USA Rare Earth Reports Third Quarter 2025 Financial Results
USA Rare Earth (Nasdaq: USAR) reported Q3 2025 results and operational milestones on Nov 6, 2025. The company ended the quarter with $258.0M cash and no significant debt, received a $125M common equity investment at quarter end, and reported subsequent cash of >$400M after raising an additional $163M from warrant exercises. Management signed a definitive agreement to acquire Less Common Metals (LCM), advanced a swarf recycling flow sheet toward pilot-scale testing in Q1 2026, and validated a Round Top flow sheet supporting a targeted Pre-Feasibility Study in H2 2026. Stillwater magnet facility remains on track for commercial commissioning in Q1 2026. Reported GAAP net loss and adjusted net loss for Q3 2025 were disclosed in the release.
USA Rare Earth (Nasdaq: USAR) ha riportato i risultati del Q3 2025 e i traguardi operativi il 6 novembre 2025. L'azienda ha chiuso il trimestre con $258.0M in contanti e nessun debito significativo, ha ricevuto un investimento in azioni ordinarie di $125M alla chiusura del trimestre, e ha riportato una cassa successiva di >$400M dopo aver raccolto ulteriori $163M tramite l'esercizio di warrant. La direzione ha firmato un accordo definitivo per acquisire Less Common Metals (LCM), ha avanzato una flow sheet di riciclo di truciolato verso test a scala pilota nel Q1 2026, e ha validato una flow sheet di Round Top a supporto di uno studio di pre-fattibilità mirato per la seconda metà del 2026. L'impianto magnetico Stillwater rimane in linea per la messa in servizio commerciale nel Q1 2026. Nel comunicato sono stati divulgati la perdita netta GAAP e la perdita netta rettificata per il Q3 2025.
USA Rare Earth (Nasdaq: USAR) informó los resultados del Q3 2025 y hitos operativos el 6 de noviembre de 2025. La empresa terminó el trimestre con $258.0M en efectivo y sin deuda significativa, recibió una inversión en acciones comunes de $125M al cierre del trimestre, y reportó un efectivo posterior de >$400M tras recaudar adicionalmente $163M por ejercicios de warrants. La dirección firmó un acuerdo definitivo para adquirir Less Common Metals (LCM), avanzó una hoja de flujo de reciclaje de viruta hacia pruebas a escala piloto en el Q1 2026, y validó una hoja de flujo de Round Top que respalda un Estudio de Prefactibilidad dirigido para la H2 2026. La instalación de Stillwater magnet permanece en camino para su puesta en marcha comercial en Q1 2026. Se divulgaron la pérdida neta GAAP y la pérdida neta ajustada para el Q3 2025 en el comunicado.
USA Rare Earth (나스닥: USAR)가 2025년 11월 6일 3분기 2025 실적 및 운영 이정표를 발표했습니다. 회사는 분기말에 $258.0M 현금 보유와 유의미한 부채 없음, 분기말에 $125M 보통주 투자를 받았으며, 후속 현금은 $400M로 증가했고 워런트 행사를 통해 추가로 $163M를 모금했다고 보고했습니다. 경영진은 Less Common Metals (LCM) 인수를 위한 확정 계약에 서명했고, 2026년 1분기에 파일럿 규모 테스트를 위한 스와브 재활용 흐름을 진전시키며, 2026년 하반기에 목표로 하는 예비타당성 연구를 지원하는 Round Top 흐름을 검증했습니다. Stillwater 자석 시설은 2026년 1분기에 상업 가동을 위한 일정대로 남아 있습니다. 2025년 3분기의 GAAP 순손실 및 조정된 순손실은 보도자료에서 공개되었습니다.
