# USA Rare Earth, Inc.: financial statements, quarterly

USAR · Nasdaq · CIK 1970622 · [Materials](/sectors/materials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/usar.md) · [Financials](/companies/usar/financials.md) · [Filings](/companies/usar/filings.md) · [Insiders](/companies/usar/insiders.md)

Standardized line items from XBRL company facts. Each value links to its filing; d marks a value derived from year-to-date figures. Other view: [annual](/companies/usar/financials.md?period=annual).

## Income statement

| Line item | Unit | Q2 FY2024 (2023-06-30) | Q3 FY2024 (2023-09-30) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | not reported | not reported | not reported | not reported | not reported | not reported | [0.0](/filings/0001970622-26-000038.md) | [0.0](/filings/0001970622-26-000057.md) | not reported | not reported | [5.7](/filings/0001970622-26-000038.md) | [5.8](/filings/0001970622-26-000057.md) |
| Cost of revenue | $m | not reported | not reported | not reported | not reported | not reported | not reported | [0.0](/filings/0001970622-26-000038.md) | [0.0](/filings/0001970622-26-000057.md) | not reported | not reported | [5.6](/filings/0001970622-26-000038.md) | [7.4](/filings/0001970622-26-000057.md) |
| Gross profit | $m | not reported | not reported | not reported | not reported | not reported | not reported | [0.0](/filings/0001970622-26-000038.md) | [0.0](/filings/0001970622-26-000057.md) | not reported | not reported | [0.1](/filings/0001970622-26-000038.md) | [(1.6)](/filings/0001970622-26-000057.md) |
| Research and development | $m | not reported | not reported | [2.1](/filings/0001213900-25-043743.md) | [1.7](/filings/0001970622-25-000017.md) | [1.2](/filings/0001970622-25-000074.md) | [1.4 d](/filings/0001970622-26-000021.md) | [1.7](/filings/0001970622-26-000038.md) | [2.6](/filings/0001970622-26-000057.md) | [4.5](/filings/0001970622-25-000074.md) | [7.2 d](/filings/0001970622-26-000021.md) | [14.2](/filings/0001970622-26-000038.md) | [10.8](/filings/0001970622-26-000057.md) |
| Operating income | $m | [(0.2)](/filings/0001213900-24-069007.md) | [(0.4)](/filings/0001213900-24-098549.md) | [(4.7)](/filings/0001213900-25-043743.md) | [(3.0)](/filings/0001970622-25-000017.md) | [(2.0)](/filings/0001970622-25-000074.md) | [(5.9) d](/filings/0001970622-26-000021.md) | [(8.7)](/filings/0001970622-26-000038.md) | [(8.8)](/filings/0001970622-26-000057.md) | [(15.9)](/filings/0001970622-25-000074.md) | [(26.1) d](/filings/0001970622-26-000021.md) | [(36.7)](/filings/0001970622-26-000038.md) | [(46.3)](/filings/0001970622-26-000057.md) |
| Income tax | $m | not reported | not reported | not reported | not reported | not reported | not reported | [0.0](/filings/0001970622-26-000038.md) | [0.0](/filings/0001970622-26-000057.md) | not reported | not reported | [(0.6)](/filings/0001970622-26-000038.md) | [(0.5)](/filings/0001970622-26-000057.md) |
| Net income | $m | [0.8](/filings/0001213900-24-098549.md) | [2.9](/filings/0001213900-24-098549.md) | [(4.5)](/filings/0001213900-25-043743.md) | [(2.6)](/filings/0001970622-25-000017.md) | [(1.9)](/filings/0001970622-25-000074.md) | [(6.8) d](/filings/0001970622-26-000021.md) | [51.8](/filings/0001970622-26-000038.md) | [(143)](/filings/0001970622-26-000057.md) | [(157)](/filings/0001970622-25-000074.md) | [(50.2) d](/filings/0001970622-26-000021.md) | [(67.0)](/filings/0001970622-26-000038.md) | [(10.3)](/filings/0001970622-26-000057.md) |
| Diluted EPS | $ per share | not reported | not reported | [(0.11)](/filings/0001213900-25-043743.md) | [(0.04)](/filings/0001970622-25-000017.md) | [(0.03)](/filings/0001970622-25-000074.md) | not reported | [0.58](/filings/0001970622-26-000038.md) | [(1.54)](/filings/0001970622-26-000057.md) | [(1.64)](/filings/0001970622-25-000074.md) | not reported | [(0.34)](/filings/0001970622-26-000038.md) | [(0.05)](/filings/0001970622-26-000057.md) |
| Basic EPS | $ per share | not reported | not reported | [(0.11)](/filings/0001213900-25-043743.md) | [(0.04)](/filings/0001970622-25-000017.md) | [(0.03)](/filings/0001970622-25-000074.md) | not reported | [0.75](/filings/0001970622-26-000038.md) | [(1.54)](/filings/0001970622-26-000057.md) | [(1.64)](/filings/0001970622-25-000074.md) | not reported | [(0.34)](/filings/0001970622-26-000038.md) | [(0.05)](/filings/0001970622-26-000057.md) |

