USA Rare Earth Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	-418.27	-298.52	-16.39	-8.54
Depreciation & Amortization	2.53	1.59	0.6	0.78
Stock-Based Compensation	7.95	8.76	1.74	1.37
Other Adjustments	356.2	247.37	0.52	-15.92
Change in Receivables	-1.93	-0.6	-	-
Changes in Inventories	-4.72	-3.21	-	-
Changes in Accounts Payable	1.4	-5.49	1.09	-2
Changes in Accrued Expenses	7.9	3.93	-0.87	-1.98
Changes in Unearned Revenue	-0.12	-0.48	-	-
Changes in Other Operating Activities	-15.34	-2.34	-0.08	4.34
Operating Cash Flow	-57.11	-48.99	-12.99	-21.93
Capital Expenditures	-72.95	-37.36	-3.11	-5.81
Payments for Business Acquisitions	-102.21	-102.21	-	-
Other Investing Activities	-	-	-0.18	-0.15
Investing Cash Flow	-175.06	-139.57	-3.29	-5.96
Long-Term Debt Issued	-	-	-	1
Net Long-Term Debt Issued (Repaid)	-	-	-	1
Issuance of Common Stock	1,986	509.17	25.5	-
Net Common Stock Issued (Repurchased)	1,986	509.17	25.5	-
Issuance of Preferred Stock	11.63	8	-	13.3
Net Preferred Stock Issued (Repurchased)	11.63	8	-	13.3
Other Financing Activities	11.21	-0.04	-0.6	-0.19
Financing Cash Flow	1,768	531.72	19.84	14.11
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.33	-	-	-
Net Cash Flow	1,726	343.16	3.56	-14.14
Free Cash Flow	-130.06	-86.34	-16.1	-27.74
FCF Margin	-1771.72%	-5255.26%	-	-
Free Cash Flow Per Share	-1.05	-0.88	-0.27	-0.63
Levered Free Cash Flow	-497.69	-340.91	-18.1	-11.07
Unlevered Free Cash Flow	-168.23	-102.82	-17.95	-29.45