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    USAR

    USA Rare Earth, Inc.

    Company overview

    Market capitalization
    $1.91B
    Employees
    132
    Latest publication
    2026-09-29
    About USA Rare Earth, Inc.

    USA Rare Earth, Inc. engages in mining, processing, and supplying rare earths and other critical minerals in the United States, Europe, and Asia. It primarily explores neodymium, dysprosium, terbium, yttrium, gallium, hafnium, praseodymium, samarium, and other critical minerals. The company holds interests in the Round Top Mountain located near Sierra Blanca, Texas. It products are used in aerospace, defense, semiconductors, data centers, physical AI, energy, mobility, healthcare, and numerous industrial sectors. USA Rare Earth, Inc. was founded in 2019 and is based in Stillwater, Oklahoma.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Total Revenue5,698,000USD1,643,000USD312,489,000USD0USD308,797,000USD5,395,000USD0USD0USD
    Cost Of Revenue7,696,000USD2,421,000USD276,000USD272,000USD65,000USD55,925,000USD91,000USD98,000USD
    Gross Profit-1,998,000USD-778,000USD-276,000USD-272,000USD-65,000USD249,220,000USD-91,000USD-98,000USD
    Research Development14,249,000USD7,168,000USD4,451,000USD2,577,000USD1,689,000USD1,403,000USD1,162,000USD1,725,000USD
    Selling General Administrative21,175,000USD18,469,000USD21,316,000USD22,125,000USD23,024,000USD20,774,000USD22,872,000USD21,219,000USD
    Total Operating Expenses34,677,000USD25,342,000USD15,585,000USD8,532,000USD8,653,000USD5,885,000USD1,868,000USD2,913,000USD
    Operating Income-36,675,000USD-26,120,000USD-15,861,000USD-8,804,000USD-8,718,000USD-10,181,000USD-1,959,000USD-3,011,000USD
    Interest Income11,970,000USD3,184,000USD1,310,000USD765,000USD187,000USD——45,000USD
    Interest Expense593,000USD23,000USD17,000USD12,000USD87,000USD—220,000USD82,000USD
    Net Interest Income11,377,000USD3,161,000USD1,293,000USD753,000USD100,000USD374,755USD-220,000USD-174,000USD
    Income Before Tax-68,645,000USD-50,659,000USD-156,994,000USD-142,506,000USD51,682,000USD155,792,000USD-2,008,000USD-2,819,000USD
    Income Tax Expense-577,000USD-160,000USD45,688,000USD43,985,000USD36,096,000USD44,603,000USD—28,436,000USD
    Tax Provision-577,000USD———0USD———
    Net Income-66,989,000USD-50,205,000USD-156,680,000USD-142,506,000USD51,832,000USD425,035USD-1,869,000USD3,045,000USD
    Net Income From Continuing Ops-68,068,000USD-50,499,000USD-156,994,000USD-142,713,000USD51,682,000USD17,398,035USD-2,008,000USD-2,819,000USD
    Ebit-36,675,000USD-26,120,000USD-15,861,000USD-8,804,000USD-8,718,000USD-10,181,000USD-1,959,000USD-3,011,000USD
    Ebitda-34,571,000USD-25,147,000USD-15,585,000USD-8,532,000USD-8,653,000USD-10,414,730USD-1,868,000USD-2,913,000USD
    Depreciation And Amortization2,104,000USD973,000USD276,000USD272,000USD65,000USD-233,730USD91,000USD98,000USD
    Reconciled Depreciation2,104,000USD1,102,000USD214,000USD205,000USD65,000USD—91,000USD98,000USD
    Total Other Income Expense Net-31,970,000USD-24,539,000USD-141,133,000USD-133,702,000USD60,400,000USD1,804,730USD-49,000USD192,000USD
    Minority Interest1,079,000USD294,000USD314,000USD207,000USD150,000USD—139,000USD222,000USD
    Unclassified Operating Expenses——-10,182,000USD-16,170,000USD-16,060,000USD-16,292,000USD-22,166,000USD-20,031,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Total Revenue1,643,000USD1,176,865,000USD0USD0USD