- Revenue: us-gaap:Revenues
- Cost of revenue: us-gaap:CostOfRevenue
- Gross profit: us-gaap:GrossProfit
- Research and development: us-gaap:ResearchAndDevelopmentExpense
- Operating income: us-gaap:OperatingIncomeLoss
- Income tax: us-gaap:IncomeTaxExpenseBenefit
- Net income: us-gaap:NetIncomeLoss
- Diluted EPS: us-gaap:EarningsPerShareDiluted
- Basic EPS: us-gaap:EarningsPerShareBasic

## Balance sheet

| Line item | Unit | FY2024 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | period not labelled (2025-05-05) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | $m | [0.3](/filings/0001213900-24-098549.md) | [0.1](/filings/0001213900-24-043032.md) | [0.0](/filings/0001213900-24-069007.md) | [0.1](/filings/0001213900-24-098549.md) | [16.8](/filings/0001970622-26-000021.md) | [23.4](/filings/0001213900-25-043743.md) | [23.4](/filings/0001213900-25-043743.md) | [122](/filings/0001970622-26-000057.md) | [258](/filings/0001970622-25-000074.md) | [360](/filings/0001970622-26-000057.md) | [1,750](/filings/0001970622-26-000038.md) | [1,530](/filings/0001970622-26-000057.md) |
| Current assets | $m | [0.5](/filings/0001213900-25-026445.md) | [0.3](/filings/0001213900-24-043032.md) | [0.1](/filings/0001213900-24-069007.md) | [0.2](/filings/0001213900-24-098549.md) | [22.3](/filings/0001970622-26-000021.md) | [25.8](/filings/0001213900-25-043743.md) | not reported | [124](/filings/0001970622-25-000017.md) | [259](/filings/0001970622-25-000074.md) | [385](/filings/0001970622-26-000057.md) | [1,790](/filings/0001970622-26-000038.md) | [1,673](/filings/0001970622-26-000057.md) |
| Total assets | $m | [259](/filings/0001213900-25-026445.md) | [263](/filings/0001213900-24-043032.md) | [266](/filings/0001213900-24-069007.md) | [269](/filings/0001213900-24-098549.md) | [69.1](/filings/0001970622-26-000021.md) | [77.1](/filings/0001213900-25-043743.md) | not reported | [180](/filings/0001970622-25-000017.md) | [323](/filings/0001970622-25-000074.md) | [695](/filings/0001970622-26-000057.md) | [2,135](/filings/0001970622-26-000038.md) | [2,999](/filings/0001970622-26-000057.md) |
| Current liabilities | $m | [0.3](/filings/0001213900-25-026445.md) | [0.5](/filings/0001213900-24-043032.md) | [0.6](/filings/0001213900-24-069007.md) | [2.7](/filings/0001213900-24-098549.md) | [6.9](/filings/0001970622-26-000021.md) | [7.3](/filings/0001213900-25-043743.md) | not reported | [8.2](/filings/0001970622-25-000017.md) | [15.7](/filings/0001970622-25-000074.md) | [37.9](/filings/0001970622-26-000057.md) | [49.3](/filings/0001970622-26-000038.md) | [51.0](/filings/0001970622-26-000057.md) |
| Total liabilities | $m | [13.4](/filings/0001213900-25-026445.md) | [13.6](/filings/0001213900-24-043032.md) | [13.7](/filings/0001213900-24-069007.md) | [15.8](/filings/0001213900-24-098549.md) | [15.1](/filings/0001970622-26-000021.md) | [97.3](/filings/0001213900-25-043743.md) | not reported | [286](/filings/0001970622-25-000017.md) | [369](/filings/0001970622-25-000074.md) | [192](/filings/0001970622-26-000057.md) | [246](/filings/0001970622-26-000038.md) | [452](/filings/0001970622-26-000057.md) |
| Shareholders' equity | $m | [(12.9)](/filings/0001213900-25-026445.md) | [(13.3)](/filings/0001213900-24-098549.md) | [(13.7)](/filings/0001213900-24-098549.md) | [(15.6)](/filings/0001213900-24-098549.md) | [(17.0)](/filings/0001213900-25-026445.md) | [(52.7)](/filings/0001970622-26-000057.md) | not reported | [(132)](/filings/0001970622-26-000057.md) | [(58.6)](/filings/0001970622-25-000074.md) | [494](/filings/0001970622-26-000057.md) | [1,879](/filings/0001970622-26-000057.md) | [2,537](/filings/0001970622-26-000057.md) |

