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. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 shows a recapitalized development-stage business funding asset buildout with outside capital rather than customer cash flow.
The key mismatch is that reported loss and cash burn diverged sharply: FY2025 net loss was-$297.6M , but operating cash outflow was only-$49.0M . With financing inflow of$531.7M , the statements imply the headline loss was heavily shaped by non-cash or non-operating items, while the real operating story is capital deployment ahead of commercialization.
Cash rose from
The operating model still looks build-first, sell-later: FY2025 revenue was just
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of USA Rare Earth Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
USA Rare Earth Inc has an operating margin of -3621.6%, meaning the company retains $-3622 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.
USA Rare Earth Inc carries a low D/E ratio of 0.39, meaning only $0.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 10.17, USA Rare Earth Inc holds $10.17 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While USA Rare Earth Inc generated -$49.0M in operating cash flow, capex of $37.4M consumed most of it, leaving -$86.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
USA Rare Earth Inc generates a -60.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
USA Rare Earth Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, USA Rare Earth Inc generates $0.16 in operating cash flow (-$49.0M OCF vs -$297.6M 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
Earnings & Revenue
USA Rare Earth Inc generated $1.6M in revenue in fiscal year 2025.
USA Rare Earth Inc's EBITDA was -$58.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 282.7% from the prior year.
USA Rare Earth Inc reported -$297.6M in net income in fiscal year 2025. This represents a decrease of 1791.1% from the prior year.
USA Rare Earth Inc earned $-3.31 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 727.5% from the prior year.
Cash & Balance Sheet
USA Rare Earth Inc generated -$86.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 436.4% from the prior year.
USA Rare Earth Inc held $359.9M in cash against $0 in long-term debt as of fiscal year 2025.
USA Rare Earth Inc had 148M shares outstanding in fiscal year 2025. This represents an increase of 146.4% from the prior year.
Margins & Returns
USA Rare Earth Inc's gross margin was 11.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
USA Rare Earth Inc's operating margin was -3621.6% in fiscal year 2025, reflecting core business profitability.
USA Rare Earth Inc's net profit margin was -18110.7% in fiscal year 2025, showing the share of revenue converted to profit.
USA Rare Earth Inc's ROE was -60.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
USA Rare Earth Inc invested $15.9M in research and development in fiscal year 2025. This represents an increase of 150.5% from the prior year.
USA Rare Earth Inc invested $37.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1102.4% from the prior year.
USAR Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Cost of Revenue | $5.6M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Gross Profit | $106K | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| R&D Expenses | $14.2M | N/A | $4.5M+72.7% | $2.6M+52.6% | $1.7M | N/A | $1.2M-32.6% | $1.7M |
| SG&A Expenses | $21.2M | N/A | $11.4M+83.2% | $6.2M-11.4% | $7.0M | N/A | $797K-38.0% | $1.3M |
| Operating Income | -$36.7M | N/A | -$15.9M-80.2% | -$8.8M-1.0% | -$8.7M | N/A | -$2.0M+34.9% | -$3.0M |
| Interest Expense | $35K | N/A | N/A | N/A | $54K | N/A | N/A | N/A |
| Income Tax | -$577K | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Net Income | -$67.0M | N/A | -$156.7M-9.9% | -$142.5M-374.9% | $51.8M | N/A | -$1.9M+28.0% | -$2.6M |
| EPS (Diluted) | $-0.34 | N/A | $-1.64-6.5% | $-1.54-365.5% | $0.58 | N/A | $-0.03+25.0% | $-0.04 |
USAR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.1B+207.2% | $695.0M+115.0% | $323.3M+79.9% | $179.7M+133.2% | $77.1M+11.6% | $69.1M-74.4% | $269.4M+1.4% | $265.8M |
| Current Assets | $1.8B+364.6% | $385.4M+48.9% | $258.9M+109.5% | $123.5M+379.2% | $25.8M+15.7% | $22.3M+9890.2% | $223K+271.2% | $60K |
| Cash & Equivalents | $1.7B+386.1% | $359.9M+39.7% | $257.6M+111.5% | $121.8M+421.6% | $23.4M+39.3% | $16.8M+11770.3% | $141K+2043.6% | $7K |
| Inventory | $28.4M+53.4% | $18.5M | N/A | N/A | N/A | $0 | N/A | N/A |
| Accounts Receivable | $5.7M+51.2% | $3.8M | N/A | N/A | N/A | $0 | N/A | N/A |
| Goodwill | $134.8M0.0% | $134.8M | N/A | N/A | N/A | $0 | N/A | N/A |
| Total Liabilities | $246.3M+28.4% | $191.8M-48.0% | $368.6M+28.7% | $286.4M+120.8% | $129.7M+50.7% | $86.1M-69.8% | $285.0M+2.0% | $279.5M |
