USA Rare Earth Inc (USAR) financial statements: income statement, balance sheet and cash flow

USA Rare Earth Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), USA Rare Earth Inc reported revenue of $1.6M and net income of ($298.5M).

Income statement

USA Rare Earth Inc income statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FY
Revenue$1.6M——
Cost of revenue$1.4M——
Gross profit$195.0K——
Selling, general and administrative$43.1M——
Research and development$15.9M——
Amortization of intangible assets$678.0K——
Total operating expenses$59.7M$4.1M$985.2K
Loss from operations($59.5M)($4.1M)($985.2K)
Interest and dividend income$5.4M——
Loss on fair market value of financial instruments, net($244.5M)——
Impairment of equity investment$0——
Interest expense and other income (loss), net($139.0K)——
Total other expense, net($239.2M)$12.0M$7.7M
Loss before taxes($298.7M)——
Benefit from taxes($160.0K)——
Net loss($298.5M)——
Net loss attributable to non-controlling interest($965.0K)——
Net loss attributable to USA Rare Earth, Inc.($297.6M)$7.9M$6.7M
Foreign currency translation adjustments$130.0K——
Comprehensive loss attributable to USA Rare Earth, Inc.($297.4M)——
Basic (in Dollars per share)-$3.31$0.25-$0.23
Diluted (in Dollars per share)-$3.31$0.25—
Basic (in shares)98.0M28.6M24.2M
Diluted (in shares)98.0M28.6M—
USA Rare Earth Inc income statement, quarters
Line itemJun 30, 2026 · Q2Mar 31, 2026 · Q1Sep 30, 2025 · Q3Jun 30, 2025 · Q2
Revenue$5.8M$5.7M——
Cost of revenue$7.4M$5.6M——
Gross loss($1.6M)$106.0K——
Selling, general and administrative$32.6M$21.2M$11.4M$6.2M
Research and development$10.8M$14.2M$4.5M$2.6M
Amortization of intangible assets$1.4M$1.4M——
Total operating expenses$44.7M$36.8M$15.9M$8.8M
Loss from operations($46.3M)($36.7M)($15.9M)($8.8M)
Interest income$370.0K$12.0M$1.3M$765.0K
Dividend income$14.6M———
Grant income$240.0K$206.0K——
(Loss) gain on fair market value of financial instruments, net$22.4M($43.6M)($142.4M)($134.7M)
Interest expense and other expense, net($3.8M)($593.0K)($17.0K)($12.0K)
Total other income (expense), net$33.8M($32.0M)($141.1M)($133.9M)
Loss before income taxes($12.5M)($68.6M)——
Benefit from income taxes($513.0K)($577.0K)——
Net loss($12.0M)($68.1M)($157.0M)($142.7M)
Net loss attributable to non-controlling interest($1.6M)($1.1M)($314.0K)($207.0K)
Net loss attributable to USA Rare Earth, Inc.($10.3M)($67.0M)($156.7M)($142.5M)
Foreign currency translation adjustments($727.0K)($330.0K)——
Comprehensive loss attributable to USA Rare Earth, Inc.($11.1M)($67.3M)——
Basic (in Dollars per share)-$0.05-$0.34-$1.64-$1.54
Diluted (in Dollars per share)-$0.05-$0.34-$1.64-$1.54
Basic (in shares)230.1M196.5M102.6M92.8M
Diluted (in shares)230.1M196.5M102.6M92.8M

