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 81.4%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.