share loss, while combined revenue and PPA Income totaled $126.1 million. The Materials Segment generated $95.6 million in revenue and $32.5 million in adjusted EBITDA, and the Magnetics Segment posted $16.5 million in revenue and $7.5 million in adjusted EBITDA. MP Materials ended the quarter with $1.45 billion in cash, cash equivalents and short-term investments, as NdPr oxide output rose 41% to 840 metric tons and NdPr sales volumes jumped 127% to 1,006 metric tons. Separate from earnings, the company signed a long-term offtake agreement (purchase contract) for separated gadolinium with a previously unannounced American aerospace and defense customer and launched Project Swarm to aggregate drone demand and standardize specifications, with subscription agreements already executed with multiple leading customers across the United States and allied nations. CEO James Litinsky also pointed to progress at the Independence facility and the 10X facility.