Complete Filing Data
USA Rare Earth, Inc. reported Net Income Loss of -$297.56 million for FY2025.
All values from 10-K, 20-F, and 10-Q filings on SEC EDGAR, organized by financial statement. Scroll each table horizontally for the full history. Blank cells mean USA Rare Earth, Inc. did not report that metric for that period in XBRL — often because accounting standards changed which tag a company files under (for example, most companies moved revenue to the ASC-606 tag in 2018), so a metric may continue in a different row. Rows marked * merge those successor tags into one continuous series, preferring the audited value from the newest-standard tag where periods overlap.
Income Statement
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 |
|---|---|---|
| Net Income * | -$297.6M | -$15.7M |
| Operating Income Loss | -$59.5M | -$15.6M |
| Nonoperating Income Expense | -$239.2M | -$807.0K |
| Research And Development Expense | $15.9M | $6.3M |
| Other Nonoperating Expense | $139.0K | $315.0K |
| Net Income Loss Attributable To Noncontrolling Interest | -$965.0K | -$657.0K |
| Marketable Securities Gain Loss Excluding Other Than Temporary Impairments | -$244.5M | -$379.0K |
| General And Administrative Expense | $43.1M | $9.2M |
| Revenues | $1.6M | $0.00 |
| Cost Of Revenue | $1.4M | $0.00 |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income * | -$156.7M | -$142.5M | $51.8M | -$1.9M | -$2.6M | -$4.5M | $2.9M | $830.8K | -$6.2K |
| Operating Income Loss | -$15.9M | -$8.8M | -$8.7M | -$2.0M | -$3.0M | -$4.7M | -$420.8K | -$228.7K | -$6.2K |
| Nonoperating Income Expense | -$141.1M | -$133.9M | $60.4M | -$49.0K | $192.0K | $26.0K | $3.3M | $1.1M | |
| Research And Development Expense | $4.5M | $2.6M | $1.7M | $1.2M | $1.7M | $2.1M | |||
| Other Nonoperating Expense | $17.0K | $12.0K | $87.0K | $207.0K | $82.0K | $84.0K | |||
| Net Income Loss Attributable To Noncontrolling Interest | -$314.0K | -$207.0K | -$150.0K | -$139.0K | -$222.0K | -$200.0K | |||
| Marketable Securities Gain Loss Excluding Other Than Temporary Impairments | -$142.4M | -$134.7M | $60.3M | $135.0K | $229.0K | $1.0K | |||
| General And Administrative Expense | $11.4M | $6.2M | $7.0M | $797.0K | $1.3M | $2.6M | |||
| Revenues | |||||||||
| Cost Of Revenue |
Balance Sheet
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Stockholders Equity * | $494.3M | -$17.0M | -$12.9M |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | $359.9M | $16.8M | $13.2M |
| Retained Earnings Accumulated Deficit | -$387.4M | -$72.9M | -$12.9M |
| Liabilities Current | $37.9M | $6.9M | $310.0K |
| Liabilities And Stockholders Equity | $695.0M | $69.1M | $259.5M |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect | $343.2M | $3.6M | |
| Assets | $695.0M | $69.1M | $259.5M |
| Liabilities | $191.8M | $15.1M | $13.4M |
| Assets Current | $385.4M | $22.3M | $499.7K |
| Temporary Equity Carrying Amount Attributable To Parent | $8.9M | $19.9M | $0.00 |
| Temporary Equity Accretion To Redemption Value Adjustment | |||
| Accrued Liabilities Current | $14.1M | $3.1M | |
| Cash And Cash Equivalents At Carrying Value | $359.9M | $16.8M | |
| Prepaid Expense And Other Assets Current | $3.2M | $378.0K | |
| Other Assets Noncurrent | $176.0K | $52.0K | |