    Cost Of Revenue3,034,000USD217,976,000USD308,000USD210,000USD
    Gross Profit-1,391,000USD958,889,000USD-308,000USD-210,000USD
    Research Development15,885,000USD6,341,000USD1,638,000USD271,000USD
    Selling General Administrative43,135,000USD86,086,000USD21,085,000USD19,776,000USD
    Total Operating Expenses58,112,000USD15,196,000USD1,182,000USD24,262,000USD
    Operating Income-59,503,000USD-15,585,000USD-1,182,000USD-24,262,000USD
    Interest Income5,446,000USD5,755USD——
    Interest Expense139,000USD315,000USD——
    Net Interest Income5,307,000USD5,755USD——
    Income Before Tax-298,684,000USD-16,392,000USD6,748,000USD-25,539,000USD
    Income Tax Expense-160,000USD147,729,000USD——
    Tax Provision-160,000USD0USD——
    Net Income-297,559,000USD-15,735,000USD6,748,000USD-23,844,000USD
    Net Income From Continuing Ops-298,524,000USD7,899,035USD-8,538,000USD-25,539,000USD
    Ebit-59,503,000USD-15,585,000USD6,748,000USD-24,262,000USD
    Ebitda-57,917,000USD-15,196,000USD7,930,000USD-23,591,000USD
    Depreciation And Amortization1,586,000USD389,000USD1,182,000USD671,000USD
    Reconciled Depreciation1,586,000USD389,000USD718,000USD671,000USD
    Total Other Income Expense Net-239,181,000USD-807,000USD7,930,000USD-1,277,000USD
    Minority Interest965,000USD657,000USD1,123,000USD1,695,000USD
    Unclassified Operating Expenses—-77,231,000USD-21,541,000USD4,215,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Total Assets2,134,839,000USD694,999,000USD323,325,000USD179,701,000USD77,075,000USD71,256,000USD269,361,594USD265,770,860USD
    Intangible Assets67,255,000USD68,612,000USD1,091,755,000USD1,109,423,000USD1,127,091,000USD1,144,759,000USD1,162,427,000USD1,180,095,000USD
    Other Current Assets6,621,000USD3,151,000USD1,268,000USD1,754,000USD2,428,000USD-115,953,605USD-98,491,253USD53,478USD
    Total Liab247,466,000USD200,713,000USD381,907,000USD311,635,000USD129,731,000USD17,091,719USD15,826,173USD13,745,564USD
    Total Stockholder Equity1,878,959,000USD492,633,000USD-60,554,000USD-134,220,000USD-55,149,000USD24,135,931USD253,535,421USD252,025,296USD
    Other Current Liab21,128,000USD14,073,000USD13,424,000USD5,517,000USD3,844,000USD-9,565,556USD81,802,000USD75,000USD
    Common Stock22,000USD15,000USD11,000USD10,000USD8,000USD24,076,060USD269,139,271USD265,711,420USD
    Capital Stock22,000USD15,000USD11,000USD10,000USD8,000USD24,076,060USD11,645,000USD96,997,000USD
    Retained Earnings-454,349,000USD-387,360,000USD-337,180,000USD-180,500,000USD-37,994,000USD-17,031,848USD-15,603,850USD-13,686,124USD
    Good Will134,848,000USD134,848,000USD———0USD——
    Cash1,749,644,000USD359,925,000USD257,609,000USD121,791,000USD23,351,000USD2,101USD141,201USD6,587USD
    Cash And Short Term Investments1,749,644,000USD359,925,000USD257,609,000USD121,791,000USD23,351,000USD2,101USD141,201USD6,587USD
    Total Current Assets1,790,386,000USD385,375,000USD258,877,000USD123,545,000USD25,779,000USD60,496USD222,948USD60,065USD
    Total Current Liabilities49,339,000USD37,911,000USD15,679,000USD8,176,000USD7,333,000USD3,942,444USD2,726,173USD645,564USD
    Current Deferred Revenue10,377,000USD10,500,000USD——————
    Net Debt-1,738,273,000USD-356,879,000USD-256,299,000USD-120,380,000USD-21,881,000USD1,197,899USD558,799USD-6,587USD
    Short Term Debt750,000USD2,269,000USD426,000USD421,000USD376,000USD1,200,000USD700,000USD79,000USD
