USA Rare Earth, Inc. (USAR)

USA Rare Earth Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023
Net Income	-247.6	7.9	-8.54
Depreciation & Amortization	0.38	-	0.78
Stock-Based Compensation	4.29	-	1.37
Other Adjustments	501.87	-11.97	-15.92
Changes in Accounts Payable	-2.23	2.51	-2
Changes in Accrued Expenses	9.08	-	-1.98
Changes in Other Operating Activities	4.45	0.17	4.34
Operating Cash Flow	-21.73	-1.4	-21.93
Capital Expenditures	-13.4	-	-5.81
Proceeds from Sale of Investments	-	246.92	-
Other Investing Activities	-	-	-0.15
Investing Cash Flow	235.99	246.92	-5.96
Long-Term Debt Issued	-	1.2	1
Net Long-Term Debt Issued (Repaid)	-	1.2	1
Issuance of Common Stock	260.48	-	-
Repurchase of Common Stock	-	-246.92	-
Net Common Stock Issued (Repurchased)	260.48	-246.92	-
Issuance of Preferred Stock	23.25	-	13.3
Net Preferred Stock Issued (Repurchased)	23.25	-	13.3
Other Financing Activities	-8.39	-0.08	-0.19
Financing Cash Flow	7.8	-245.79	14.11
Net Cash Flow	222.06	-0.27	-14.14
Free Cash Flow	-35.12	-1.4	-27.74
Free Cash Flow Per Share	-0.49	-0.03	-0.63
Levered Free Cash Flow	-249.07	11.77	-11.07
Unlevered Free Cash Flow	-36.48	-1.4	-29.45

Updated Sep 30, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.