| Operating Lease Right Of Use Asset | $321.0K | $30.0K | |
| Minority Interest | $1.7M | $2.6M | |
| Deferred Grants | $8.2M | $8.2M | |
| Common Stock Value | $15.0K | $6.0K | |
| Accounts Payable Current | $11.1M | $1.8M | |
| Other Liabilities Current | $0.00 | $13.0K | |
| Operating Lease Right Of Use Asset Amortization Expense | $335.0K | $154.0K | |
| Additional Paid In Capital Common Stock | $879.8M | $104.2M | |
| Deferred Offering Costs Paid Through Promissory Note Related Party | |||
| Deferred Offering Costs Paid By Sponsor In Exchange For Issuance Of Class B Ordinary Shares | |||
| Property Plant And Equipment Net | |||
| Repayments Of Related Party Debt | |||
| Temporary Equity Shares Subscribed But Unissued Subscriptions Receivable | 0.00 | 1.3M | |
| Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests | |||
| Temporary Equity Accretion To Redemption Value | $12.0M | ||
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $427.0K | $0.00 | |
| Operating Lease Liability Current | $137.0K | $23.0K |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stockholders Equity * | -$58.6M | -$131.9M | -$52.7M | -$15.6M | -$13.7M | -$13.3M | -$12.6M | -$12.2M | $18.8K | ||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | $257.6M | $121.8M | $23.4M | $23.0M | $3.3M | $7.5M | $337.6K | $545.7K | |||
| Retained Earnings Accumulated Deficit | -$337.2M | -$180.5M | -$38.0M | -$15.6M | -$13.7M | -$13.3M | -$12.6M | -$12.2M | -$6.2K | ||
| Liabilities Current | $15.7M | $8.2M | $7.3M | $2.7M | $645.6K | $508.7K | $197.7K | $150.0K | $237.6K | ||
| Liabilities And Stockholders Equity | $323.3M | $179.7M | $77.1M | $269.4M | $265.8M | $262.6M | $256.3M | $253.4M | $256.4K | ||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect | $6.6M | -$5.7M | $545.7K | ||||||||
| Assets | $323.3M | $179.7M | $77.1M | $269.4M | $265.8M | $262.6M | $256.3M | $253.4M | $256.4K | ||
| Liabilities | $368.6M | $286.4M | $97.3M | $15.8M | $13.7M | $13.6M | $13.3M | $13.3M | |||
| Assets Current | $258.9M | $123.5M | $25.8M | $222.9K | $60.1K | $267.6K | $712.8K | $1.1M | |||
| Temporary Equity Carrying Amount Attributable To Parent | $13.3M | $25.2M | $32.4M | $269.1M | $265.7M | $262.3M | $255.6M | $252.3M | |||
| Temporary Equity Accretion To Redemption Value Adjustment | $3.4M | $3.4M | $3.3M | $3.3M | $22.6M | ||||||
| Accrued Liabilities Current | $13.4M | $5.1M | $3.8M | $570.6K | $433.7K | $235.0K | $197.7K | $150.0K | |||
| Cash And Cash Equivalents At Carrying Value | $257.6M | $121.8M | $23.4M | $141.2K | $6.6K | $119.2K | $275.7K | $337.6K | $545.7K | ||
| Prepaid Expense And Other Assets Current | $1.3M | $1.8M | $2.4M | $335.9K | |||||||
| Other Assets Noncurrent | $33.0K | $56.0K | $52.0K | ||||||||
| Operating Lease Right Of Use Asset | $355.0K | $389.0K | $425.0K | ||||||||
| Minority Interest | $2.0M | $2.3M | $2.5M | ||||||||
| Deferred Grants | $8.2M | $8.2M | $8.2M | ||||||||
| Common Stock Value | $11.0K | $10.0K | $8.0K | ||||||||
| Accounts Payable Current | $1.8M | $2.2M | $3.1M | ||||||||
| Other Liabilities Current | $0.00 | $383.0K | $13.0K | ||||||||
| Operating Lease Right Of Use Asset Amortization Expense | $32.0K | $78.0K | |||||||||
| Additional Paid In Capital Common Stock | $276.6M | $46.3M | $24.0K | ||||||||