    Short Long Term Debt Total11,371,000USD3,046,000USD1,310,000USD1,411,000USD1,470,000USD1,200,000USD700,000USD3,186,577,000USD
    Net Receivables5,691,000USD3,764,000USD109,370,000USD112,397,000USD124,882,000USD116,012,000USD98,573,000USD102,635,000USD
    Inventory28,430,000USD18,535,000USD———0USD——
    Accounts Payable17,084,000USD11,069,000USD1,829,000USD2,238,000USD3,113,000USD12,308,000USD2,026,173USD570,564USD
    Property Plant Equipment Net119,440,000USD105,988,000USD64,415,000USD56,100,000USD51,244,000USD3,881,621,000USD3,892,154,000USD3,868,885,000USD
    Property Plant Equipment Gross144,555,000USD107,818,000USD66,034,000USD57,574,000USD52,514,000USD46,744,000USD46,501,000USD45,311,000USD
    Accumulated Other Comprehensive Income-200,000USD130,000USD———0USD0USD0USD
    Common Stock Shares Outstanding196,479,000shares148,055,000shares102,589,000shares92,769,000shares83,079,000shares22,322,000shares31,250,000shares31,250,000shares
    Non Current Assets Total344,453,000USD309,624,000USD64,448,000USD56,156,000USD51,296,000USD24,075,435USD269,138,646USD265,710,795USD
    Non Current Liabilities Total198,127,000USD162,802,000USD366,228,000USD303,459,000USD122,398,000USD13,149,275USD13,100,000USD13,100,000USD
    Non Current Liabilities Other145,080,000USD108,671,000USD166,087,000USD100,007,000USD46,232,000USD——93,000USD
    Non Currrent Assets Other22,910,000USD176,000USD33,000USD56,000USD52,000USD-1,144,759,000USD-1,162,427,000USD9,542,000USD
    Net Working Capital1,741,047,000USD347,464,000USD243,198,000USD115,369,000USD18,446,000USD-3,881,948USD18,405,000USD628,000USD
    Unclassified Non Current Liabilities53,047,000USD54,131,000USD200,141,000USD203,452,000USD76,166,000USD13,149,275USD13,100,000USD12,293,000USD
    Unclassified Equity2,333,464,000USD879,833,000USD276,604,000USD46,260,000USD-17,171,000USD-6,984,341USD-11,645,000USD-96,997,000USD
    Short Long Term Debt—1,849,000USD———1,200,000USD770,000USD—
    Unclassified Current Liabilities—-1,849,000USD———-10,765,556USD-82,572,000USD—
    Unclassified Current Assets——-109,370,000USD-112,397,000USD-124,882,000USD-115,953,605USD-98,491,253USD-102,635,000USD
    Unclassified Non Current Assets——-1,091,755,000USD-1,109,423,000USD-1,127,091,000USD-5,002,304,565USD-4,785,847,354USD-4,793,081,205USD
    Long Term Investments——————405,000USD270,000USD
    Long Term Debt———————714,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Total Assets694,999,000USD71,256,000USD259,471,177USD5,791,320,000USD
    Intangible Assets68,612,000USD1,144,759,000USD1,215,431,000USD1,286,103,000USD
    Other Current Assets3,151,000USD-115,953,605USD223,994USD2,266,000USD
    Total Liab200,713,000USD17,091,719USD13,409,985USD3,599,002,000USD
    Total Stockholder Equity492,633,000USD24,135,931USD246,061,192USD2,192,318,000USD
    Other Current Liab14,073,000USD-9,565,556USD75,000USD79,212,000USD
    Common Stock15,000USD24,076,060USD258,972,143USD4,785,000USD
    Capital Stock15,000USD24,076,060USD93,376,000USD72,111,000USD
    Retained Earnings-387,360,000USD-17,031,848USD-12,910,951USD82,793,000USD
    Good Will134,848,000USD0USD——
    Cash359,925,000USD2,101USD275,665USD26,971,000USD
    Cash And Short Term Investments359,925,000USD2,101USD275,665USD26,971,000USD
    Total Current Assets385,375,000USD60,496USD499,659USD88,993,000USD
    Total Current Liabilities37,911,000USD3,942,444USD309,985USD102,077,000USD
    Current Deferred Revenue10,500,000USD———
