USAR

MKT CAP:$2B

USA Rare Earth Inc

Market Cap

$2B

Basic Materials·Industrial Materials·🇺🇸 United States·NASDAQ

Materials·Industrial·🇺🇸·NASDAQ

Stock Price

$23.09+$8.94 (+63.18%)

Apr 23, 2026

Company Details

USA Rare Earth, Inc. operates as a magnet manufacturing company. The Company develops a NdFeB magnet manufacturing, minerals supply, extraction, and processing plant. USA Rare Earth serves defense, automotive, aviation, industrial, medical,...

CEO

Barbara W. Humpton

IPO Date

Mar 14, 2025

Website

www.usare.com

Key Metrics TTM

Revenue

$623M

— YoY

Net Income

-$298M

EPS (Diluted)

-$2.93

Free Cash Flow

$90M

Revenue / Share

$4.21

Gross Margin

81.2%

Operating Margin

22.0%

Net Margin

-47.8%

FCF Margin

14.5%

P/S

3.4x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 30, 2026

$2MEPS -$3.31

Q4 2025

Mar 30, 2026

$2MEPS -$0.37

Q3 2025

Nov 6, 2025

$312MEPS -$1.64

Q2 2025

Aug 11, 2025

$0EPS -$1.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 23	$0	-$421.0K	-$421.0K
Q4 23	$0	$0	-$330.0K
Q1 24	$0	-$434.0K	-$434.0K
Q2 24	$0	-$98.0K	-$3M
Q4 24	$0	$249M	-$1M
Q1 25	$309M	$252M	-$9M
Q2 25	$0	-$272.0K	-$9M
Q3 25	$312M	$255M	$180M
Q4 25	$2M	-$778.0K	-$26M

Valuation

Quarter	P/S	P/E
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	22.3x
Q4 24	—	29.7x
Q1 25	1.6x	8.6x
Q2 25	3.0x	—
Q3 25	2.6x	—
Q4 25	1.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 23	-$208.2K	-$208.2K
Q4 23	-$136.9K	-$136.9K
Q1 24	-$156.5K	-$156.5K
Q2 24	-$112.6K	-$112.6K
Q4 24	-$639.1K	-$639.1K
Q1 25	-$10M	-$12M
Q2 25	-$8M	-$12M
Q3 25	$213M	$167M
Q4 25	-$28M	-$52M

Capital Expenditures

Quarter	CapEx
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q4 24	$0
Q1 25	$2M
Q2 25	$4M
Q3 25	$46M
Q4 25	$24M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 24	—	+227.6%
Q1 25	—	+96113.3%
Q2 25	—	+1928.6%
Q3 25	—	+4283.8%
Q4 25	—	+1912.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 23	$0	—
Q4 23	$0	—
Q1 24	$0	—
Q2 24	$0	—
Q4 24	$0	—
Q1 25	$1M	0.4%
Q2 25	$0	—
Q3 25	$3M	1.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q3 23	—	—	$420.8K
Q4 23	—	—	$329.5K
Q1 24	—	—	$433.7K
Q2 24	$2M	$21M	—
Q4 24	—	$21M	—
Q1 25	$2M	$23M	—
Q2 25	$3M	$22M	—
Q3 25	$4M	$21M	—
Q4 25	$7M	—	$18M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$0	$0	$0
Q2 23	$545.7K	$0	$545.7K
Q3 23	$337.6K	$0	$337.6K
Q4 23	$275.7K	$0	$275.7K
Q1 24	$119.2K	$0	$119.2K
Q2 24	$6.6K	$0	$6.6K
Q3 24	$141.2K	$0	$141.2K
Q4 24	$2.1K	$0	$2.1K
Q1 25	$23M	$0	$23M
Q2 25	$122M	$0	$122M
Q3 25	$258M	$0	$258M
Q4 25	$360M	$0	$360M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 23	31M	—	—
Q4 23	31M	0.0%	—
Q1 24	31M	0.0%	—
Q2 24	31M	0.0%	—
Q4 24	22M	-28.6%	-28.6%
Q1 25	83M	+272.2%	+165.9%
Q2 25	93M	+11.7%	+196.9%
Q3 25	103M	+10.6%	+228.3%
Q4 25	148M	+44.3%	+563.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 23	—	—
Q4 23	$0	2
Q1 24	$0	2
Q2 24	$0	2
Q4 24	$0	29
Q1 25	$11M	29
Q2 25	$0	29
Q3 25	$11M	29
Q4 25	$12.4K	132

Revenue / Employee