USA Rare Earth (Nasdaq: USAR) a publié les résultats du T3 2025 et les jalons opérationnels le 6 novembre 2025. L'entreprise a terminé le trimestre avec $258,0 M de trésorerie et aucune dette significative, a reçu un investissement en actions ordinaires de $125 M à la clôture du trimestre, et a déclaré une trésorerie subséquente de >$400 M après avoir levé un autre $163 M grâce à l'exercice de warrants. La direction a signé un accord définitif pour acquérir Less Common Metals (LCM), a fait progresser une feuille de flux de recyclage des copeaux vers des tests à l'échelle pilote au premier trimestre 2026, et a validé une feuille de flux Round Top soutenant une étude de pré-faisabilité ciblée au cours du second semestre 2026. L'installation magnétique Stillwater reste sur la voie d'une mise en service commerciale au Q1 2026. Le communiqué a divulgué la perte nette GAAP et la perte nette ajustée pour le T3 2025.
USA Rare Earth (Nasdaq: USAR) hat die Ergebnisse des Q3 2025 und betriebliche Meilensteine am 6. November 2025 gemeldet. Das Unternehmen schloss das Quartal mit $258,0 Mio. Bargeld und ohne bedeutende Schulden ab, erhielt eine $125 Mio. normale Aktieninvestition zum Quartalsende und meldete nachfolgend Barmittel von >$400 Mio. nach der Aufnahme weiterer $163 Mio. durch Ausübungen von Warrants. Das Management unterzeichnete eine Definitivvereinbarung zum Erwerb von Less Common Metals (LCM), machte Fortschritte bei einer Späne-Recycling-Flussdiagramm in Richtung Pilot-Skala-Tests im 1. Quartal 2026 und validierte ein Round Top-Flussdiagramm zur Unterstützung einer angestrebten Vor-Feasibility-Study im 2. Halbjahr 2026. Die Stillwater-Magnetanlage bleibt im Zeitplan für die kommerzielle Inbetriebnahme im Q1 2026. Im Release wurden der GAAP-Nettoverlust und der bereinigte Nettoverlust für Q3 2025 offengelegt.
USA Rare Earth (Nasdaq: USAR) أبلغت عن نتائج الربع الثالث 2025 والإنجازات التشغيلية في 6 نوفمبر 2025. أنهت الشركة الربع بنقد $258.0M وبدون ديون كبيرة، وتلقت استثمارًا في الأسهم العادية بقيمة $125M عند نهاية الربع، وأفادت بوجود نقد لاحق قدره >$400M بعد جمع مبلغ إضافي قدره $163M من تمارين اوامر التحويل. وقّع الإدارة اتفاقية نهائية لشراء Less Common Metals (LCM)، وقدم مخطط تدفق لإعادة تدوير الشرائح إلى اختبارات على مستوى تجريبي في الربع الأول من 2026، وصدّق على مخطط تدفق Round Top الذي يدعم دراسة ما قبل الجدوى المستهدفة في النصف الثاني من 2026. لا تزال منشأة Stillwater المغناطيسية في المسار الصحيح للإطلاق التجاري في الربع الأول من 2026. تم الكشف في البيان عن صافي الخسارة وفق GAAP والصافي المخفض للربع الثالث من 2025.
- Cash balance $257.6M at Sept 30, 2025
- $125M common equity investment received at quarter end
- Subsequent cash >$400M after warrant exercises
- Definitive agreement to acquire LCM (specialized metals and alloys)
- Stillwater magnet plant on track for Q1 2026 commercial commissioning
- Swarf recycling moving to pilot-scale in Q1 2026
- GAAP net loss of $(156,680) thousand for Q3 2025
- Loss per diluted share of $(1.64) in Q3 2025
- Net cash used in operating activities $(2.849M) in Q3 2025
- Forward-looking risks include possible delays or failure of Round Top development
Insights
Strong liquidity and a strategic acquisition materially improve execution runway despite reported losses.
The company finished the quarter with
Reported operating and net losses for the quarter and year-to-date are significant (quarter net loss attributable
Near-term items to watch are commissioning of the Stillwater magnet facility in
STILLWATER, Okla., Nov. 06, 2025 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (USAR or the Company) today announced its financial and operational results for the third quarter and nine months ended September 30, 2025.
Third Quarter Highlights
- Business Highlights
- Identified a flow sheet for the Round Top development project, validated through bench- and pilot-scale testing, supporting a targeted Pre-Feasibility Study completion in the second half of 2026.
- Stillwater, Oklahoma magnet facility remains on track for commissioning of commercial scale production in the first quarter 2026.
