USAR · XBRL financial data
USA Rare Earth financial statements, every quarter
The same tables from 12 filings, lined up. Matched by XBRL tag: renamed lines keep their history.
How these numbers work
- Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
- Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
- * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
- 0 means a filing states zero; a dash (—) means no filing states that number.
- “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
- Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
- Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
- Shares outstanding come from each filing's cover page, as of the date printed there.
- Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.
Income statement
CSVFiscal quarters (USAR's year ends in late December)
| In millions of dollars | Sep 30, 2023 | Dec 31, 2023 | Mar 31, 2024 | Jun 30, 2024 | Sep 30, 2024 | Dec 31, 2024 | May 5, 2025 | Jun 30, 2025 | Sep 30, 2025 | Dec 31, 2025 | Mar 31, 2026 | Jun 30, 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | year only | — | 0 | — | year only | 6 | 6 |
| Cost of revenue | — | — | — | — | — | year only | — | 0 | — | year only | 6 | 7 |
| Gross profit | — | — | — | — | — | year only | — | 0 | — | year only | 0 | (2) |
| Research and development | — | — | 2 | 2 | 1 | 1* | — | 3 | 4 | 7* | 14 | 11 |
| General and administrative | — | — | 3 | 1 | 1 | 5* | — | 6 | 11 | 18* | 21 | 33 |
| Operating income (loss) | (0) | (0)* | (0) | (0) | (2) | (1)* | — | (9) | (16) | (26)* | (37) | (46) |
| Interest income | 3 | 3* | 0 | 0 | 0 | 0* | — | 1 | 1 | 3* | 12 | 0 |
| Interest expense | 0* | — | 0 | — | — | — | — | 0 | — | — | 0 | 0 |
| Income tax expense (benefit) | — | — | — | — | — | year only | — | 0 | — | year only | (1) | (1) |
| Net income (loss) | 3 | 3* | 3 | 3 | 2 | 0* | — | (143) | (157) | (50)* | (67) | (10) |
| Earnings per share, basic USD per share | — | — | (0.11) | (0.04) | (0.03) | — | — | (1.54) | (1.64) | — | (0.34) | (0.05) |
| Earnings per share, diluted USD per share | — | — | (0.11) | (0.04) | (0.03) | — | — | (1.54) | (1.64) | — | (0.34) | (0.05) |
| Weighted average shares, basic millions of shares | — | — | 59 | 59 | 59 | 60* | — | 93 | 103 | — | 196 | 230 |
| Weighted average shares, diluted millions of shares | — | — | 59 | 59 | 59 | 60* | — | 93 | 103 | 113* | 196 | 230 |
Balance sheet
CSVFiscal quarters (USAR's year ends in late December)
| In millions of dollars | Sep 30, 2023 | Dec 31, 2023 | Mar 31, 2024 | Jun 30, 2024 | Sep 30, 2024 | Dec 31, 2024 | May 5, 2025 | Jun 30, 2025 | Sep 30, 2025 | Dec 31, 2025 | Mar 31, 2026 | Jun 30, 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 17 | 23 | 122 | 258 | 360 | 1,750 | 1,530 |
| Marketable securities, non-current | 256 | 259 | 262 | — | — | 24 | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | 0 | — | — | — | 19 | 28 | 50 |
| Prepaid and other current assets | 0 | — | — | — | — | 0 | — | 2 | 1 | 3 | 7 | — |
| Total current assets | 1 | 0 | 0 | 0 | 0 | 0 | — | 124 | 259 | 385 | 1,790 | 1,673 |
| Property and equipment, net | — | — | 27 | — | — | 27 | — | 32 | 40 | 85 | 118 | 146 |
| Right-of-use asset | — | — | — | — | — | 0 | — | 0 | 0 | 0 | 0 | 2 |
| Goodwill | — | 0 | — | — | — | 0 | — | — | — | 135 | 135 | 135 |
| Total assets | 256 | 259 | 263 | 266 | 269 | 24 | — | 180 | 323 | 695 | 2,135 | 2,999 |
| Accounts payable | — | — | — | — | — | 2 | — | 2 | 2 | 11 | 17 | 17 |