- Cash and equivalents: us-gaap:CashAndCashEquivalentsAtCarryingValue, us-gaap:Cash
- Current assets: us-gaap:AssetsCurrent
- Total assets: us-gaap:Assets
- Current liabilities: us-gaap:LiabilitiesCurrent
- Total liabilities: us-gaap:Liabilities
- Shareholders' equity: us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

## Cash flow

| Line item | Unit | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating cash flow | $m | [(4.2)](/filings/0001213900-25-043743.md) | [(4.0) d](/filings/0001970622-25-000017.md) | [(1.2) d](/filings/0001970622-25-000074.md) | [(3.5) d](/filings/0001970622-26-000021.md) | [(10.3)](/filings/0001970622-26-000038.md) | [(7.9) d](/filings/0001970622-26-000057.md) | [(2.8) d](/filings/0001970622-25-000074.md) | [(27.9) d](/filings/0001970622-26-000021.md) | [(18.5)](/filings/0001970622-26-000038.md) | [(56.9) d](/filings/0001970622-26-000057.md) |
| Capital expenditure | $m | [0.0](/filings/0001213900-25-043743.md) | [1.0 d](/filings/0001970622-25-000017.md) | [1.2 d](/filings/0001970622-25-000074.md) | [0.9 d](/filings/0001970622-26-000021.md) | [2.0](/filings/0001213900-25-043743.md) | [4.3 d](/filings/0001970622-26-000057.md) | [7.1 d](/filings/0001970622-25-000074.md) | [24.0 d](/filings/0001970622-26-000021.md) | [38.6](/filings/0001970622-26-000038.md) | [69.7 d](/filings/0001970622-26-000057.md) |

- Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities
- Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:PaymentsToAcquireProductiveAssets

## Shares

| Line item | Unit | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Diluted shares (weighted) | millions of shares | [59.4](/filings/0001213900-25-043743.md) | [59.4](/filings/0001970622-25-000017.md) | [59.5](/filings/0001970622-25-000074.md) | [83.1](/filings/0001970622-26-000038.md) | [92.8](/filings/0001970622-26-000057.md) | [103](/filings/0001970622-25-000074.md) | [196](/filings/0001970622-26-000038.md) | [230](/filings/0001970622-26-000057.md) |

- Diluted shares (weighted): us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Shares outstanding: 132,638,561 at 2025-10-31, from the cover of the [10-Q filed 2025-11-06](/filings/0001970622-25-000074.md) (dei:EntityCommonStockSharesOutstanding).

Source: SEC EDGAR, XBRL company facts. Last ingested by Listed: Oct 24, 2026, 15:50 ET. No prices; not investment advice.