MP Materials Corp.

Hello and welcome to the MP Materials Q2 2026 earnings call. We ask that you please hold all questions until the completion of the formal remarks, at which time you'll be given instructions for the question and answer session. Also as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time. With that, I would like to turn the call over to Martin Sheehan, Head of Investor Relations. Mr. Sheehan, you may begin.

Thank you, operator, and good afternoon, everyone. Welcome to the MP Materials second quarter 2026 earnings conference call. With me today from MP Materials are Jim Litinsky, founder, chairman, and chief executive officer, Michael Rosenthal, founder and chief operating officer, and Ryan Corbett, chief financial officer. As a reminder, today's discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation, earnings release, and in our SEC filings. In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in today's earnings release and the appendix to today's slide presentation. Any reference in our discussion today to EBITDA means adjusted EBITDA and tons means metric tons. Finally, the earnings release and slide presentation are available on our website. With that, I'll turn the call over to Jim.

Thank you, Martin, and thank you all for joining us today. This was another strong quarter of execution as we continued scaling both our materials and magnetics businesses. We expanded production, broadened our product portfolio, advanced commercial magnet manufacturing, and continued building the next phase of our operating platform. Starting with the materials segment, we produced 840 metric tons of NDPR, up 41% year over year, and consistent with our expectations. Despite an extended planned plant shutdown in April, we met our production objectives while continuing to improve throughput as we ramp production at scale. We expect significant volume growth next quarter as we continue progressing toward our targeted year-end NDPR production run rate. Michael will discuss our operational progress in greater detail shortly. Customer demand continues to outpace our production growth. NDPR sales exceeded 1,000 metric tons for the second consecutive quarter, up 127% year over year. As we scale NDPR production, our engineering and operations teams are also advancing three major initiatives, commissioning the heavy rare earth separation circuit, restarting our onsite chloralkali facility, and breaking ground on our new recycling facility. Michael will discuss these initiatives in greater detail, but I want to highlight that we are actively commissioning our DYTB circuit and remain on track to begin shipping product from Mountain Pass to Independence later this year. In July, we entered into a long-term agreement to supply gadolinium oxide to a leading U.S. aerospace and defense manufacturer, This is expected to be a sizable, nine-figure deal in total over multiple years that expands our heavy rare earth product portfolio at attractive returns. Our heavy rare earth strategy is deliberately disciplined. We expand our product portfolio where customer demand and attractive returns justify investment, building the materials segment one product at a time. We believe this approach can continue to expand both our product portfolio and the segment's long-term earnings power. Our operating progress also translated into strong financial performance. The materials segment generated $113.2 million of revenue plus PPA income and $32.5 million of adjusted EBITDA, a $45 million year-over-year improvement. Turning to magnetics, startup and customer qualification activities at Independence continued to advance. During the quarter, we delivered magnets to GM for in-vehicle qualification testing, and we continue to expect to begin commercial shipments in the fourth quarter, followed by a steady production ramp. Precursor production generated adjusted EBITDA margins exceeding 40%, highlighting the earnings potential of the magnetic segment as we continue scaling the business. Ryan will discuss how the economics of the segment evolve as we ramp commercial magnet production over the coming quarters. At the same time, construction of our 10X facility continues to accelerate. Foundation work is underway, long lead production equipment has been ordered, and we are prepared to begin vertical construction shortly. As we ramp independence, we are already building the next phase of America's domestic magnet manufacturing platform. Demand for secure, large-scale magnet manufacturing continues to grow. Structural supply constraints remain and we continue to see strong interest from customers across automotive, industrial, aerospace, defense, and emerging physical AI applications. With independence substantially committed and the Department of War supporting the development of 10X, we are able to be disciplined in selecting long-term partners and structuring commercial agreements that reflect the strategic value of domestic magnet manufacturing. We expect to have additional customer announcements over time. One area of particularly strong interest is autonomous systems. Over the past several months, we have worked with US and allied drone manufacturers to launch Project Swarm, an industrial coordination initiative designed to aggregate and standardize future magnet demand. We have already signed subscription agreements with a number of participants. Project Swarm allows them to secure future manufacturing capacity today while preserving the flexibility to continue innovating. Project Swarm reflects our belief that industrial leadership requires more than manufacturing capacity. It also requires helping coordinate the ecosystem around it. By reducing supply chain uncertainty, we can help innovative companies focus on building the next generation of autonomous systems while strengthening America's industrial base and building long-term shareholder value. With that, let me turn the call over to Ryan. Ryan?