USAR USA Rare Earth, Inc.

Overview and Growth

Fiscal 2025 results for USA Rare Earth, Inc. combined $1.64M of revenue with net loss of $297.56M and an operating cash outflow of $48.98M. At $1.64M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The company reported diluted EPS of -$3.31, adding a shareholder-level measure to the absolute income figures considered below. A diluted share base of 98.02M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. The diluted share count was 64.6% higher than fiscal 2024, when diluted shares averaged 59.54M, adding context to the EPS comparison. Total assets stood at $695.00M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.0x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $195.00K as gross profit before recognizing operating expenses and other items. Gross profit represented 11.9% of revenue, showing how much of the top line remained after direct costs. Operations produced a $59.50M operating loss before non-operating and tax effects. The bottom-line result was a net loss of $297.56M after operating, financing, tax, and other recognized items. The company reported negative EBITDA of $58.74M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The pretax result was a loss of $298.68M, establishing the deficit before tax effects. An income-tax benefit of $160.00K improved the final result relative to pretax income or loss. The net loss equaled 60.2% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 42.8%. The net loss widened to $297.56M from $15.73M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $695.00M asset base was financed through $191.81M of liabilities and $494.29M of equity. At period end, current assets of $385.38M compared with current liabilities of $37.91M, defining the company’s short-term resource position. Current assets covered current liabilities by 10.17x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $359.93M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 949.4% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The equity-to-assets relationship was 71.1%, placing book capital against the total resource base. The liabilities-to-assets relationship was 27.6%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 51.8% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 906.2% higher than fiscal 2024 assets of $69.07M, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Operating activities used $48.98M of cash, resulting in an operating cash outflow for the year. Capital spending of $37.36M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $86.34M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 12.4% of total assets, placing the cash shortfall against the company’s resource base. The operating cash outflow widened to $48.98M from $12.99M in fiscal 2024.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.