USA Rare Earth, Inc. (USAR) income statement
NASDAQ · Basic Materials · Industrial Materials · 132 employees · CEO Thrasyvoulos Moraitis
- Price
- $9.62 -8.56%
- Market cap
- $1.28B
- Enterprise value
- -$305M
- Last report
- Q2 '26 filed 2026-08-10
- Next report
- 2026-11-05
USA Rare Earth, Inc. (USAR) reported revenue of $5.82M for Q2 '26 (– year on year), operating income of -$46.3M (-795.6% of revenue) and net income of -$10.3M. Over the last four quarters revenue was $13.2M.
Income statement
| Income statement | Trend | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.64M | $5.7M | $5.82M | |
| Cost of revenue | $0 | $0 | $168K | $98K | $91K | $32K | $65K | $272K | $276K | $2.42M | $7.7M | $9.89M | |
| Gross profit | $0 | $0 | -$168K | -$98K | -$91K | -$32K | -$65K | -$272K | -$276K | -$778K | -$2M | -$4.06M | |
| Research & development | $0 | $0 | $2.05M | $1.73M | $1.16M | $1.4M | $1.69M | $2.58M | $4.45M | $7.17M | $14.2M | $10.8M | |
| Operating expenses | $421K | $330K | $4.53M | $2.91M | $1.87M | $5.89M | $8.65M | $8.53M | $15.6M | $25.3M | $34.7M | $42.3M | |
| Operating income | -$421K | -$330K | -$4.7M | -$3.01M | -$1.96M | -$5.92M | -$8.72M | -$8.8M | -$15.9M | -$26.1M | -$36.7M | -$46.3M | |
| Interest income | $3.28M | $3.4M | $109K | $45K | $23K | $0 | $187K | $765K | $1.31M | $3.18M | $12M | $370K | |
| Total non-operating income | $3.28M | $3.4M | $26K | $192K | -$49K | -$976K | $60.4M | -$134M | -$141M | -$24.5M | -$32M | $33.8M | |
| Income before tax | $2.86M | $3.07M | -$4.67M | -$2.82M | -$2.01M | -$6.89M | $51.7M | -$143M | -$157M | -$50.7M | -$68.6M | -$12.5M | |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$160K | -$577K | -$513K | |
| Net income | $2.86M | $3.07M | -$4.47M | -$2.6M | -$1.87M | -$6.8M | $51.8M | -$143M | -$157M | -$50.2M | -$67M | -$10.3M | |
| EPS (basic) | $0.11 | $0.10 | $0.09 | $0.11 | $0.06 | -$0.66 | $0.80 | -$1.54 | -$1.64 | -$0.37 | -$0.34 | -$0.05 | |
| EPS (diluted) | $0.09 | $0.10 | $0.09 | $0.10 | $0.05 | -$0.64 | $0.62 | -$1.54 | -$1.64 | -$0.37 | -$0.34 | -$0.05 | |
| Shares (basic, weighted) | 25.8M | 31.3M | 31.3M | 28.1M | 25M | 22.3M | 64.5M | 92.8M | 103M | 148M | 196M | 196M | |
| Shares (diluted, weighted) | 31.3M | 31.3M | 31.3M | 31.3M | 31.3M | 22.3M | 83.1M | 92.8M | 103M | 148M | 196M | 196M | |
| Depreciation & amortization | $0 | $259K | $168K | $98K | $91K | $32K | $65K | $272K | $276K | $1.1M | $2.1M | $2.48M | |
| EBITDA | -$421K | -$70.5K | -$4.53M | -$2.91M | -$1.87M | -$5.89M | -$8.65M | -$8.53M | -$15.6M | -$25M | -$34.6M | -$43.8M |
| Income statement | Trend | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.9M | $0 | $0 | $850M | $971M | $969M | $0 | $0 | $0 | $1.64M | |
| Cost of revenue | $0 | $0 | $0 | $196M | $165M | $157M | $210K | $0 | $389K | $3.03M | |
| Gross profit | $16.9M | $0 | $0 | $654M | $806M | $812M | -$210K | $0 | -$389K | -$1.39M | |
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $271K | $0 | $6.34M | $15.9M | |
| General & administrative | $814K | $41.1M | $43.9M | $112M | $52.2M | $63.8M | $19.8M | $0 | $0 | $0 | |
| Other operating expenses | $0 | $0 | $0 | $940M | $871M | $193M | $4.01M | $0 | $0 | $0 | |
| Operating expenses | $814K | $41.1M | $43.9M | $1.05B | $924M | $256M | $24.1M | $985K | $15.2M | $58.1M | |
| Operating income | $16.1M | -$41.1M | -$43.9M | -$398M | -$118M | $555M | -$24.3M | -$985K | -$15.6M | -$59.5M | |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11.8K | $292K | $5.45M | |
| Interest expense | $0 | $0 | $0 | $0 | $147M | $175M | $0 | $0 | $0 | $0 | |
| Other non-operating income (gains on investments, FX ...) | $0 | $0 | $0 | -$776M | -$677M | -$8.67M | $0 | $0 | $0 | $0 | |
| Total non-operating income | $0 | $69.7M | $143M | -$59.1M | -$60.6M | -$107M | -$1.28M | $7.73M | -$807K | -$239M | |
| Income before tax | $16.1M | $28.6M | $98.9M | -$458M | -$178M | $449M | -$25.5M | $6.75M | -$16.4M | -$299M | |
| Income tax | $6.42M | $26.3M | $32.3M | $102M | -$55.7M | $117M | $0 | $0 | $0 | -$160K | |
| Net income | $9.71M | $2.33M | $66.6M | -$355M | -$123M | $332M | -$23.8M | $6.75M | -$15.7M | -$298M | |
| EPS (basic) | $0.00 | $0.03 | $0.33 | -$0.80 | -$0.26 | $0.69 | -$0.87 | $0.28 | -$0.40 | -$3.31 | |
| EPS (diluted) | $0.00 | $0.03 | $0.33 | -$0.80 | -$0.26 | $0.69 | -$0.87 | $0.28 | -$0.40 | -$3.31 | |
| Shares (basic, weighted) | 0 | 77.5M | 186M | 442M | 471M | 480M | 27.5M | 24.2M | 22.3M | 98M | |
| Shares (diluted, weighted) | 0 | 186M | 186M | 443M | 478M | 480M | 27.5M | 24.2M | 22.3M | 98M | |
| Depreciation & amortization | -$16.1M | $41.1M | $148K | $156M | $184M | $185M | $671K | $718K | $389K | $1.59M | |
| EBITDA | $0 | $0 | -$43.7M | $533M | $743M | $749M | -$23.6M | -$267K | -$15.2M | -$57.9M |
Standardised from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.
Revenue, operating income and growth
quarterlyMargins
quarterlyCosts as % of revenue
quarterlyThe other statements
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02