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 prod

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