USA Rare Earth, Inc.

Listed Company

USARCIK 0001970622NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthMetal MiningE9FY ends Dec 31

Period

FY 2025

Revenue

$1.64M

Net Income

$-297.56M

Total Assets

$695.00M

Equity

$494.29M

Shares Out

148.06M

Op. Cash Flow

$-48.98M

Business

USA Rare Earth, Inc. develops a domestic rare earth magnet supply chain focused on producing sintered neodymium-iron-boron (neo) magnets and establishing upstream rare earth and critical mineral capabilities. It offers high-performance sintered neo magnets, in-house alloy and prototyping services, and research into rare earth extraction and separation technologies. The company operates distinct assets and divisions including the Stillwater magnet manufacturing facility, a Colorado research and processing lab, and the Round Top mineral project for feedstock development. It serves domestic and global markets across defense, automotive, energy, industrial, medical and consumer electronics sectors through supplier feedstock relationships, prototype and commercial sales, and potential long-term offtake agreements.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Revenue	2	0
Cost of revenue	1	0
Gross profit	195,000	0
Selling, general and administrative	43	9
Research and development	16	6
Amortization of intangible assets	678,000	0
Total operating expenses	60	16
Loss from operations	−60	−16
Interest and dividend income	5	292,000
Loss on fair market value of financial instruments, net	−244	−379,000
Impairment of equity investment	0	−405,000
Interest expense and other income (loss), net	−139,000	−315,000
Total other expense, net	−239	−807,000
Loss before taxes	−299	−16
Benefit from taxes	−160,000	0
Net loss	−299	−16
Net loss attributable to non-controlling interest	−965,000	−657,000
Net loss attributable to USA Rare Earth, Inc.	−298	−16
Foreign currency translation adjustments	130,000	0
Comprehensive loss attributable to USA Rare Earth, Inc.	−297	−16
Basic (in Dollars per share)	−3.31	−0.4
Diluted (in Dollars per share)	−3.31	−0.4
Basic (in shares)	98	60
Diluted (in shares)	98	60

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Cash and cash equivalents	360	17	275,665
Accounts receivable	4	0	—
Inventories	19	0	—
Deferred offering costs	0	5	—
Prepaid expenses and other current assets	3	378,000	—
Total current assets	385	22	499,659
Property, plant and equipment, net	86	27	—
Mineral interests	17	17	—
Goodwill	135	0	0
Other intangible assets, net	69	0	—
Equipment deposits	2	3	—
Operating lease right-of-use assets	321,000	30,000	—
Other non-current assets	176,000	52,000	—
Total assets	695	69	259
Accounts payable	11	2	—
Accrued liabilities	14	3	234,985
Contract liabilities	11	0	—
Derivative liability	0	1	—
Notes payable	2	831,000	—
Finance leases, current	283,000	0	—
Operating leases, current	137,000	23,000	—
Other	0	13,000	—
Total current liabilities	38	7	309,985
Deferred grants	8	8	—
Finance leases, non-current	592,000	0	—
Operating leases, non-current	185,000	0	—
Earnout liabilities	109	0	—
Warrant liabilities	20	0	—
Deferred tax liability	17	0	—
Total liabilities	192	15	13
Commitments and contingencies (Note 6)	—	—	—
12% Series A Cumulative Convertible Preferred Stock subject to possible redemption	9	21	—
Subscription receivable	0	−1	—
Total mezzanine equity	9	20	0
Common Stock	15,000	6,000	—
Accumulated other comprehensive income	130,000	0	—
Additional paid-in-capital	880	104	—
Accumulated deficit	−387	−73	−13
Non-controlling interest	2	3	—
Total stockholders' equity	494	34	42
Total liabilities, mezzanine equity, and stockholders' equity	695	69	259

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Equity-based compensation expense	9	2
Depreciation	573,000	235,000
Amortization of right of use assets	335,000	154,000
Amortization of discount on note payable	0	211,000
Settlement of litigation through the issuance of common shares	2	0
Loss on fair market value of financial instruments	245	379,000
Non-cash interest expense	−192,000	100,000
Other non-cash adjustments	1	39,000
Accounts receivable	−599,000	0
Inventories	−3	0
Prepaid and other assets	−2	69,000
Accounts payable	−5	1
Accrued and other liabilities	4	−874,000
Deferred tax liability	−161,000	0
Contract liabilities	−476,000	0
Lease liability	−662,000	−145,000
Notes payable	334,000	0
Net cash used in operating activities	−49	−13
IORM acquisition, net of cash received	−102	0
Capital expenditures and equipment deposits	−37	−3
Other	0	−178,000
Net cash used in investing activities	−140	−3
IPXX contribution of capital through merger	23	0
Prepayment of Forward Purchase Agreements	−21	0
Proceeds from termination of Forward Purchase Agreements	21	0
Payment of securities issuance costs	−8	−5
Proceeds from issuance of common stock and warrants under PIPE financing, net	190	0
Proceeds from exercise of warrants	304	0
Financed leases	357,000	0
Net cash provided by financing activities	532	20
Net change in cash and cash equivalents	343	4
Cash paid for interest	17,000	0
Purchases of property and equipment in accounts payable and other accrued liabilities	10	0
Fair value of shares transfer on IORM acquisition	95	0
Accretion of asset retirement obligations	82,000	0
Finance right of use assets obtained in exchange for finance lease liabilities	1	0
Non-cash lease liabilities arising from obtaining right of use assets	427,000	0

Filings

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