- Entered into a definitive agreement to acquire Less Common Metals Ltd. (LCM), a manufacturer of specialized rare earth metals and both cast and strip-cast alloys.
- Progressed swarf recycling flow sheet at the Company’s Wheat Ridge lab through bench-scale testing and will now move to pilot-scale testing in the first quarter 2026; represents a key step in closing the loop between mining, processing, and recycling.
- Signed a memorandum of understanding with Enduro Pipeline Services, a leading provider of pipeline cleaning and inline inspection tools, for delivery of neo magnets in early 2026.
- Signed a joint development agreement with ePropelled, Inc. to develop a strategic supply and purchase relationship of sintered neo magnets for use in ePropelled's state-of-the-art motors, which are used in a multitude of uncrewed air, land, and sea vehicles.
- Financial Highlights
- Ended quarter with
$258 million cash and no significant debt.- Received a
$125 million common equity investment at the end of the third quarter 2025, providing capital to execute the Company’s growth plans.
- Received a
- Subsequent to the quarter end, our current cash balance was over
$400 million .- Raised an additional
$163 million from exercise of warrants since the end of the third quarter 2025.
- Raised an additional
- Issued a notice of redemption on October 30, 2025 to redeem the remaining outstanding investor (USARW) warrants. Exercise of the warrants outstanding would result in an increase in cash of approximately
$123 million .
- Ended quarter with
Executive Commentary
“With the downstream capabilities of our magnet manufacturing plant in Stillwater well underway, which is now complimented by the metal making and strip casting capabilities of LCM, we are closing the loop within the rare earth magnet supply chain. We are also progressing toward pilot scale testing of our swarf recycling flow sheet and are moving into the Pre-Feasibility Study phase for Round Top, which are both exciting developments. Our strategy all along has been to take the steps necessary to secure the supply chain with the critical know-how and capabilities from mine all the way through magnet manufacturing. This progress across our business and the acquisition of LCM represent milestone achievements in the execution of this strategy,” said Barbara Humpton, USAR Chief Executive Officer.
Ms. Humpton continued, “The increased focus on critical rare earths, and their importance to every aspect of our economy, only reinforces what we are building: a fully integrated U.S.-based rare earth material and magnet platform that supports national priorities, supply-chain stability for the U.S. and our allies, while also delivering long-term value creation for our shareholders. Our job is the disciplined execution of this plan, and we will continue to execute and build on our progress in the quarters ahead.”
Financial Highlights
| Quarter-to-Date | Year-to-Date | |||||||||||||||
| Q3’2025 | Q3’2024 | Q3’2025 | Q3’2024 | |||||||||||||
| (In thousands, except for per share amounts) | ||||||||||||||||
| Loss from operations | $ | (15,861 | ) | $ | (1,959 | ) | $ | (33,383 | ) | $ | (9,668 | ) | ||||
| Net loss attributable to USA Rare Earth, Inc. | (156,680 | ) | (1,869 | ) | (247,354 | ) | (8,938 | ) | ||||||||
| Net loss per share attributable to USA Rare Earth, Inc. - Diluted | (1.64 | ) | (0.03 | ) | (2.83 | ) | (0.15 | ) | ||||||||
| Net cash used in operating activities | (2,849 | ) | (1,210 | ) | (21,087 | ) | (9,487 | ) | ||||||||
| Cash | 257,609 | 16,761 | ||||||||||||||
Non-GAAP Financial Highlights (1)
| Quarter-to-Date | Year-to-Date | |||||||||||||||
| Q3’2025 | Q3’2024 | Q3’2025 | Q3’2024 | |||||||||||||
| (In thousands, except for per share amounts) | ||||||||||||||||
| Adjusted net loss attributable to USA Rare Earth, Inc. | $ | (25,595 | ) | $ | (2,004 | ) | $ | (53,626 | ) | $ | (9,303 | ) | ||||
| Adjusted net loss per share attributable to USA Rare Earth, Inc. - Diluted | (0.25 | ) | (0.03 | ) | (0.56 | ) | (0.16 | ) | ||||||||
| (1) | Refer to the sections “About Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” for definitions of our non-GAAP financial measures and reconciliations of GAAP to non-GAAP amounts, respectively. |
Forward-looking Statements