Balance sheet

USA Rare Earth Inc balance sheet, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FY
Cash and cash equivalents$359.9M—$275.7K
Accounts receivable$3.8M——
Inventories$18.5M——
Deferred offering costs$0——
Prepaid expenses and other current assets$3.2M——
Total current assets$385.4M$60.5K$499.7K
Property, plant and equipment, net$86.4M——
Mineral interests$17.3M——
Goodwill$134.8M——
Other intangible assets, net$68.6M——
Equipment deposits$1.9M——
Operating lease right-of-use assets$321.0K——
Other non-current assets$176.0K——
Total assets$695.0M$24.1M$259.5M
Accounts payable$11.1M——
Accrued liabilities$14.1M—$235.0K
Contract liabilities$10.5M——
Derivative liability$0——
Notes payable$1.8M——
Finance leases, current$283.0K——
Operating leases, current$137.0K——
Other$0——
Total current liabilities$37.9M$3.9M$310.0K
Deferred grants$8.2M——
Finance leases, non-current$592.0K——
Operating leases, non-current$185.0K——
Earnout liabilities$108.7M——
Warrant liabilities$19.5M——
Deferred tax liability$16.7M——
Total liabilities$191.8M$17.1M$13.4M
12% Series A Cumulative Convertible Preferred Stock subject to possible redemption$8.9M——
Subscription receivable0——
Total mezzanine equity$8.9M$24.1M$259.0M
Common Stock$15.0K$625$625
Accumulated other comprehensive income$130.0K——
Additional paid-in-capital$879.8M——
Accumulated deficit($387.4M)($17.0M)($12.9M)
Non-controlling interest$1.7M——
Total stockholders' equity$494.3M——
Total liabilities, mezzanine equity, and stockholders' equity$695.0M$24.1M$259.5M
USA Rare Earth Inc balance sheet, quarters
Line itemJun 30, 2026Mar 31, 2026Sep 30, 2025Jun 30, 2025
Cash and cash equivalents$1.5B$1.7B$257.6M$121.8M
Accounts receivable$6.3M$5.7M——
Inventories$50.1M$28.4M——
Prepaid expenses$12.3M———
Other assets, current$73.7M———
Total current assets$1.7B$1.8B$258.9M$123.5M
Property, plant and equipment, net$146.8M$119.0M$40.6M$33.0M
Mineral interests$17.3M$17.3M$17.3M$17.1M
Goodwill$134.8M$134.8M——
Other intangible assets, net$65.9M$67.3M——
Equipment deposits$46.9M$5.4M$6.1M$5.6M
Operating lease right-of-use assets$2.2M$473.0K$355.0K$389.0K
Deferred arrangement costs$912.1M———
Other assets, non-current$255.0K$207.0K$33.0K$56.0K
Total assets$3.0B$2.1B$323.3M$179.7M
Accounts payable$17.4M$17.1M$1.8M$2.2M
Accrued liabilities$31.7M$21.4M$13.4M$5.1M
Contract liabilities, current$1.3M$10.4M——
Note payable$0$0$0$0
Finance leases, current$290.0K$286.0K——
Operating leases, current$350.0K$232.0K——
Total current liabilities$51.0M$49.3M$15.7M$8.2M
Deferred grant income$8.5M$8.4M$8.2M$8.2M
Finance leases, non-current$445.0K$519.0K——
Operating leases, non-current$2.1M$244.0K——
Earnout liability$0$145.1M$166.1M$100.0M
Warrant liability$364.2M$26.5M$177.8M$169.0M
Deferred tax liability$15.7M$16.2M——
Contract liabilities, non-current$9.6M———
Total liabilities$451.5M$246.3M$368.6M$286.4M
12% Series A Cumulative Convertible Preferred Stock subject to possible redemption$10.3M$9.6M$13.3M—
Total mezzanine equity$10.3M$9.6M$13.3M$25.2M
Common stock$24.0K$22.0K$11.0K$10.0K
Accumulated other comprehensive (loss) income($927.0K)($200.0K)——
Additional paid-in capital$3.0B$2.3B$276.6M$46.3M
Accumulated deficit($464.7M)($454.3M)($337.2M)($180.5M)
Non-controlling interest($1.1M)$574.0K$2.0M$2.3M
Total stockholders' equity$2.5B$1.9B($58.6M)($131.9M)
Total liabilities, mezzanine equity, and stockholders' equity$3.0B$2.1B$323.3M$179.7M

