USA Rare Earth Inc Financials
This page shows USA Rare Earth Inc (USAR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
For every $1 of reported earnings, USA Rare Earth Inc generates $-0.18 in operating cash flow (-$1.4M OCF vs $7.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
USA Rare Earth Inc reported $7.9M in net income in fiscal year 2024.
USA Rare Earth Inc held $16.8M in cash against $0 in long-term debt as of fiscal year 2024.
USA Rare Earth Inc spent $246.9M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
USAR Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $4.5M+72.7% | $2.6M+52.6% | $1.7M+45.4% | $1.2M-32.6% | $1.7M-15.9% | $2.1M | N/A | N/A |
| SG&A Expenses | $11.4M+83.2% | $6.2M-11.4% | $7.0M+781.9% | $797K-38.0% | $1.3M-51.4% | $2.6M | N/A | N/A |
| Operating Income | -$15.9M-80.2% | -$8.8M-1.0% | -$8.7M-345.0% | -$2.0M+34.9% | -$3.0M+35.9% | -$4.7M | N/A | -$421K |
| Interest Expense | N/A | N/A | $54K | N/A | N/A | $44K | N/A | $100K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$156.7M-9.9% | -$142.5M-374.9% | $51.8M+2873.2% | -$1.9M+28.0% | -$2.6M+41.9% | -$4.5M | N/A | $2.9M |
| EPS (Diluted) | $-1.64-6.5% | $-1.54-365.5% | $0.58+2033.3% | $-0.03+25.0% | $-0.04+63.6% | $-0.11 | N/A | N/A |
USAR Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $323.3M+79.9% | $179.7M+133.2% | $77.1M+11.6% | $69.1M-74.0% | $265.8M+1.2% | $262.6M+1.2% | $259.5M+1.2% | $256.3M |
| Current Assets | $258.9M+109.5% | $123.5M+379.2% | $25.8M+15.7% | $22.3M+36981.5% | $60K-77.6% | $268K-46.4% | $500K-29.9% | $713K |
| Cash & Equivalents | $257.6M+111.5% | $121.8M+421.6% | $23.4M+39.3% | $16.8M+254355.7% | $7K-94.5% | $119K-56.8% | $276K-18.3% | $338K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $368.6M+28.7% | $286.4M+120.8% | $129.7M+50.7% | $86.1M-69.2% | $279.5M+1.3% | $275.9M+1.3% | $272.4M+1.3% | $268.9M |
| Current Liabilities | $15.7M+91.8% | $8.2M+11.5% | $7.3M+5.9% | $6.9M+972.7% | $646K+26.9% | $509K+64.1% | $310K+56.8% | $198K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$58.6M+55.6% | -$131.9M-150.6% | -$52.7M-209.2% | -$17.0M-24.4% | -$13.7M-2.6% | -$13.3M-3.3% | -$12.9M-2.6% | -$12.6M |
| Retained Earnings | -$337.2M-86.8% | -$180.5M-375.1% | -$38.0M+47.9% | -$72.9M-432.5% | -$13.7M-2.6% | -$13.3M-3.3% | -$12.9M-2.6% | -$12.6M |
USAR Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.8M+64.0% | -$7.9M+23.4% | -$10.3M-227.7% | $8.1M+300.0% | -$4.0M+4.5% | -$4.2M-2991.5% | -$137K+34.2% | -$208K |
| Capital Expenditures | $7.1M+65.7% | $4.3M+113.1% | $2.0M+67.4% | $1.2M+18.2% | $1.0M+2505.1% | $39K | N/A | N/A |
| Free Cash Flow | -$9.9M+18.4% | -$12.2M+1.2% | -$12.3M-411.8% | -$2.4M+52.4% | -$5.1M-18.4% | -$4.3M | N/A | N/A |
| Investing Cash Flow | -$7.1M-118.7% | -$3.2M-6.5% | -$3.0M-101.2% | $249.4M+692836.2% | -$36K+96.5% | -$1.0M | $0 | $0 |
| Financing Cash Flow | $145.8M+33.0% | $109.6M+448.8% | $20.0M+107.5% | -$267.5M-160101.2% | -$167K+58.8% | -$405K-640.0% | $75K | $0 |
| Dividends Paid | N/A | N/A | $3.1M | N/A | N/A | $1.8M | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
USAR Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -48.5%+30.8pp | -79.3%-146.6pp | 67.3%+67.9pp | -0.7%+0.3pp | -1.0%+0.7pp | -1.7% | N/A | 1.1% |
| Current Ratio | 16.51+1.4 | 15.11+11.6 | 3.52+0.3 | 3.22+3.1 | 0.09-0.4 | 0.53-1.1 | 1.61-2.0 | 3.61 |
| Debt-to-Equity | -6.29-4.1 | -2.17+0.3 | -2.46+2.6 | -5.06+15.4 | -20.42+0.3 | -20.68+0.4 | -21.10+0.3 | -21.37 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$17.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
Is USA Rare Earth Inc profitable?
Yes, USA Rare Earth Inc (USAR) reported a net income of $7.9M in fiscal year 2024.
What is USA Rare Earth Inc's operating cash flow?
USA Rare Earth Inc (USAR) generated -$1.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are USA Rare Earth Inc's total assets?
USA Rare Earth Inc (USAR) had $69.1M in total assets as of fiscal year 2024, including both current and long-term assets.
Does USA Rare Earth Inc buy back shares?
Yes, USA Rare Earth Inc (USAR) spent $246.9M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
What is USA Rare Earth Inc's current ratio?
USA Rare Earth Inc (USAR) had a current ratio of 3.22 as of fiscal year 2024, which is generally considered healthy.
What is USA Rare Earth Inc's debt-to-equity ratio?
USA Rare Earth Inc (USAR) had a debt-to-equity ratio of -5.06 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is USA Rare Earth Inc's return on assets (ROA)?
USA Rare Earth Inc (USAR) had a return on assets of 11.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is USA Rare Earth Inc's cash runway?
Based on fiscal year 2024 data, USA Rare Earth Inc (USAR) had $16.8M in cash against an annual operating cash burn of $1.4M. This gives an estimated cash runway of approximately 144 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is USA Rare Earth Inc's debt-to-equity ratio negative or unusual?
USA Rare Earth Inc (USAR) has negative shareholder equity of -$17.0M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
Are USA Rare Earth Inc's earnings high quality?
USA Rare Earth Inc (USAR) has an earnings quality ratio of -0.18x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.