USA Rare Earth, Inc.
For the period ended Mar 31, 2025. Filed May 15, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 15, 2025
USAR$8.76+6.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
(in thousands, except par value)
| As of | ||
|---|---|---|
| March 31, | December 31, | |
| 2025 | 2024 | |
| (unaudited) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $23,351 | $16,761 |
| Deferred offering costs | - | 5,134 |
| Prepaid expenses and other current assets | 2,428 | 378 |
| Total current assets | 25,779 | 22,273 |
| Non-current assets: | ||
| Property, plant and equipment, net | 30,122 | 26,529 |
| Mineral interests, at cost | 17,125 | 17,125 |
| Equipment deposits | 3,572 | 3,060 |
| Lease right-of-use assets | 425 | 30 |
| Other non-current assets | 52 | 52 |
| Total non-current assets | 51,296 | 46,796 |
| Total assets | $77,075 | $69,069 |
| LIABILITIES, MEZZANINE AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $3,113 | $1,823 |
| Accrued liabilities | 3,831 | 3,071 |
| Derivative liability, current | - | 1,164 |
| Notes payable, current | - | 831 |
| Finance lease liability, current | 247 | - |
| Operating lease liability, current | 129 | 23 |
| Other current liabilities | 13 | 13 |
| Total current liabilities | 7,333 | 6,925 |
| Deferred grants | 8,200 | 8,200 |
| Finance lease liability, non-current | 805 | - |
| Operating lease liability, non-current | 289 | - |
| Earnout liability | 46,232 | - |
| Warrant liability | 34,475 | - |
| Total liabilities | 97,334 | 15,125 |
| Commitments and contingencies (Note 8) | ||
| Mezzanine equity: | ||
| 12% Series A Cumulative Convertible Preferred Stock subject to possible redemption, $0.0001 par value, 15,000 authorized, 5,233 issued and outstanding as of March 31, 2025 | 32,397 | 21,173 |
| Subscription receivable | - | (1,250) |
| Total mezzanine equity | 32,397 | 19,923 |
| Stockholders’ (deficit) equity: | ||
| Common Stock $0.0001, par value, 750,000 authorized; 81,952 shares issued and outstanding as of March 31, 2025 | 8 | 6 |
| Subscription receivable | (17,187) | - |
| Additional paid-in-capital | 24 | 104,244 |
| Accumulated deficit | (37,994) | (72,872) |
| Non-controlling interest | 2,493 | 2,643 |
| Total stockholders’ (deficit) equity | (52,656) | 34,021 |
| Total liabilities, mezzanine and stockholders’ (deficit) equity | $77,075 | $69,069 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.