USAR revenueQ2 2026$5.82M
- QoQ
- +2.2%
USAR revenue was $5.82M in fiscal Q2 2026 (ended Jun 30, 2026), compared with $0 a year earlier and up 2.2% from the prior quarter. For the full fiscal 2025 it was $1.64M, compared with $0 in fiscal 2024.
USA Rare Earth Inc. (USAR) financials
For fiscal 2025 (ended Dec 31, 2025), USA Rare Earth Inc. reported $1.64M of revenue and -$297.56M of net income.
- Revenue, FY2025
- $1.64M
- Net income, FY2025
- -$297.56M
- Net margin
- -18110.7%
- Free cash flow, FY2025
- -$86.34M
- EPS, diluted, FY2025
- -$3.31
- Cash
- $1.53B
- P/S
- 1998.58
- Market cap
- $3.28B
FY2024FY2025
FY2024FY2025
FY2024FY2025
USAR revenue and earnings growth
USAR net incomeQ2 2026-$10.33M
USAR net income was -$10.33M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$142.51M a year earlier. For the full fiscal 2025 it was -$297.56M, compared with -$15.73M in fiscal 2024.
USAR EPSQ2 2026-$0.05
USAR diluted EPS was -$0.05 in fiscal Q2 2026 (ended Jun 30, 2026). For the full fiscal 2025 it was -$3.31.
USAR free cash flowQ2 2026-$126.61M
USAR free cash flow was -$126.61M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$11.16M a year earlier. For the full fiscal 2025 it was -$86.34M, compared with -$16.10M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Revenue | $1.64M | $0 |
| Cost of revenue | $1.45M | $0 |
| Gross profit | $195.0K | $0 |
| Research and development | $15.88M | $6.34M |
| Selling, general and admin | $43.13M | $9.24M |
| Operating income | -$59.50M | -$15.59M |
| Pre-tax income | -$298.68M | -$16.39M |
| Income tax | -$160.0K | $0 |
| Net income | -$297.56M | -$15.73M |
| EPS, basic | -$3.31 | -$0.40 |
| EPS, diluted | -$3.31 | -$0.40 |
| Diluted shares | 98.0M | 59.5M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Cash and equivalents | $359.93M | $16.76M |
| Inventory | $18.54M | $0 |
| Current assets | $385.38M | $22.27M |
| Goodwill | $134.85M | $0 |
| Total assets | $695.00M | $69.07M |
| Current liabilities | $37.91M | $6.92M |
| Total liabilities | $191.81M | $15.13M |
| Shareholders' equity | $494.29M | $34.02M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Operating cash flow | -$48.98M | -$12.99M |
| Capital expenditures | $37.36M | $3.11M |
| Free cash flow | -$86.34M | -$16.10M |
| Investing cash flow | -$139.57M | -$3.29M |
| Financing cash flow | $531.72M | $19.84M |
| Share repurchases | - | $246.92M |
| Stock-based compensation | $8.76M | $1.74M |
| Depreciation and amortization | $763.0K | $235.0K |
Key ratios
Income statement
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.82M | $5.70M | - | - | $0 | $0 | - | - | - | - |
| Cost of revenue | $7.40M | $5.59M | - | - | $0 | $0 | - | - | - | - |
| Gross profit | -$1.58M | $106.0K | - | - | $0 | $0 | - | - | - | - |
| Research and development | $10.77M | $14.25M | $7.17M | $4.45M | $2.58M | $1.69M | $1.40M | $1.16M | $1.73M | $2.05M |
| Selling, general and admin | $32.61M | $21.18M | $18.47M | $11.41M | $6.23M | $7.03M | $4.51M | $797.0K | $1.29M | $2.65M |
| Operating income | -$46.31M | -$36.67M | -$26.12M | -$15.86M | -$8.80M | -$8.72M | -$5.92M | -$1.96M | -$3.01M | -$4.70M |
| Pre-tax income | -$12.48M | -$68.64M | - | - | -$142.71M | $51.68M | - | - | - | - |
| Income tax | -$513.0K | -$577.0K | - | - | $0 | $0 | - | - | - | - |
| Net income | -$10.33M | -$66.99M | -$50.20M | -$156.68M | -$142.51M | $51.83M | -$6.80M | -$1.87M | -$2.60M | -$4.47M |
| EPS, basic | -$0.05 | -$0.34 | - | -$1.64 | -$1.54 | $0.75 | -$0.22 | -$0.03 | -$0.04 | -$0.11 |
| EPS, diluted | -$0.05 | -$0.34 | - | -$1.64 | -$1.54 | $0.58 | -$0.22 | -$0.03 | -$0.04 | -$0.11 |
| Diluted shares | 230.1M | 196.5M | - | 102.6M | 92.8M | 83.1M | - | 59.5M | 59.4M | 59.4M |
Balance sheet
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.53B | $1.75B | $359.93M | $257.61M | $121.79M | $23.35M | $16.76M | $22.99M | $3.29M | $7.54M |
| Inventory | $50.14M | $28.43M | $18.54M | - | - | - | $0 | - | - | - |