Certain matters discussed in this press release and on the conference call (see information below) are or contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements, which involve risks and uncertainties include statements relating to the Company’s expectations for future development, operations, business strategies and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “seek”, “should”, “strive”, “target”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include, but are not limited to, risks related to: 1) the Company’s development of its magnet production facility and the timing of expected production milestones; 2) the development of the Round Top project, which may not result into a producing mine, may be delayed, or may not result in the commercial extraction of minerals; 3) uncertainty in any mineral estimates, uncertainty in any geological, metallurgical, and geotechnical studies and opinions; 4) the Company’s ability to successfully commence swarf processing; 5) delays in completing, or failure to complete, the LCM acquisition, including due to an inability to obtain required regulatory approvals or satisfy the other closing conditions; 6) failure to integrate LCM successfully, costs or difficulties associated with that integration, or failure to realize the expected benefits of the LCM acquisition when anticipated or at all; 7) competition in the magnet manufacturing industry; ability to grow and manage growth profitably; 8) the Company’s ability to build or maintain relationships with customers and suppliers; 9) the Company’s ability to attract and retain management and key employees; 10) supply and demand for rare earth minerals; 11) timing and amount of future production; 12) costs of production, capital expenditures and requirements for additional capital, including the need to raise additional capital to implement the Company’s strategic plan; 13) substantial doubt regarding the Company’s ability to continue as a going concern for the twelve months following the issuance of its third quarter 2025 Condensed Consolidated Financial Statements; 14) reductions in the Company’s stock price which may, among other things, reduce the number of warrants that are exercised prior to their redemption and therefore reduce the cash proceeds received by the Company; 15) timing of future cash flow provided by operating activities, if any; and 16) fluctuations in transportation costs or disruptions in transportation services or damage or loss during transport. Detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company’s periodic filings with the SEC, including the Company’s Form 10-K that the Company filed with the SEC on March 31, 2025 and the Company’s latest Quarterly Reports on Form 10-Q filed with the SEC. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements speak only as of their date, and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments.
About Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures, including adjusted net loss attributable to USA Rare Earth, Inc., and adjusted net loss per share attributable to USA Rare Earth, Inc. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions, and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to the Company’s financial condition and results of operations, and as a supplemental tool for investors to use in evaluating its ongoing operating results and trends and in comparing its financial measures with other companies that present similar non-GAAP financial measures. The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business. Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate our business.
- Adjusted net loss attributable to USA Rare Earth, Inc. is a non-GAAP financial measure that the Company defines as net loss attributable to USA Rare Earth, Inc. which excludes (loss) gain on fair market value of financial instruments.
- Adjusted net loss per share attributable to USA Rare Earth, Inc. - Diluted is a non-GAAP financial measure that the Company defines as net loss attributable to USA Rare Earth, Inc. adjusted for declared and deemed dividends, interest accretion, and (loss) gain on fair market value of financial instruments, divided by weighted average diluted shares outstanding.
Conference Call to Discuss Financial Results
The Company will hold a conference call on Thursday, November 6, 2025, 4:00 PM CT / 5:00 PM ET to discuss its third quarter and nine months ended September 30, 2025 results. Please see below for dial-in information.
LIVE CONFERENCE CALL:
Thursday, November 6, 2025, 4:00 PM CT / 5:00 PM ET
US / Canada Toll-Free: +1 (866) 652-5200
Local / International Toll: +1 (412) 317-6060
CONFERENCE CALL REPLAY:
Available approximately three hours after conclusion of the live call.
Expiration: December 6, 2025
US Toll-Free: +1 (877) 344-7529
Canada Toll-Free: (855) 669-9658
Local / International Toll: +1 (412) 317-0088
Access code: 1281359
Investors may also access the live call and the replay over the internet on the “Events” page of the Company’s investor website located at www.usare.com or at https://event.choruscall.com/mediaframe/webcast.html?webcastid=c1UqC8rH.
