USA Rare Earth, Inc. USAR
USA Rare Earth, Inc.'s mission is to be a global leader in the supply of critical minerals and advanced materials and the partner of choice in producing rare earth elements, oxides, metals and magnets. Rare earth elements and critical minerals are vital inputs to end markets including national security, technological innovation, and the increasing number of advanced manufacturers who seek a reliable source of rare earth materials and magnets.
We intend to deploy capital in effective and efficient ways to develop our assets and to deliver innovative, high-quality products to our partners and customers. We are building an integrated rare earth mine to magnet value chain that we project will be resilient through economic cycles, and well-positioned to meet today's market dynamics and national security priorities. As we advance this strategy, we plan to deliver high‑margin organic growth driven by disciplined execution as we develop world‑class assets and capabilities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $1.6M | $0 | — |
| Cost of revenue | $1.4M | $0 | — |
| Gross profit | $195.0K | $0 | — |
| R&D | $15.9M | $6.3M | — |
| SG&A | $43.1M | $9.2M | — |
| Operating income | -$59.5M | -$15.6M | — |
| Pre-tax income | -$298.7M | -$16.4M | — |
| Income tax | $160.0K | $0 | — |
| Net income | -$297.6M | -$15.7M | — |
| EPS, basic | -3.31 | -0.40 | — |
| EPS, diluted | -3.31 | -0.40 | — |
| Shares, diluted (wtd. avg.) | $98.0M | $59.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $359.9M | $16.8M | $13.2M |
| Inventory | $18.5M | $0 | — |
| Total current assets | $385.4M | $22.3M | $499.7K |
| Property, plant and equipment | $85.4M | $26.5M | — |
| Goodwill | $134.8M | $0 | $0 |
| Other intangibles | $68.6M | — | — |
| Total assets | $695.0M | $69.1M | $259.5M |
| Accounts payable | $11.1M | $1.8M | $235.0K |
| Total current liabilities | $37.9M | $6.9M | $310.0K |
| Total liabilities | $191.8M | $15.1M | $13.4M |
| Retained earnings | -$387.4M | -$72.9M | -$12.9M |
| Total equity | $494.3M | $34.0M | $42.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$49.0M | -$13.0M | — |
| Depreciation and amortisation | $763.0K | $235.0K | — |
| Stock-based compensation | $8.8M | $1.7M | — |
| Capital expenditure | $37.4M | $3.1M | — |
| Investing cash flow | -$139.6M | -$3.3M | — |
| Financing cash flow | $531.7M | $19.8M | — |
| Buybacks | — | $246.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001970622-26-000021.
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