USA Rare Earth, Inc.
Business
USA Rare Earth, Inc. develops an integrated rare earth mine-to-magnet value chain, from extraction and processing of rare earth oxides through metal and alloy production to sintered neodymium-iron-boron permanent magnet manufacturing. The company operates the Round Top heavy rare earth deposit in Texas, the Less Common Metals metallurgical subsidiary in the U.K., and the Stillwater magnet manufacturing facility in Oklahoma, with planned expansions in France and the U.S. Its products serve aerospace, defense, semiconductors, energy, mobility, and industrial markets, addressing supply-chain vulnerabilities created by China's dominance of rare earth processing and magnet manufacturing.
Summary from 10-K filed 2026-03-30
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is USA Rare Earth, Inc.'s CIK number?
USA Rare Earth, Inc.'s SEC CIK number is 0001970622 (1970622). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find USA Rare Earth, Inc.'s SEC filings?
All of USA Rare Earth, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did USA Rare Earth, Inc. last report earnings?
USA Rare Earth, Inc. (USAR) most recently filed an earnings 8-K with the SEC on May 13, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001970622-26-000034). This is USA Rare Earth, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is USA Rare Earth, Inc.'s most recent earnings 8-K?
USA Rare Earth, Inc.'s latest earnings 8-K (Item 2.02) was filed May 13, 2026 under accession 0001970622-26-000034. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View USA Rare Earth, Inc.'s latest earnings 8-K →
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