Disclosure Information
USA Rare Earth uses the investor relations section on its website as means of complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor USA Rare Earth’s investor relations website in addition to following USA Rare Earth’s press releases, SEC filings, and public conference calls and webcasts.
About USA Rare Earth
USA Rare Earth, Inc. (Nasdaq: USAR) is developing a rare earth sintered neo magnet (NdFeB or neo) manufacturing plant in Stillwater, Oklahoma, and intends to establish domestic rare earth and critical minerals supply, extraction, and processing capabilities to both supply its magnet manufacturing plant and market surplus materials to third parties. Rare earth magnets are critical to various business sectors and industries, including the defense, automotive, aviation, industrial, artificial intelligence with robotics, medical, and consumer electronics industries, among others. USAR is planning to take a broad approach to the industries it serves with the intention of providing high quality neo magnets to a variety of industries and customers. USAR’s focus on developing domestic rare earth production aligns with national priorities, offering the potential of a sustainable and secure domestic supply of materials critical to key industries.
Contact
Investor Relations
ir@USARE.com
| USA Rare Earth, Inc. Condensed Consolidated Balance Sheets (Unaudited) | ||||||
| September 30, 2025 | December 31, 2024 | |||||
| (In thousands) | ||||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 257,609 | $ | 16,761 | ||
| Deferred offering costs | — | 5,134 | ||||
| Prepaid expenses and other current assets | 1,268 | 378 | ||||
| Total current assets | 258,877 | 22,273 | ||||
| Property, plant and equipment, net | 40,648 | 26,529 | ||||
| Mineral interests | 17,339 | 17,125 | ||||
| Equipment deposits | 6,073 | 3,060 | ||||
| Other non-current assets | 388 | 82 | ||||
| Total assets | $ | 323,325 | $ | 69,069 | ||
| LIABILITIES, MEZZANINE AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
| Liabilities | ||||||
| Accounts payable | $ | 1,829 | $ | 1,823 | ||
| Accrued liabilities | 13,424 | 3,071 | ||||
| Deferred grants | 8,200 | 8,200 | ||||
| Earnout liabilities | 166,087 | — | ||||
| Warrant liabilities | 177,785 | — | ||||
| Finance and operating leases | 1,310 | 23 | ||||
| Other | — | 2,008 | ||||
| Total liabilities | 368,635 | 15,125 | ||||
| Mezzanine equity | 13,272 | 19,923 | ||||
| Stockholders' (deficit) equity | (58,582 | ) | 34,021 | |||
| Total liabilities, mezzanine equity, and stockholders' (deficit) equity | $ | 323,325 | $ | 69,069 | ||
| USA Rare Earth, Inc. Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative | $ | 11,410 | $ | 797 | $ | 24,666 | $ | 4,730 | |||||||
| Research and development | 4,451 | 1,162 | 8,717 | 4,938 | |||||||||||
| Total operating expenses | 15,861 | 1,959 | 33,383 | 9,668 | |||||||||||
| Loss from operations | (15,861 | ) | (1,959 | ) | (33,383 | ) | (9,668 | ) | |||||||
| Other (expense) income, net: | |||||||||||||||
| (Loss) gain on fair market value of financial instruments | (142,426 | ) | 135 | (216,788 | ) | 365 | |||||||||
| Interest, net, dividend income, and other expense | 1,293 | (184 | ) | 2,146 | (196 | ) | |||||||||
| Total other (expense) income, net | (141,133 | ) | (49 | ) | (214,642 | ) | 169 | ||||||||
| Net loss | (156,994 | ) | (2,008 | ) | (248,025 | ) | (9,499 | ) | |||||||
| Net loss attributable to non-controlling interest | (314 | ) | (139 | ) | (671 | ) | (561 | ) | |||||||
| Net loss attributable to USA Rare Earth, Inc. | $ | (156,680 | ) | $ | (1,869 | ) | $ | (247,354 | ) | $ | (8,938 | ) | |||
| Net loss per share attributable to USA Rare Earth, Inc.: | |||||||||||||||
