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USAR

USA Rare Earth Inc

USAR

USA Rare Earth Inc • NASDAQ
$13.45 ▲ 8.21% (+1.02)
Market Cap $1.31 B
52w High $43.98
52w Low $5.56
Dividend Yield 0%
P/E -6.03
Volume 6.43M
Outstanding Shares 97.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $15.861M ▲ $-156.68M ▼ 0% $-1.64 ▼ $-156.763M ▼
Q2-2025 $0 $8.804M ▲ $-142.506M ▼ 0% $-1.54 ▼ $-142.496M ▼
Q1-2025 $0 $8.718M ▲ $51.832M ▲ 0% $0.54 ▲ $51.834M ▲
Q4-2024 $0 $-5.591M ▼ $16.837M ▲ 0% $0.2 ▲ $5.053M ▲
Q3-2024 $0 $1.893M $-1.869M 0% $-0.022 $-1.33M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $257.609M ▲ $323.325M ▲ $381.907M ▲ $-60.554M ▲
Q2-2025 $121.791M ▲ $179.701M ▲ $311.635M ▲ $-134.22M ▼
Q1-2025 $23.351M ▲ $77.075M ▼ $129.731M ▼ $-55.149M ▼
Q4-2024 $0 $5.762B ▼ $3.647B ▼ $2.115B ▼
Q3-2024 $0 $5.777B $3.648B $2.13B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-156.994M ▼ $-2.849M ▲ $-7.101M ▼ $145.768M ▲ $135.818M ▲ $-9.95M ▲
Q2-2025 $-142.713M ▼ $-7.909M ▲ $-3.247M ▼ $109.596M ▲ $98.44M ▲ $-11.156M ▲
Q1-2025 $51.682M ▼ $-10.329M ▼ $-3.05M ▲ $19.969M ▲ $6.59M ▲ $-13.379M ▼
Q4-2024 $111.189M ▲ $232.691M ▲ $-39.657M ▲ $-193.034M ▼ $0 $194.351M ▲
Q3-2024 $99.74M $184.936M $-54.654M $-130.282M $0 $130.043M

Five-Year Company Overview

Income Statement

Income Statement USAR is still essentially a pre‑revenue company. The recent years show no meaningful sales and small but recurring operating losses, which is typical for a resource and processing project that is still being built out. The brief move into a slight profit appears to come from non-core items rather than sustainable operations. Overall, the income statement reflects a business in development mode, not yet in commercial production, with financial performance highly dependent on future project ramp‑up rather than current earnings power.

Balance Sheet

Balance Sheet The balance sheet is very light, with modest total assets and minimal cash on hand, reflecting an early‑stage operator rather than a mature producer. There is effectively no financial debt, which reduces interest burden but also highlights that most funding so far has likely come from equity and project-level financing. Equity levels have moved around sharply, suggesting capital raises and accounting adjustments as the business structure evolves. The main risk is that current assets and cash appear small relative to the scale of the planned mining and magnet projects, implying a continuing need for new capital to build out the mine‑to‑magnet platform.

Cash Flow

Cash Flow Cash flow from operations has been negative or flat, consistent with a company spending on development without yet generating revenue. Free cash flow is also negative, as outlays for engineering, facilities, and technology build‑out outweigh any inflows. This pattern is normal at this stage but underlines that USAR is not yet self‑funding and remains reliant on external financing. The “going concern” warning mentioned for 2025 underscores that, without new funding or significantly improved cash generation, liquidity could tighten. Execution on project milestones and access to capital markets will be central to stabilizing cash flows over time.

Competitive Edge

Competitive Edge Strategically, USAR is trying to carve out a strong position by controlling the entire rare earth magnet chain within friendly jurisdictions. The Round Top deposit in Texas gives it access to heavy rare earths and other critical minerals, which are scarce and strategically important. Coupled with the Stillwater, Oklahoma magnet plant and the acquisition of Less Common Metals, USAR is aiming for a rare “mine‑to‑magnet” footprint that few others have in the West. The main competitive advantages are vertical integration, domestic production, and alignment with U.S. national security priorities. The main competitive risks are the entrenched dominance of Chinese producers, the technical and cost challenges of scaling up, and the need to prove it can deliver reliable volumes and quality at commercial scale.

Innovation and R&D

Innovation and R&D Innovation is a key part of USAR’s story. It is not just mining; it is also investing in advanced separation technologies (like CIX/CIC), high‑performance magnet production, and grain boundary diffusion techniques to improve magnet strength while using fewer heavy rare earths. The Innovations Lab in Stillwater is aimed at custom, high‑spec magnets for sectors like defense, aerospace, and advanced vehicles, which can carry higher margins if successful. Looking ahead, R&D into next‑generation magnet materials and alternative chemistries could further differentiate the company but also adds technical and execution risk. The pace at which lab concepts become stable, scalable products will be important to watch.

Summary

Overall, USAR looks like a high‑ambition, early‑stage critical materials platform rather than a mature industrial business. Financials show a company still in the build phase, with no operating revenue, ongoing cash burn, and dependence on outside capital, as reflected in the going‑concern language. Strategically, it is targeting a sensitive and politically favored niche: a domestic, vertically integrated rare earth mine‑to‑magnet supply chain. Its strengths lie in valuable mineral rights, advanced processing and magnet technologies, and strong geopolitical tailwinds. Its main challenges are large up‑front capital needs, technical and ramp‑up risks, dependence on timely permitting and project execution, and competition from established, lower‑cost suppliers abroad. Future outcomes will hinge on delivering the Texas mine and Oklahoma magnet plant on time and budget, securing long‑term customer contracts, and turning that integrated vision into steady, predictable cash flows.

NEWS

November 26, 2025 · 7:01 AM UTC

USA Rare Earth Announces Preliminary Inclusion in the Russell 2000® Index

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November 20, 2025 · 7:01 AM UTC

USA Rare Earth Subsidiary Less Common Metals and Solvay Sign Strategic Agreement to Provide Permag Secure, Stable Supply of Rare Earth Metals

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November 18, 2025 · 6:00 AM UTC

USA Rare Earth Closes Acquisition of Less Common Metals

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November 12, 2025 · 7:01 AM UTC

USA Rare Earth Announces UK Regulatory Approval for Acquisition of Less Common Metals (LCM)

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November 6, 2025 · 4:01 PM UTC

USA Rare Earth Reports Third Quarter 2025 Financial Results

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