USA Rare Earth, Inc. (USAR)

USA Rare Earth Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Cash & Equivalents	1,530	359.93	16.76	13.2	26.97
Cash & Short-Term Investments	1,530	359.93	16.76	13.2	26.97
Cash Growth	1156.37%	2047.40%	26.99%	-51.06%	-
Receivables	6.27	3.76	-	-	-
Inventory	50.14	18.54	-	-	-
Prepaid Expenses	12.35	0.73	-	0.44	0.35
Other Current Assets	9.47	2.42	5.51	0.07	-
Total Current Assets	1,673	385.38	22.27	13.71	27.32
Property, Plant & Equipment	166.24	104.11	43.68	41.07	38.52
Long-Term Investments	-	-	-	-	0.95
Goodwill	134.85	134.85	-	-	-
Other Intangible Assets	65.9	68.61	-	-	-
Other Long-Term Assets	47.16	2.06	3.11	2.61	0.07
Total Assets	2,999	695	69.07	57.39	66.86

Liabilities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Accounts Payable	17.37	11.07	1.82	0.39	2.38
Accrued Expenses	16.44	4.33	2.01	4.76	7.91
Current Portion of Long-Term Debt	-	1.85	0.83	-	-
Current Portion of Leases	0.64	0.42	0.02	0.45	0.44
Current Unearned Revenue	1.33	10.5	-	-	-
Other Current Liabilities	15.24	9.75	2.24	-	-
Total Current Liabilities	51.01	37.91	6.93	5.6	10.74
Long-Term Debt	-	-	-	0.62	20.24
Long-Term Leases	2.56	0.78	-	0.02	0.46
Long-Term Unearned Revenue	18.08	8.2	8.2	8.2	3.37
Long-Term Deferred Tax Liabilities	15.67	16.72	-	-	-
Other Long-Term Liabilities	364.19	128.21	-	0.46	-
Total Liabilities	451.51	191.81	15.13	14.9	34.81

Shareholders' Equity

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Common Stock	0.02	0.02	0.01	0.01	3.5
Additional Paid-In Capital	3,004	879.85	104.24	93.37	-
Retained Earnings	-464.68	-387.36	-72.87	-54.22	-44.64
Comprehensive Income & Other	-0.93	0.13	-	-	-
Total Common Equity	2,538	492.63	31.38	39.15	-41.13
Minority Interest	-1.06	1.65	2.64	3.33	4.57
Shareholders' Equity	2,547	503.19	53.94	42.48	32.05
Total Liabilities & Equity	2,999	695	69.07	57.39	66.86

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Total Debt	3.2	3.05	0.85	1.09	21.14
Net Cash (Debt)	1,527	356.88	15.91	12.11	5.83
Net Cash Growth	1168.44%	2143.53%	31.40%	107.69%	-
Net Cash Per Share	9.61	3.64	0.27	0.27	0.03
Filing Date Shares Outstanding	244.72	217.98	94.7	228.4	216.7
Total Common Shares Outstanding	244.67	148.06	227.3	228.4	216.7
Working Capital	1,622	347.46	15.35	8.11	16.58
Book Value Per Share	10.37	3.33	0.14	0.17	-0.19
Tangible Book Value	2,337	289.17	31.38	39.15	-41.13
Tangible Book Value Per Share	9.55	1.95	0.14	0.17	-0.19
Land	0.71	0.71	0.71	0.71	0.7
Buildings	35.72	9.6	-	-	-
Machinery	31.83	16.19	0.5	0.61	0.59
Construction In Progress	78.85	59.35	25.78	22.6	19.32
Leasehold Improvements	1.28	0.8	0.35	0.37	0.37

Data Source: S&P Global Market Intelligence Last updated: Aug 10, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 17, 2026

Data Sources Report a data error