The company has recorded zero revenue across all historical periods while sustaining a massive net loss of $156.7 million in 2025Q3.
| Sales/Revenue | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - |
| Gross Profit Growth % | - | - | - | - |
| Operating Expenses | 27.79M | 4.08M | 24.79M | 24.26M |
| OpEx % of Revenue | - | - | - | - |
| Selling, General & Admin | 24.67M | 0 | 21.09M | 19.78M |
| SG&A % of Revenue | - | - | - | - |
| Research & Development | 8.72M | 0 | 1.64M | 271K |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | -1000K | 4.08M | 2.07M | 4.21M |
| Operating Income | -27.79M | -4.08M | -24.79M | -24.26M |
| Operating Margin % | - | - | - | - |
| Operating Income Growth % | - | 83.55% | -2.19% | - |
| EBITDA | -27.85M | -4.08M | -24.07M | -23.59M |
| EBITDA Margin % | - | - | - | - |
| EBITDA Growth % | - | 83.06% | -2.05% | - |
| D&A (Non-Cash Add-back) | 484K | 0 | 718K | 671K |
| EBIT | -242.86M | -4.08M | -24.79M | -24.26M |
| Net Interest Income | 2.52M | 5.75K | 0 | 0 |
| Interest Income | 2.64M | 5.75K | 0 | 0 |
| Interest Expense | 116K | 0 | 0 | 0 |
| Other Income/Expense | -202.83M | 11.98M | 16.25M | -1.28M |
| Pretax Income | -230.63M | 7.9M | -8.54M | -25.54M |
| Pretax Margin % | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% |
| Net Income | -230.52M | 7.9M | -7.42M | -23.84M |
| Net Margin % | - | - | - | - |
| Net Income Growth % | - | 206.53% | 68.9% | - |
| Net Income (Continuing) | -230.63M | 7.9M | -8.54M | -25.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 1.97M | 0 | 3.33M | 4.57M |
| EPS (Diluted) | -2.25 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | - | - | - | - |
| EPS (Basic) | - | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 102.59M | 0 | 0 | 0 |
| Basic Shares Outstanding | 102.59M | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - |
Imminent liquidity and funding shortfall
According to the provided financial data, USA Rare Earth Inc has recorded zero revenue across all reported periods, underscoring its status as a pre-commercial development entity that currently lacks any operational cash inflows to support its ambitious mine-to-magnet vertical integration strategy or ongoing corporate overhead requirements.
The absence of top-line growth highlights the significant execution risk inherent in the Round Top project and the magnet manufacturing facility. Investors should monitor whether the company can transition from a development-stage entity to a revenue-generating business, as the current lack of sales leaves the firm entirely dependent on external capital.
As reported in recent financial statements, the company's operating expenses have trended upward, with R&D costs reaching $4.5 million and SG&A expenses hitting $11.4 million in 2025Q3, reflecting a high-burn environment that lacks the offsetting revenue necessary to sustain long-term industrial operations.
The sharp increase in SG&A and R&D spending suggests that management is aggressively pursuing technical milestones, yet this spending profile appears unsustainable without a clear path to commercialization. The lack of expense discipline relative to the company's negligible cash position warrants extreme caution regarding future dilution.
Based on the reported figures, the company experienced a massive net loss of $156.7 million in 2025Q3, which, when contrasted with the anomalous $51.8 million profit in 2025Q1, suggests that non-operating items or accounting adjustments are significantly distorting the true underlying economic performance of the business.
The extreme swings in net income indicate that investors should look past headline earnings, which appear to be driven by non-recurring factors rather than operational success. The reliance on stock-based compensation, which reached $3.0 million in 2025Q3, further complicates the quality of earnings and highlights the cost of retaining talent in a pre-revenue environment.
Data from recent filings indicates a nominal cash balance of only $2,101, a figure that suggests the company is currently operating in a state of technical insolvency and faces an immediate, critical need for capital to avoid a total cessation of its development activities.
This liquidity position is the most significant red flag for any potential investor, as it implies that the company may be unable to meet its near-term obligations without immediate and likely highly dilutive financing. The market may be severely overestimating the company's ability to reach production milestones given this apparent lack of working capital.
Quick answers to the most common questions about buying USARW stock.
For fiscal year 2024, USA Rare Earth Inc (USARW) reported total revenue of $0.0M.
USA Rare Earth Inc (USARW) is profitable, generating $7.9M in net income for the fiscal year ending 2024.