USA Rare Earth, Inc. (NASDAQ:USAR)
Insiders filed in the last 90 days, but none of those trades qualified for scoring — round-trip buys and filings whose price is far off the market are excluded.
Loses money on what it sells.
- Revenue
- $13.2M
- Net income
- -$284.2M
- Net margin
- -2159.3%
Little or no net debt.
- Total debt
- $13.5M
- Cash
- $1.59B
- Debt / equity
- 0.01
Comfortably covers what is due within a year.
- Current assets
- $1.67B
- Current liabilities
- $51.0M
- Current ratio
- 32.79
Consumes cash and must keep raising it.
- Operating cash flow
- -$106.1M
- Free cash flow
- -$245.5M
- FCF margin
- -1865.4%
Heavy dilution — shareholders are paying for the business.
- Shares outstanding
- 196.5M
- Share growth (1y)
- 111.8%
- Cash runway
- 180 months
Five pillars — profitability, leverage, liquidity, cash generation, dilution & runway — each scored 0–20 from the company’s own income statement, balance sheet and cash-flow statement, then scaled to 100. A pillar the statements cannot answer is left out rather than guessed; fewer than three and no score is shown.
USAR Income Statement
| Fiscal Period | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Period Ending | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 |
| Revenue | 5.82 M | 5.70 M | 1.64 M | 0.00 | 0.00 | 0.00 |
| Revenue Growth (YoY) | — | — | — | — | — | — |
| Cost of Revenue | 9.88 M | 7.70 M | 2.42 M | 276.00 K | 272.00 K | 65.00 K |
| Gross Profit | -4.06 M | -2.00 M | -778.00 K | -276.00 K | -272.00 K | -65.00 K |
| SG&A Expense | 31.48 M | 20.43 M | 18.17 M | 11.13 M | 5.96 M | 6.96 M |
| R&D Expense | 10.77 M | 14.25 M | 7.17 M | 4.45 M | 2.58 M | 1.69 M |
| Operating Expenses | 42.25 M | 34.68 M | 25.34 M | 15.59 M | 8.53 M | 8.65 M |
| Operating Income | -46.31 M | -36.67 M | -26.12 M | -15.86 M | -8.80 M | -8.72 M |
| Pretax Income | -12.48 M | -68.64 M | -50.66 M | -156.99 M | -142.71 M | 51.68 M |
| Tax Provision | -513.00 K | -577.00 K | -160.00 K | 0.00 | 0.00 | 0.00 |
| Net Income | -10.33 M | -66.99 M | -50.20 M | -156.68 M | -142.51 M | 51.83 M |
| EPS (Basic) | -0.05 | -0.34 | -0.37 | -1.64 | -1.54 | 0.80 |
| EPS (Diluted) | -0.05 | -0.34 | -0.37 | -1.64 | -1.54 | 0.62 |
| Shares Outstanding | 196.48 M | 196.48 M | 148.06 M | 102.59 M | 92.77 M | 64.46 M |
Quarterly figures; YoY compares the same fiscal quarter a year earlier. Source: public market data.