USA Rare Earth, Inc. (USAR) Financial Statements
Industry: Metal Mining
In fiscal 2025, USA Rare Earth reported revenue of $1.6M. Net income was -$297.6M (a -18110.7% net margin), or -$3.31 per diluted share. Gross margin was 11.9% and operating margin was -3621.6%. Operating activities generated -$49.0M of cash, leaving -$86.3M of free cash flow. At fiscal year end, USA Rare Earth held $695.0M in total assets against $191.8M in total liabilities, including $359.9M of cash and equivalents.
Open the full interactive USA Rare Earth financials → Quarterly statements, key ratios, valuation history and price charts.
USA Rare Earth Key Stats
| Share Price | $11.28 |
|---|---|
| Market Cap | $2.60B |
| 52-Week Range | $11.28 – $38.68 |
| Shares Outstanding | 230.1 million (basic, 2026 Q2) |
USA Rare Earth Income Statement
| FY 2024 | FY 2025 | |
|---|---|---|
| Revenue | $0 | $1.6M |
| Cost of Goods Sold | $0 | — |
| Gross Profit | $0 | $195,000 |
| Operating Income | -$4.1M | -$59.5M |
| Pre-Tax Income | $7.9M | -$298.7M |
| Income Tax | — | -$160,000 |
| Net Income | $7.9M | -$297.6M |
| Diluted EPS | $0.39 | -$3.31 |
USA Rare Earth Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $0 | $1.6M | $5.7M | $5.8M |
| Net Income | -$156.7M | -$50.2M | -$67.0M | -$10.3M |
| Diluted EPS | -$1.64 | -$0.51 | -$0.34 | -$0.05 |
USA Rare Earth Balance Sheet
| FY 2024 | FY 2025 | |
|---|---|---|
| Cash & Equivalents | — | $359.9M |
| Current Assets | $60,496 | $385.4M |
| Total Assets | $24.1M | $695.0M |
| Current Liabilities | $3.9M | $37.9M |
| Total Liabilities | $17.1M | $191.8M |
| Shareholders' Equity | -$17.0M | $494.3M |
USA Rare Earth Cash Flow Statement
| FY 2024 | FY 2025 | |
|---|---|---|
| Cash From Operations | -$1.4M | -$49.0M |
| Cash From Investing | $246.9M | -$139.6M |
| Cash From Financing | -$245.8M | $531.7M |
| Free Cash Flow | — | -$86.3M |
Figures from USA Rare Earth's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full USA Rare Earth financials page for every line item.
USA Rare Earth Company Profile
| Ticker | USAR |
|---|---|
| Exchange | Nasdaq |
| Industry | Metal Mining |
| Headquarters | Stillwater, Oklahoma |
| Fiscal Year End | December 31 |
| SEC Filer Category | Emerging growth company |
| SEC CIK | 0001970622 |
Frequently Asked Questions
What was USA Rare Earth's revenue in fiscal 2025?
USA Rare Earth (USAR) reported revenue of $1.6M for fiscal 2025.
What was USA Rare Earth's net income in fiscal 2025?
USA Rare Earth reported net income of -$297.6M for fiscal 2025.
What was USA Rare Earth's earnings per share (EPS) in fiscal 2025?
USA Rare Earth's diluted EPS was -$3.31 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did USA Rare Earth generate in fiscal 2025?
USA Rare Earth generated -$86.3M of free cash flow in fiscal 2025.
What was USA Rare Earth's revenue last quarter?
In its most recent reported quarter (2026 Q2), USA Rare Earth reported revenue of $5.8M.
How many shares of USA Rare Earth are outstanding?
USA Rare Earth reported a weighted average of 230.1 million basic shares outstanding in 2026 Q2.
What is USA Rare Earth's market cap?
Based on its latest closing price, USA Rare Earth (USAR) has a market capitalization of about $2.60B.
When does USA Rare Earth's fiscal year end?
USA Rare Earth's fiscal year end, as registered with the SEC, is December 31.
Where is USA Rare Earth headquartered?
USA Rare Earth lists its business address in Stillwater, Oklahoma in its SEC filings.