| Current Liabilities | $49.3M+30.1% | $37.9M+141.8% | $15.7M+91.8% | $8.2M+11.5% | $7.3M+5.9% | $6.9M+154.0% | $2.7M+322.3% | $646K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.9B+280.1% | $494.3M+943.8% | -$58.6M+55.6% | -$131.9M-150.6% | -$52.7M-209.2% | -$17.0M-9.2% | -$15.6M-14.0% | -$13.7M |
| Retained Earnings | -$454.3M-17.3% | -$387.4M-14.9% | -$337.2M-86.8% | -$180.5M-375.1% | -$38.0M+47.9% | -$72.9M-367.0% | -$15.6M-14.0% | -$13.7M |
USAR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$18.5M+33.8% | -$27.9M-879.2% | -$2.8M+64.0% | -$7.9M+23.4% | -$10.3M-194.8% | -$3.5M-189.6% | -$1.2M+70.1% | -$4.0M |
| Capital Expenditures | $38.6M+61.3% | $24.0M+237.4% | $7.1M+65.7% | $4.3M+113.1% | $2.0M+136.3% | $851K-29.1% | $1.2M+18.2% | $1.0M |
| Free Cash Flow | -$57.1M-10.1% | -$51.9M-421.2% | -$9.9M+18.4% | -$12.2M+1.2% | -$12.3M-183.4% | -$4.4M-80.6% | -$2.4M+52.4% | -$5.1M |
| Investing Cash Flow | -$38.6M+69.4% | -$126.2M-1676.8% | -$7.1M-118.7% | -$3.2M-6.5% | -$3.0M-273.8% | -$816K+42.3% | -$1.4M-3827.8% | -$36K |
| Financing Cash Flow | $1.4B+464.4% | $256.4M+75.9% | $145.8M+33.0% | $109.6M+448.8% | $20.0M+1147.1% | -$1.9M-108.5% | $22.3M+13463.5% | -$167K |
| Dividends Paid | N/A | N/A | N/A | N/A | $3.1M | N/A | 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 1.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -643.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -1175.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -3.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -3.1% | N/A | -48.5%+30.8pp | -79.3%-146.6pp | 67.3% | N/A | -0.7%+0.3pp | -1.0% |
| Current Ratio | 36.29+26.1 | 10.17-6.3 | 16.51+1.4 | 15.11+11.6 | 3.52+0.3 | 3.22+3.1 | 0.08-0.0 | 0.09 |
| Debt-to-Equity | 0.13-0.3 | 0.39+6.7 | -6.29-4.1 | -2.17+0.3 | -2.46+2.6 | -5.06+13.2 | -18.26+2.2 | -20.42 |
| FCF Margin | -1002.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is USA Rare Earth Inc's annual revenue?
USA Rare Earth Inc (USAR) reported $1.6M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is USA Rare Earth Inc profitable?
No, USA Rare Earth Inc (USAR) reported a net income of -$297.6M in fiscal year 2025, with a net profit margin of -18110.7%.
What is USA Rare Earth Inc's EBITDA?
USA Rare Earth Inc (USAR) had EBITDA of -$58.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is USA Rare Earth Inc's gross margin?
USA Rare Earth Inc (USAR) had a gross margin of 11.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is USA Rare Earth Inc's operating margin?
USA Rare Earth Inc (USAR) had an operating margin of -3621.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is USA Rare Earth Inc's net profit margin?
USA Rare Earth Inc (USAR) had a net profit margin of -18110.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is USA Rare Earth Inc's return on equity (ROE)?
USA Rare Earth Inc (USAR) has a return on equity of -60.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is USA Rare Earth Inc's free cash flow?
USA Rare Earth Inc (USAR) generated -$86.3M in free cash flow during fiscal year 2025. This represents a -436.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is USA Rare Earth Inc's operating cash flow?
USA Rare Earth Inc (USAR) generated -$49.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are USA Rare Earth Inc's total assets?
USA Rare Earth Inc (USAR) had $695.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are USA Rare Earth Inc's capital expenditures?
USA Rare Earth Inc (USAR) invested $37.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does USA Rare Earth Inc spend on research and development?
USA Rare Earth Inc (USAR) invested $15.9M in research and development during fiscal year 2025.
What is USA Rare Earth Inc's current ratio?
USA Rare Earth Inc (USAR) had a current ratio of 10.17 as of fiscal year 2025, 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 0.39 as of fiscal year 2025, 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 -42.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is USA Rare Earth Inc's cash runway?
Based on fiscal year 2025 data, USA Rare Earth Inc (USAR) had $359.9M in cash against an annual operating cash burn of $49.0M. This gives an estimated cash runway of approximately 88 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.
What is USA Rare Earth Inc's Piotroski F-Score?
USA Rare Earth Inc (USAR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are USA Rare Earth Inc's earnings high quality?
USA Rare Earth Inc (USAR) has an earnings quality ratio of 0.16x, 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.
How financially healthy is USA Rare Earth Inc?
USA Rare Earth Inc (USAR) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.