USA Rare Earth, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 |
|---|---|---|---|
| Income Statement | |||
| Revenue | $1.6M | $0 | — |
| Cost of revenue | $1.4M | $0 | — |
| Gross profit | $195,000 | $0 | — |
| Research and development | $15.9M | $6.3M | — |
| Operating income | -$59.5M | -$15.6M | -$985,212 |
| Pretax income | -$298.7M | -$16.4M | — |
| Income tax expense | -$160,000 | $0 | — |
| Net income | -$297.6M | -$15.7M | $6.7M |
| Balance Sheet | |||
| Cash and equivalents | $359.9M | $16.8M | $275,665 |
| Current assets | $385.4M | $22.3M | $499,659 |
| Total assets | $695.0M | $69.1M | $259.5M |
| Current liabilities | $37.9M | $6.9M | $309,985 |
| Total liabilities | $191.8M | $15.1M | $13.4M |
| Stockholders' equity | $494.3M | -$17.0M | -$12.9M |
| Cash Flow Statement | |||
| Cash from operations | -$49.0M | -$13.0M | -$948,006 |
| Depreciation and amortization | $763,000 | $235,000 | — |
| Stock-based compensation | $8.8M | $1.7M | — |
| Capital expenditure | $37.4M | $3.1M | — |
| Free cash flow | -$86.3M | -$16.1M | — |
| Share repurchases | — | $246.9M | — |
Shares outstanding 223.0M · Free float 78.8%
Annual filing data through FY ended December 31, 2025; float as of July 16, 2026.
Earnings
Other Coverage
August 25, 2026
Deals
USA Rare Earth to Close Serra Verde Acquisition After Shareholder Vote
August 14, 2026
Industry Earnings Roundup
Materials & Chemicals: Demand and Pricing Firm, Costs Squeeze
July 23, 2026
Deals
USA Rare Earth to Acquire Carester Assets in France Processing Deal
July 17, 2026
Deals
USA Rare Earth to Buy SVRE Holdings in $300 Million Mixed Deal
July 4, 2026
Filings Beige Book
Companies Report Firm Demand, Relentless Cost Pressure