    Net Debt-356,879,000USD1,197,899USD-275,665USD3,361,282,000USD
    Short Term Debt2,269,000USD1,200,000USD452,000USD442,000USD
    Short Long Term Debt1,849,000USD1,200,000USD——
    Short Long Term Debt Total3,046,000USD1,200,000USD3,213,216,000USD3,361,282,000USD
    Net Receivables3,764,000USD116,012,000USD89,562,000USD86,727,000USD
    Inventory18,535,000USD0USD——
    Accounts Payable11,069,000USD12,308,000USD234,985USD22,865,000USD
    Property Plant Equipment Net105,988,000USD3,881,621,000USD3,793,523,000USD3,751,431,000USD
    Property Plant Equipment Gross107,818,000USD46,744,000USD44,798,000USD39,181,000USD
    Accumulated Other Comprehensive Income130,000USD0USD0USD0USD
    Common Stock Shares Outstanding98,021,000shares22,322,000shares24,188,000shares27,500,000shares
    Non Current Assets Total309,624,000USD24,075,435USD258,971,518USD5,702,327,000USD
    Non Current Liabilities Total162,802,000USD13,149,275USD13,100,000USD3,496,925,000USD
    Non Current Liabilities Other108,671,000USD—44,000USD20,240,000USD
    Non Currrent Assets Other176,000USD-1,144,759,000USD258,971,518USD12,026,000USD
    Net Working Capital347,464,000USD-3,881,948USD8,040,000USD16,584,000USD
    Unclassified Current Liabilities-1,849,000USD-10,765,556USD——
    Unclassified Non Current Liabilities54,131,000USD13,149,275USD12,436,000USD3,476,685,000USD
    Unclassified Equity879,833,000USD-6,984,341USD-93,376,000USD2,032,629,000USD
    Unclassified Current Assets—-115,953,605USD-89,562,000USD-26,971,000USD
    Unclassified Non Current Assets—-5,002,304,565USD-5,008,994,000USD651,822,000USD
    Long Term Debt——620,000USD—
    Long Term Investments——40,000USD945,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-66,989,000USD-50,205,000USD-156,994,000USD-142,506,000USD51,682,000USD424,806USD1,510,125USD3,044,937USD
    Depreciation2,104,000USD1,102,000USD214,000USD205,000USD65,000USD51,795,000USD51,773,000USD98,000USD
    Stock Based Compensation4,939,000USD4,469,000USD3,009,000USD0USD1,282,000USD11,461,000USD11,945,000USD-315,000USD
    Other Non Cash Items47,469,000USD33,530,000USD142,751,000USD136,742,000USD-60,216,000USD-1,803,529USD-3,349,125USD-3,389,364USD
    Change To Account Receivables-1,927,000USD—3,131,000USD—0USD-17,279,000USD3,342,000USD—
    Change To Inventory-4,720,000USD———0USD———
    Change In Working Capital-1,040,000USD-11,223,000USD8,171,000USD-2,145,000USD-3,142,000USD739,623USD629,000USD231,806USD
    Total Cash From Operating Activities-18,456,000USD-27,898,000USD-2,849,000USD-7,909,000USD-10,329,000USD-639,100USD-1,210,000USD-112,621USD
    Capital Expenditures-38,641,000USD-23,961,000USD-7,101,000USD-4,286,000USD-2,011,000USD-38,340,000USD-54,893,000USD-36,000USD
    Free Cash Flow-57,097,000USD-51,859,000USD-9,950,000USD-12,195,000USD-12,340,000USD-639,100USD-490,386USD-112,621USD
    Total Cashflows From Investing Activities-38,641,000USD-126,168,000USD-7,101,000USD-3,247,000USD-3,050,000USD246,916,015USD-1,414,000USD-36,000USD
    Net Borrowings-1,919,000USD68,000USD——0USD1,200,000USD——
    Total Cash From Financing Activities1,447,146,000USD256,382,000USD145,768,000USD109,596,000USD19,969,000USD-246,416,015USD22,317,000USD-167,000USD
    Issuance Of Capital Stock1,500,000,000USD0USD119,899,000USD70,178,000USD23,250,000USD-25,500,000USD—0USD
    Change In Cash1,389,719,000USD102,316,000USD135,818,000USD98,440,000USD6,590,000USD-139,100USD134,614USD-112,621USD
