Every 10-Q that USA Rare Earth Inc (USAR) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow USAR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full USAR filings page.
USA Rare Earth, Inc. is building an integrated rare-earth “mine-to-magnet” platform and remains in an early commercialization phase. For the six months ended June 30, 2026, it generated $11.5 million in revenue, all from its Less Common Metals alloy business, and recorded a net loss of $80.0 million and an operating loss of $83.0 million. Operating cash outflow was $75.3 million, with a further $108.4 million used for capital expenditures and equipment deposits.
Liquidity is strong following a $1.50 billion PIPE financing in January 2026, leaving $1.53 billion of cash and cash equivalents and $1.59 billion including restricted cash at June 30, 2026, largely invested in money market funds. The company also secured U.S. CHIPS Act support via a Direct Funding Agreement for up to $277 million in grants and a Loan Guarantee Agreement for up to $1.30 billion of Federal Financing Bank debt, issuing 16.1 million common shares and a warrant for 17.6 million shares to the U.S. Department of Commerce, recorded as $882.3 million of deferred arrangement costs and a $323.5 million warrant liability.
Strategically, USA Rare Earth agreed to acquire 13.6% of Carester SAS for about $45.7 million and signed a definitive deal to acquire Serra Verde Group’s parent for approximately $2.83 billion (cash plus 126.8 million shares), aiming to create a fully integrated rare-earth supply chain across mining, processing, metals and magnets. These transactions, together with ongoing development of its Stillwater magnet plant, Blacksburg refined-metals facility and the Round Top Project, are expected to require substantial additional capital and carry execution, integration, regulatory and dilution risks.
USA Rare Earth, Inc. reports Q1 2026 results with revenue of $5.7 million, all from its Less Common Metals unit, and a net loss attributable to the company of $67.0 million as it invests heavily in its rare earth “mine‑to‑magnet” strategy.
The balance sheet shifted dramatically after closing a $1.50 billion PIPE financing, lifting cash and cash equivalents to $1.75 billion and boosting total assets to $2.13 billion. The period also saw significant non‑cash charges from revaluing earnout and warrant liabilities, contributing to a large loss on financial instruments.
Strategically, the company signed non‑binding letters of intent with U.S. government agencies for up to $1.58 billion in potential CHIPS Act funding and debt, agreed to acquire the remaining interest in Texas Mineral Resources Corp. for stock, and later announced a proposed $2.83 billion acquisition of Serra Verde and a planned €40.0 million minority investment in Carester. These moves aim to create a fully integrated rare earth supply chain across mining, processing, metals, and magnet production.
USA Rare Earth, Inc. (USAR) filed its Q3 2025 report, highlighting a capital-heavy build-out and large non-cash fair value impacts. Cash and cash equivalents rose to $257.6 million as of September 30, 2025, driven by PIPE financings and warrant activity. The company reported a Q3 net loss of $156.7 million, with year-to-date loss at $247.4 million, primarily from changes in fair value of earnout and warrant liabilities.
Operating expenses were $15.9 million in Q3 and $33.4 million year-to-date as USAR advances its Stillwater, Oklahoma magnet facility. Cash used in operations was $21.1 million for the nine months. The balance sheet reflects $166.1 million of earnout liabilities and $177.8 million of warrant-related liabilities, contributing to a stockholders’ deficit.
USAR closed a $75.0 million PIPE in May and a $125.0 million PIPE on September 29, 2025. Management disclosed substantial doubt about the company’s ability to continue as a going concern due to funding needs for inventory, equipment, and scaling operations, despite the higher cash position and subsequent warrant exercise proceeds.