| Current assets | $1.67B | $1.79B | $385.38M | $258.88M | $123.55M | $25.78M | $22.27M | $222.9K | $60.1K | $267.6K |
| Goodwill | $134.85M | $134.85M | $134.85M | - | - | - | $0 | - | - | - |
| Total assets | $3.00B | $2.13B | $695.00M | $323.32M | $179.70M | $77.08M | $69.07M | $269.36M | $265.77M | $262.59M |
| Current liabilities | $51.01M | $49.34M | $37.91M | $15.68M | $8.18M | $7.33M | $6.92M | $2.73M | $645.6K | $508.7K |
| Total liabilities | $451.51M | $246.27M | $191.81M | $368.63M | $286.39M | $97.33M | $15.13M | $15.83M | $13.75M | $13.61M |
| Shareholders' equity | $2.54B | $1.88B | $494.29M | -$58.58M | -$131.93M | -$52.66M | $34.02M | $39.66M | $35.64M | $38.77M |
Cash flow
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$56.87M | -$18.46M | -$27.90M | -$2.85M | -$7.91M | -$10.33M | -$3.50M | -$1.21M | -$4.04M | -$4.23M |
| Capital expenditures | $69.75M | $38.64M | $23.96M | $7.10M | $3.25M | $3.05M | $851.0K | $1.20M | $1.02M | $39.0K |
| Free cash flow | -$126.61M | -$57.10M | -$51.86M | -$9.95M | -$11.16M | -$13.38M | -$4.36M | -$2.41M | -$5.06M | -$4.27M |
| Investing cash flow | -$69.75M | -$38.64M | -$126.17M | -$7.10M | -$3.25M | -$3.05M | -$816.0K | -$1.41M | -$36.0K | -$1.02M |
| Financing cash flow | -$27.82M | $1.45B | $256.38M | $145.77M | $109.60M | $19.97M | -$1.91M | $22.32M | -$167.0K | -$405.0K |
| Stock-based compensation | $6.06M | $4.94M | $4.47M | $3.01M | $0 | $1.28M | $1.55M | $158.0K | -$315.0K | $349.0K |
| Depreciation and amortization | $1.01M | $690.0K | $391.0K | $170.0K | $169.0K | $33.0K | $6.0K | $66.0K | $73.0K | $90.0K |
Key ratios
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | -27.2% | 1.9% | - | - | - | - | - | - | - | - |
| Operating margin | -795.6% | -643.6% | - | - | - | - | - | - | - | - |
| Net margin | -177.5% | -1175.7% | - | - | - | - | - | - | - | - |
| Free cash flow margin | -2175.1% | -1002.1% | - | - | - | - | - | - | - | - |
| Current ratio | 32.79 | 36.29 | 10.17 | 16.51 | 15.11 | 3.52 | 3.22 | 0.08 | 0.09 | 0.53 |
Source: XBRL data USA Rare Earth Inc. files with the SEC, latest filing dated Aug 10, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
USAR peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| USAR | $1.64M | - | -$297.56M | -18110.7% | $3.28B |
| SCCO | $17.11B | +38.7% | $6.36B | 37.2% | $148.62B |
| RIO | $57.64B | +6.3% | $9.97B | 17.3% | $108.51B |
| FCX | $26.46B | +1.8% | $3.44B | 13.0% | $89.51B |
| VALE | $38.40B | +0.9% | $2.35B | 6.1% | $51.08B |
| HBM | $2.21B | +9.4% | $568.50M | 25.7% | $10.12B |
| BVN | $1.73B | +49.2% | $782.14M | 45.2% | $7.34B |
| AUGO | $921.73M | +55.1% | -$79.34M | -8.6% | $7.29B |
| CLF | $20.07B | +7.8% | -$473.00M | -2.4% | $7.00B |
USAR FAQ
8 questionsWhat is USAR revenue?
USA Rare Earth Inc. (USAR) reported $1.64M of revenue for fiscal 2025 (ended Dec 31, 2025).Is USAR profitable?
No. USA Rare Earth Inc. reported a net loss of $297.56M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does USAR have?
USA Rare Earth Inc. reported $1.53B in cash and cash equivalents on its most recent balance sheet in SEC filings.What is USAR gross margin?
USA Rare Earth Inc.'s gross profit was $195.0K on $1.64M of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 11.9%.What is USAR free cash flow?
USA Rare Earth Inc. generated -$86.34M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -$48.98M less capital expenditures.What is USAR earnings per share?
Diluted earnings per share were -$3.31 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did USAR last report financial results?
The latest statements here come from USA Rare Earth Inc.'s 10-Q filed on Aug 10, 2026, covering the period ended Jun 30, 2026.Where does this USAR financial data come from?
Quantisnow builds these statements from the structured XBRL data USA Rare Earth Inc. files with the SEC. It is provided for information only and is not investment advice.