Cash flow statement

USA Rare Earth Inc cash flow statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FY
Net loss($298.5M)——
Equity-based compensation expense$8.8M——
Depreciation$573.0K——
Amortization of intangible assets$678.0K——
Amortization of right of use assets$335.0K——
Amortization of discount on note payable$0——
Settlement of litigation through the issuance of common shares1.7M——
Loss on fair market value of financial instruments$244.6M——
Impairment of equity investment$0——
Non-cash interest expense($192.0K)——
Other non-cash adjustments$1.4M——
Accounts receivable($599.0K)——
Inventories($3.2M)——
Prepaid and other assets($2.0M)——
Accounts payable($5.5M)——
Accrued and other liabilities$3.9M——
Deferred tax liability($161.0K)——
Contract liabilities($476.0K)——
Lease liability($662.0K)——
Notes payable$334.0K——
Net cash used in operating activities($49.0M)($1.4M)($948.0K)
IORM acquisition, net of cash received($102.2M)——
Capital expenditures and equipment deposits($37.4M)——
Other$0——
Net cash used in investing activities($139.6M)$246.9M($251.3M)
Proceeds from issuance of preferred stock and warrants$23.3M——
Payments of stock issuance costs($400.0K)($75.0K)($671.7K)
IPXX contribution of capital through merger$22.9M——
Prepayment of Forward Purchase Agreements($20.8M)——
Proceeds from termination of Forward Purchase Agreements$20.8M——
Payment of securities issuance costs($8.3M)——
Proceeds from issuance of common stock and warrants under PIPE financing, net$190.1M—$7.7M
Proceeds from exercise of warrants$303.8M——
Financed leases$357.0K——
Net cash provided by financing activities$531.7M($245.8M)$252.5M
Net change in cash and cash equivalents$343.2M($273.6K)$275.7K
Cash and cash equivalents, beginning of year$16.8M$275.7K—
Cash and cash equivalents, end of year$359.9M——
Cash paid for interest$17.0K——
Purchases of property and equipment in accounts payable and other accrued liabilities$10.3M——
Fair value of shares transfer on IORM acquisition94.6M——
Accretion of asset retirement obligations$82.0K——
Convertible preferred stock dividends$3.0M——
Finance right of use assets obtained in exchange for finance lease liabilities$1.2M——
Non-cash lease liabilities arising from obtaining right of use assets$427.0K——
USA Rare Earth Inc cash flow statement, quarters
Line itemJun 30, 2026 · YTDMar 31, 2026 · Q1Sep 30, 2025 · YTDJun 30, 2025 · YTD
Net loss($80.0M)($68.1M)($248.0M)($91.0M)
Equity-based compensation expense$11.0M$4.9M$4.3M$1.3M
Depreciation$1.6M$629.0K$243.0K$135.0K
Amortization of other intangible assets$2.7M$1.4M——
Amortization of right of use assets$293.0K$118.0K$241.0K$135.0K
Foreign currency transactions($139.0K)———
Loss on fair market value of financial instruments$21.1M$43.6M$216.8M$74.4M
Other non-cash adjustments$14.0K$56.0K$2.5M$419.0K
Accounts receivable($2.5M)($1.9M)——
Inventories($26.4M)($4.7M)——
Prepaid and other assets($18.7M)($3.0M)($1.1M)($1.0M)
Accounts payable$7.5M$5.3M($3.4M)($2.8M)
Accrued and other liabilities$8.3M$3.8M$7.9M($1.4M)
Deferred tax liability($1.1M)($536.0K)——
Contract liabilities$548.0K($123.0K)——
Lease liability$139.0K($55.0K)($480.0K)($103.0K)
Deferred grants$282.0K$214.0K——
Net cash used in operating activities($75.3M)($18.5M)($21.1M)($18.2M)
Capital expenditures and equipment deposits($108.4M)($38.6M)($13.4M)($6.3M)
Net cash used in investing activities($108.4M)($38.6M)($13.4M)($6.3M)
Proceeds from issuance of USARE LLC Preferred units$0$0$23.3M$23.3M
Payment of issuance cost$0$0($400.0K)($400.0K)
IPXX contribution of capital through merger$0$0$22.9M$22.9M
Prepayment of Forward Purchase Agreements$0$0($20.8M)($20.8M)
Proceeds from termination of Forward Purchase Agreements$0$0$20.8M$20.8M
Payment of securities issuance costs($51.0M)($51.0M)($8.3M)($8.3M)
Proceeds from issuance of common stock under PIPE financing$1.5B$1.5B$190.1M$70.2M
Payment of deferred government loan costs($27.7M)———
Proceeds from exercise of warrants$68.0K$68.0K$47.5M$22.0M
Repayment of revolving credit facility($1.8M)($1.8M)——
Payments on financed leases($140.0K)———
Net cash provided by financing activities$1.4B$1.4B$275.3M$129.6M
Effect of exchange rate differences on cash, cash equivalents and restricted cash($1.2M)($330.0K)——
Net change in cash, cash equivalents and restricted cash$1.2B$1.4B——
Cash, cash equivalents and restricted cash, beginning of year$359.9M$359.9M$16.8M$16.8M
Cash, cash equivalents and restricted cash, end of period$1.6B———

USA Rare Earth Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.