USAR · XBRL financial data
USA Rare Earth financial statements, every fiscal year
The same tables from 4 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 years (USAR's year ends in late December)
| In thousands of dollars | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|
| Revenue | — | 0 | 1,643 |
| Cost of revenue | — | 0 | 1,448 |
| Gross profit | — | 0 | 195 |
| Research and development | — | 6,341 | 15,885 |
| General and administrative | — | 9,244 | 43,135 |
| Operating income (loss) | — | (4,077) | (59,503) |
| Interest income | — | 292 | 5,446 |
| Income tax expense (benefit) | — | 0 | (160) |
| Net income (loss) | — | 7,899 | (297,559) |
| Earnings per share, basic USD per share | — | (0.40) | (3.31) |
| Earnings per share, diluted USD per share | — | (0.40) | (3.31) |
| Weighted average shares, basic thousands of shares | — | 59,538 | 98,021 |
| Weighted average shares, diluted thousands of shares | — | 59,538 | 98,021 |
Balance sheet
CSVFiscal years (USAR's year ends in late December)
| In thousands of dollars | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|
| Cash and cash equivalents | 276 | 16,761 | 359,925 |
| Marketable securities, non-current | 258,972 | 24,075 | — |
| Inventory | — | 0 | 18,535 |
| Prepaid and other current assets | — | 378 | 3,151 |
| Total current assets | 500 | 60 | 385,375 |
| Property and equipment, net | — | 26,529 | 85,406 |
| Right-of-use asset | — | 30 | 321 |
| Goodwill | 0 | 0 | 134,848 |
| Total assets | 259,471 | 24,136 | 694,999 |
| Accounts payable | — | 1,823 | 11,069 |
| Accrued liabilities | 235 | 3,071 | 14,073 |
| Total current liabilities | 310 | 3,942 | 37,911 |
| Lease liability, non-current | — | 0 | 185 |
| Total liabilities | 13,410 | 17,092 | 191,808 |
| Accumulated deficit | (12,911) | (17,032) | (387,360) |
| Total stockholders' equity | (12,910) | (17,031) | — |
| Total liabilities and equity | 259,471 | 24,136 | 694,999 |
| Common shares outstanding (cover page) thousands of shares | — | 81,952 | 148,055 |
Cash flows
CSVFiscal years (USAR's year ends in late December)
| In thousands of dollars | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|
| Net income (loss) | — | 7,899 | (297,559) |
| Stock-based compensation | — | 1,738 | 8,760 |
| Depreciation and amortization | — | 235 | 763 |
| Net cash from operating activities | — | (1,399) | (48,985) |
| Net cash from investing activities | — | 246,916 | (139,566) |
| Share repurchases | — | 246,916 | — |
| Net cash from financing activities | — | (245,791) | 531,715 |
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 $10B of public float.
- * marks a quarter worked out from the filing totals: for a 10-K, the year less the first three quarters; for a 10-Q, the year-to-date total less the earlier one.
- A cell reading “not reported” means the filings give no figure for that quarter alone.
| Company | Cash ($K) | Revenue, quarter ($K) | Operating cash flow, quarter ($K) | Shares outstanding | Runway | Quarter |
|---|---|---|---|---|---|---|
| USA Rare Earth | 1,530,147 | 5,821 | (56,868)* | 244.7M | 26.9 quarters | 10-QJun 30, 2026 |
| Niocorp Developments | 415,004 | not reported | (4,011)* | 145.8M | 103.5 quarters | 10-KJun 30, 2026 |
| Lithium Americas | 822,782 | not reported | (5,569)* | 363.0M | 147.7 quarters | 10-QJun 30, 2026 |
| Ivanhoe Electric | 256,878 | 724 | (19,965)* | 159.6M | 12.9 quarters | 10-QJun 30, 2026 |
| Dakota Gold | 99,296 | not reported | (7,357)* | 134.2M | 13.5 quarters | 10-QJun 30, 2026 |
| TMC the metals | 98,655 | not reported | (20,100)* | 441.1M | 4.9 quarters | 10-QJun 30, 2026 |
| U.S. Gold | 27,115 | not reported | (3,541) | 16.5M | 7.7 quarters | 10-QJul 31, 2026 |
Not investment advice. Not affiliated with the U.S. SEC.