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USARW

USA Rare Earth Inc

USARW

USA Rare Earth Inc • NASDAQ
$2.01 ▲ 103.03% (+1.02)
Market Cap $195.84 M
52w High $8.90
52w Low $1.17
Dividend Yield 0%
P/E 0
Volume 1.68M
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% $0 $-142.496M ▼
Q1-2025 $0 $8.718M ▲ $51.832M ▲ 0% $0 $51.834M ▲
Q4-2024 $0 $-5.591M ▼ $16.837M ▲ 0% $0 $5.053M ▲
Q3-2024 $0 $1.893M $-1.869M 0% $0 $-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 $2.101K ▼ $24.136M ▼ $17.092M ▲ $24.076M ▲
Q3-2024 $22.988M $72.607M $13.316M $10.395M

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 $17.398M ▲ $8.088M ▲ $249.385M ▲ $-267.536M ▼ $-22.986M ▼ $10.557M ▲
Q3-2024 $-2.008M $-1.21M $-1.414M $22.317M $19.693M $-2.624M

Five-Year Company Overview

Income Statement

Income Statement The company is still in a pre‑revenue phase. It has essentially no sales yet, so reported results reflect development and corporate costs rather than a mature operating business. Losses have been modest in recent years and even flipped to a small profit recently, but that appears to come more from one‑off or non‑core items than from real ongoing operations. In practical terms, the income statement tells the story of an early‑stage, project‑building company whose business model has not yet been tested at commercial scale.

Balance Sheet

Balance Sheet The balance sheet is very small and lean. Assets and cash are limited, and there is no meaningful debt, which reduces financial pressure but also highlights that the company’s financial cushion is thin. Equity is currently the main source of support. For a capital‑intensive strategy like mine‑to‑magnet, this balance sheet signals that substantial additional funding will likely be needed over time to build out mining, processing, and manufacturing capacity.

Cash Flow

Cash Flow Cash flows show a typical early‑stage pattern: money going out to fund operations and investment, with nothing yet coming in from customers. Operating cash flow has been negative, and free cash flow has also been negative as the company spends on development and early capital projects. The most recent figures look flat mainly because they are very small and likely rounded, not because the business is self‑funding. Overall, the company appears reliant on external capital—equity, partnerships, grants, or future financing—to move projects from R&D and pilot scale to full production.

Competitive Edge

Competitive Edge Strategically, the company is trying to position itself as a core part of a domestic U.S. rare earths supply chain, spanning from mining in Texas to magnet production in Oklahoma and metal/alloy expertise from its UK acquisition. Its focus on heavy rare earths, which are scarcer and critical for high‑performance magnets, and its vertical integration from “mine to magnet” provide a meaningful potential edge. Supportive U.S. policy toward onshore critical minerals and the desire to reduce dependence on China are strong tailwinds. However, it competes—directly or indirectly—against entrenched global players, especially in China, with far more scale, established customer relationships, and mature supply chains. Success will depend heavily on execution, cost competitiveness, product quality, and the ability to secure and deliver on long‑term contracts with demanding customers in defense, autos, and energy.

Innovation and R&D

Innovation and R&D The company leans heavily on technology and R&D to stand out. Its proprietary Continuous Ion Exchange process is aimed at improving the efficiency and economics of separating rare earths. The Innovations Lab in Oklahoma is designed to mirror the full magnet production line, enabling rapid prototyping, custom magnet “recipes,” and advanced techniques such as grain boundary diffusion to boost performance. Ownership of the Round Top deposit, with its concentration of heavy rare earths, adds a geological and resource‑based advantage. The acquisition of Less Common Metals brings existing technical know‑how and customer connections. If these technologies scale well and generate defensible intellectual property, they could create a meaningful moat. The risk is that scaling from lab and pilot to full commercial production is technically complex, capital intensive, and often slower and more costly than planned.

Summary

USA Rare Earth is an early‑stage, strategically important player trying to build a fully domestic rare earth and magnet supply chain. Financially, it is pre‑revenue, has a small balance sheet, and consumes cash to fund development, so its future hinges on continued access to capital and successful project execution. Competitively, it benefits from control of a key heavy rare earth deposit, vertical integration, advanced R&D capabilities, and a powerful policy backdrop as the U.S. seeks to reduce reliance on foreign critical minerals. At the same time, it faces substantial execution, scaling, and cost‑competitiveness challenges against much larger and more established global players. Overall, this is a high‑uncertainty, long‑term build‑out story where technical success, capital availability, and offtake agreements will be the key milestones to watch rather than near‑term financial performance.