| Accrued liabilities | 0 | 0 | 0 | 1 | — | 3 | — | 5 | 13 | 14 | 21 | 32 |
| Total current liabilities | 0 | 0 | 1 | 1 | 3 | 4 | — | 8 | 16 | 38 | 49 | 51 |
| Lease liability, non-current | — | — | — | — | — | 0 | — | 0 | 0 | 0 | 0 | 2 |
| Total liabilities | 13 | 13 | 14 | 14 | 16 | 17 | — | 286 | 369 | 192 | 246 | 452 |
| Accumulated deficit | (13) | (13) | (13) | (14) | (16) | (17) | — | (181) | (337) | (387) | (454) | (465) |
| Total stockholders' equity | (13) | (13) | (13) | (14) | (16) | (17) | — | — | — | — | — | — |
| Total liabilities and equity | 256 | 259 | 263 | 266 | 269 | 24 | — | 180 | 323 | 695 | 2,135 | 2,999 |
| Common shares outstanding (cover page) millions of shares | — | — | — | — | — | 82 | 91 | 97 | 133 | 148 | 218 | 245 |
Cash flows
CSVFiscal quarters (USAR's year ends in late December)
| In millions of dollars | Sep 30, 2023 | Dec 31, 2023 | Mar 31, 2024 | Jun 30, 2024 | Sep 30, 2024 | Dec 31, 2024 | May 5, 2025 | Jun 30, 2025 | Sep 30, 2025 | Dec 31, 2025 | Mar 31, 2026 | Jun 30, 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income (loss) | 3 | 3* | 3 | 3 | 2 | 0* | — | (143) | (157) | (50)* | (67) | (10) |
| Stock-based compensation | — | — | 0 | (0)* | 0* | 2* | — | 0* | 3* | 4* | 5 | 6* |
| Depreciation and amortization | — | — | — | 0 | 0 | 0* | — | 0 | 0 | 0* | 1 | 1 |
| Net cash from operating activities | (0)* | (0)* | (0) | (0)* | (0)* | (1)* | — | (8)* | (3)* | year only | (18) | (57)* |
| Purchases of property and equipment | — | — | 0 | — | — | — | — | — | — | — | — | — |
| Net cash from investing activities | 0* | 0* | (1) | (0)* | (1)* | 249* | — | (3)* | (7)* | (126)* | (39) | (70)* |
| Proceeds from issuing common stock | — | 0* | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | year only | — | — | — | — | — | — |
| Net cash from financing activities | 0* | 0* | (0) | (0)* | 1* | (246)* | — | 110* | 146* | 256* | 1,447 | (28)* |
| Net change in cash | (0)* | — | — | — | — | — | — | 98* | — | — | 1,390 | (155)* |
Compare with peers
SIC 1000 and related industry codes, similar size. Each row is the latest quarter reported.
How peers are chosen
- SIC 1000 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
- Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
- Runway shows only for companies burning cash with under $10B of public float.
- * marks a quarter worked out from the filing totals: for a 10-K, the year less the first three quarters; for a 10-Q, the year-to-date total less the earlier one.
- A cell reading “not reported” means the filings give no figure for that quarter alone.
| Company | Cash ($M) | Revenue, quarter ($M) | Operating cash flow, quarter ($M) | Shares outstanding | Runway | Quarter |
|---|---|---|---|---|---|---|
| USA Rare Earth | 1,530 | 5.8 | (57)* | 244.7M | 26.9 quarters | 10-QJun 30, 2026 |
| Niocorp Developments | 415 | not reported | (4)* | 145.8M | 103.5 quarters | 10-KJun 30, 2026 |
| Lithium Americas | 823 | not reported | (5.6)* | 363.0M | 147.7 quarters | 10-QJun 30, 2026 |
| Ivanhoe Electric | 257 | 0.7 | (20)* | 159.6M | 12.9 quarters | 10-QJun 30, 2026 |
| Dakota Gold | 99 | not reported | (7.4)* | 134.2M | 13.5 quarters | 10-QJun 30, 2026 |
| TMC the metals | 99 | not reported | (20)* | 441.1M | 4.9 quarters | 10-QJun 30, 2026 |
| U.S. Gold | 27 | not reported | (3.5) | 16.5M | 7.7 quarters | 10-QJul 31, 2026 |
Not investment advice. Not affiliated with the U.S. SEC.