| Deferred Offering Costs Paid Through Promissory Note Related Party | $179.2K | $71.0K | |||||||||
| Deferred Offering Costs Paid By Sponsor In Exchange For Issuance Of Class B Ordinary Shares | 11.0K | 11.0K | |||||||||
| Property Plant And Equipment Net | $30.1M | $26.5M | $26.5M | ||||||||
| Repayments Of Related Party Debt | $179.7K | ||||||||||
| Temporary Equity Shares Subscribed But Unissued Subscriptions Receivable | 0.00 | 0.00 | |||||||||
| Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests | $32.4M | $19.9M | |||||||||
| Temporary Equity Accretion To Redemption Value | $247.9M | ||||||||||
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $427.0K | ||||||||||
| Operating Lease Liability Current | $129.0K |
Cash Flow Statement
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 |
|---|---|---|
| Net Cash Provided By Used In Operating Activities | -$49.0M | -$13.0M |
| Net Cash Provided By Used In Financing Activities | $531.7M | $19.8M |
| Net Cash Provided By Used In Investing Activities | -$139.6M | -$3.3M |
| Payments Of Stock Issuance Costs | $75.0K | |
| Proceeds From Issuance Of Private Placement | $190.1M | $0.00 |
| Increase Decrease In Prepaid Deferred Expense And Other Assets | $2.0M | -$69.0K |
| Share Based Compensation | $8.8M | $1.7M |
| Increase Decrease In Operating Lease Liability | -$662.0K | -$145.0K |
| Increase Decrease In Accrued Liabilities | ||
| Increase Decrease In Accounts Payable | -$5.5M | $1.1M |
| Increase Decrease In Other Accounts Payable And Accrued Liabilities | $3.9M | -$874.0K |
| Increase Decrease In Prepaid Expense | ||
| Proceeds From Contributions From Parent | $22.9M | $0.00 |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q2 2025 | Q1 2025 | Q1 2024 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|
| Net Cash Provided By Used In Operating Activities | -$10.3M | -$4.2M | -$602.9K | ||
| Net Cash Provided By Used In Financing Activities | $20.0M | -$405.0K | $252.4M | ||
| Net Cash Provided By Used In Investing Activities | -$3.1M | -$1.0M | -$251.3M | ||
| Payments Of Stock Issuance Costs | $400.0K | $671.7K | |||
| Proceeds From Issuance Of Private Placement | $75.0M | $7.7M | |||
| Increase Decrease In Prepaid Deferred Expense And Other Assets | $1.4M | $262.0K | |||
| Share Based Compensation | $1.3M | $349.0K | |||
| Increase Decrease In Operating Lease Liability | -$31.0K | -$61.0K | |||
| Increase Decrease In Accrued Liabilities | $198.7K | $150.0K | |||
| Increase Decrease In Accounts Payable | -$1.6M | $800.0K | |||
| Increase Decrease In Other Accounts Payable And Accrued Liabilities | -$152.0K | -$662.0K | |||
| Increase Decrease In Prepaid Expense | $54.7K | $57.7K | -$358.00 | ||
| Proceeds From Contributions From Parent | $22.9M |
Per-Share & Share Counts
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Earnings Per Share Basic | $-3.31 | $-0.40 | |
| Weighted Average Number Of Diluted Shares Outstanding | 98.0M | 59.5M | |
| Earnings Per Share Diluted | $-3.31 | $-0.40 | |
| Preferred Stock Shares Authorized | 5.0M | 5.0M | |
| Preferred Stock Par Or Stated Value Per Share | $0.00 | $0.00 | |
| Weighted Average Number Of Shares Outstanding Basic | 98.0M | 59.5M |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share Basic | $-1.64 | $-1.54 | $0.75 | $-0.03 | $-0.04 | $-0.11 | $0.00 | ||