    Begin Period Cash Flow359,925,000USD257,609,000USD121,791,000USD23,351,000USD16,761,000USD141,201USD6,587USD119,208USD
    End Period Cash Flow1,749,644,000USD359,925,000USD257,609,000USD121,791,000USD23,351,000USD2,101USD141,201USD6,587USD
    Other Cashflows From Investing Activities-38,641,000USD-126,168,000USD——-1,039,000USD38,340,000USD239,000USD111,985,000USD
    Other Cashflows From Financing Activities1,447,286,000USD256,382,000USD289,000USD117,136,000USD-8,607,000USD-53,437,015USD18,686,851USD116,137,000USD
    Unclassified Operating Cash Flow-4,939,000USD-5,571,000USD———-63,256,000USD-63,718,000USD—
    Unclassified Investing Cash Flow38,641,000USD23,961,000USD7,101,000USD4,286,000USD3,050,000USD—54,654,000USD-111,949,000USD
    Unclassified Financing Cash Flow-1,498,221,000USD—198,252,000USD-66,149,000USD7,286,000USD160,715,015USD7,422,000USD-3,349,000USD
    Investments——-7,101,000USD-3,247,000USD-3,050,000USD249,385,015USD-1,414,000USD-36,000USD
    Dividends Paid——-11,397,000USD-11,569,000USD-1,960,000USD-108,519,000USD-3,427,851USD-112,955,000USD
    Sale Purchase Of Stock——-41,376,000USD——-246,375,015USD-364,000USD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Net Income-298,524,000USD7,899,035USD8,097USD-25,539,000USD
    Depreciation1,586,000USD389,000USD718,000USD671,000USD
    Stock Based Compensation8,760,000USD1,738,000USD1,374,000USD3,229,000USD
    Other Non Cash Items257,878,000USD-11,970,657USD-956,126USD1,349,000USD
    Change To Account Receivables-599,000USD0USD——
    Change To Inventory-3,206,000USD0USD——
    Change In Working Capital-8,339,000USD2,673,058USD24USD5,490,000USD
    Total Cash From Operating Activities-48,985,000USD-1,398,564USD-948,006USD-14,800,000USD
    Capital Expenditures-37,359,000USD-4USD-4USD-5,113,000USD
    Free Cash Flow-86,344,000USD-1,398,564USD-1,141USD-19,913,000USD
    Total Cashflows From Investing Activities-139,566,000USD246,916,015USD-251,250,000USD-15,154,000USD
    Net Borrowings357,000USD1,200,000USD1,000,000USD0USD
    Total Cash From Financing Activities531,715,000USD-245,791,015USD252,473,671USD22,258,000USD
    Issuance Of Capital Stock213,327,000USD25,500,000USD13,303,000USD0USD
    Change In Cash343,164,000USD-273,564USD275,665USD-7,696,000USD
    Begin Period Cash Flow16,761,000USD275,665USD275,334USD34,667,000USD
    End Period Cash Flow359,925,000USD2,101USD275,665USD26,971,000USD
    Other Cashflows From Investing Activities-139,566,000USD246,916,015USD-251,250,000USD—
    Other Cashflows From Financing Activities37,436,000USD12,019,932USD75,000USD22,258,000USD
    Unclassified Operating Cash Flow-10,346,000USD-2,127,000USD-2,092,001USD—
    Unclassified Investing Cash Flow37,359,000USD-246,916,011USD5,956,004USD5,113,000USD
    Unclassified Financing Cash Flow280,595,000USD—251,589,671USD—
    Investments—246,916,015USD-5,956,000USD-15,154,000USD
    Dividends Paid—-12,019,932USD——
    Sale Purchase Of Stock—-246,916,015USD-191,000USD0USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    PeriodDimensionBusiness / regionRevenueCurrencySource
    Q1 2026Quarterly · 2026-03-31GeographyInternational4,738,000USD0001970622-26-000038
    Q1 2026Quarterly · 2026-03-31GeographyUnited States960,000USD0001970622-26-000038
    FY 2025Yearly · 2025-12-31GeographyInternational1,544,000USD0001970622-26-000021
    FY 2025Yearly · 2025-12-31GeographyUnited States99,000USD0001970622-26-000021

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.