| Basic and diluted | $ | (1.64 | ) | $ | (0.03 | ) | $ | (2.83 | ) | $ | (0.15 | ) | |||
| USA Rare Earth, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (In thousands) | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net loss | $ | (156,994 | ) | $ | (2,008 | ) | $ | (248,025 | ) | $ | (9,499 | ) | |||
| Non-cash adjustments | 145,974 | 169 | 224,054 | 372 | |||||||||||
| Changes in assets and liabilities | 8,171 | 629 | 2,884 | (360 | ) | ||||||||||
| Net cash used in operating activities | (2,849 | ) | (1,210 | ) | (21,087 | ) | (9,487 | ) | |||||||
| Cash flows from investing activities: | |||||||||||||||
| Capital expenditures and equipment deposits | (7,101 | ) | (1,201 | ) | (13,398 | ) | (2,256 | ) | |||||||
| Other | — | (213 | ) | — | (213 | ) | |||||||||
| Net cash used in investing activities | (7,101 | ) | (1,414 | ) | (13,398 | ) | (2,469 | ) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from issuance of preferred stock and warrants | — | 25,500 | 22,850 | 25,500 | |||||||||||
| IPXX contribution of capital through merger | — | — | 22,867 | — | |||||||||||
| Prepayment of Forward Purchase Agreements | — | — | (20,789 | ) | — | ||||||||||
| Proceeds from termination of Forward Purchase Agreements | — | — | 20,789 | — | |||||||||||
| Issuance costs | — | (3,183 | ) | (8,281 | ) | (3,755 | ) | ||||||||
| Proceeds from issuance of common stock and warrants under PIPE financing, net | 119,899 | — | 190,077 | — | |||||||||||
| Proceeds from exercise of warrants | 25,580 | — | 47,531 | — | |||||||||||
| Finance leases | 289 | — | 289 | — | |||||||||||
| Net cash provided by financing activities | 145,768 | 22,317 | 275,333 | 21,745 | |||||||||||
| Net change in cash and cash equivalents | $ | 135,818 | $ | 19,693 | $ | 240,848 | $ | 9,789 | |||||||
| Cash and cash equivalents, beginning of period | 121,791 | 3,295 | 16,761 | 13,199 | |||||||||||
| Cash and cash equivalents, end of period | $ | 257,609 | $ | 22,988 | $ | 257,609 | $ | 22,988 | |||||||
USA Rare Earth, Inc.
Reconciliation of Non-GAAP Financial Measures(1)
(Unaudited)
This press release includes certain non-GAAP financial information. The following table reconciles the GAAP financial information to the non-GAAP financial information.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (In thousands, except for per share amounts) | |||||||||||||||
| Net loss attributable to USA Rare Earth, Inc. | $ | (156,680 | ) | $ | (1,869 | ) | $ | (247,354 | ) | $ | (8,938 | ) | |||
| Declared and deemed dividends, and accretion | (11,341 | ) | — | (23,060 | ) | — | |||||||||
| Reversal of loss (gain) on fair market value of financial instruments | 142,426 | (135 | ) | 216,788 | (365 | ) | |||||||||
| Adjusted net loss attributable to USA Rare Earth, Inc.(2) | $ | (25,595 | ) | $ | (2,004 | ) | $ | (53,626 | ) | $ | (9,303 | ) | |||
| Adjusted net loss per share attributable to USA Rare Earth, Inc. - Diluted (2) | $ | (0.25 | ) | $ | (0.03 | ) | $ | (0.56 | ) | $ | (0.16 | ) | |||
| (1) | Amounts may not total due to rounding. |
| (2) | Refer to the section “About Non-GAAP Financial Measures” for an explanation of our use of non-GAAP financial measures and the definitions of such measures. |
FAQ
What cash position did USA Rare Earth (USAR) report for Q3 2025?
When will USA Rare Earth's Stillwater magnet facility begin commercial production?
What acquisition did USA Rare Earth announce on Nov 6, 2025 and why does it matter?
What are USA Rare Earth's near-term milestones for Round Top and recycling?
How large was USA Rare Earth's reported Q3 2025 net loss and adjusted net loss?
How much additional cash could USA Rare Earth receive if outstanding warrants are exercised?
