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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- International
- United States
| Region | FY2025 |
|---|---|
| International | $1.5M |
| United States | $99.0K |
As the company reported it, from the “Concentrations - Schedule of Revenue from External Customers by Geographic Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | — | $0 | $1.6M |
| Gross profit | — | $0 | $195.0K |
| Net income | — | -$15.7M | -$297.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Acquisition or disposal completed Item 2.01
- Unregistered share sale Item 3.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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