| Weighted Average Number Of Diluted Shares Outstanding | 102.6M | 92.8M | 83.1M | 59.5M | 59.4M | 59.4M | 5.5M | ||
| Earnings Per Share Diluted | $-1.64 | $-1.54 | $0.58 | $-0.03 | $-0.04 | $-0.11 | $0.00 | ||
| Preferred Stock Shares Authorized | 5.0M | 5.0M | 5.0M | 5.0M | 5.0M | 5.0M | |||
| Preferred Stock Par Or Stated Value Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||
| Weighted Average Number Of Shares Outstanding Basic | 102.6M | 92.8M | 59.5M | 59.4M | 5.5M |
Other Metrics
Annual (10-K / 20-F)
| Metric \ Fiscal Year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating Costs And Expenses | $59.7M | $15.6M | |
| Investment Income Interest | $5.4M | $292.0K | |
| Investment Income Dividend | $12.0M | ||
| Interest Income Deposits With Financial Institutions | |||
| Accretion Of Class A Ordinary Shares To Redemption Value | 12.0M | ||
| Mineral Interests At Cost | $17.3M | $17.1M | |
| Equipment Deposits | $1.9M | $3.1M | |
| Depreciation | $573.0K | $235.0K | |
| Adjustments To Additional Paid In Capital Warrant Issued | |||
| Adjustments To Additional Paid In Capital Stock Issued Issuance Costs | |||
| Stock Issued During Period Value New Issues | |||
| Prepaid Services Contributed By Sponsor In Exchange For Issuance Of Class B Ordinary Shares | |||
| Prepaid Insurance | $43.4K | $205.6K | |
| Other Prepaid Expense Current | $15.0K | $18.4K | |
| Increase Decreases In Prepaid Insurance | |||
| Other Noncash Expense | |||
| Forfeiture Of Founder Shares | |||
| Warrants And Rights Outstanding | $19.5M | $0.00 | |
| Prepayment Of Forward Purchase Agreements | $20.8M | $0.00 |
Quarterly (10-Q, single quarters)
| Metric \ Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Costs And Expenses | $15.9M | $8.8M | $8.7M | $2.0M | $3.0M | $4.7M | $420.8K | $228.7K | $6.2K |
| Investment Income Interest | $1.3M | $765.0K | $187.0K | $23.0K | $45.0K | $109.0K | $3.3M | ||
| Investment Income Dividend | $3.4M | $3.4M | $3.3M | $3.3M | $1.1M | ||||
| Interest Income Deposits With Financial Institutions | $440.00 | $1.1K | $3.0K | $7.7K | |||||
| Accretion Of Class A Ordinary Shares To Redemption Value | 3.3M | 22.6M | |||||||
| Mineral Interests At Cost | $17.3M | $17.1M | $17.1M | ||||||
| Equipment Deposits | $6.1M | $5.6M | $3.6M | ||||||
| Depreciation | $33.0K | $90.0K | |||||||
| Adjustments To Additional Paid In Capital Warrant Issued | $614.0K | $7.7M | |||||||
| Adjustments To Additional Paid In Capital Stock Issued Issuance Costs | $4.2M | $18.2M | |||||||
| Stock Issued During Period Value New Issues | $5.4M | $25.0K | |||||||
| Prepaid Services Contributed By Sponsor In Exchange For Issuance Of Class B Ordinary Shares | 8.6K | 8.6K | |||||||
| Prepaid Insurance | $43.4K | $75.3K | |||||||
| Other Prepaid Expense Current | $38.3K | $73.1K | |||||||
| Increase Decreases In Prepaid Insurance | $466.2K | ||||||||
| Other Noncash Expense | $73.0K | $44.0K | |||||||
| Forfeiture Of Founder Shares | 8.00 | ||||||||
| Warrants And Rights Outstanding | $177.8M | $169.0M | $34.5M | ||||||
| Prepayment Of Forward Purchase Agreements | $20.8M |
Most recent annual filing with the SEC: March 30, 2026
Data sourced from SEC EDGAR public filings as of August 8, 2026.