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$7.92-9.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| For the Three Months Ended March 31, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| Cash Flows From Operating Activities: | |||
| Net income (loss) | $51,682 | $(4,672) | |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
| Equity-based compensation | 1,282 | 349 | |
| Depreciation and amortization | 33 | 90 | |
| Non-cash interest expense | 73 | 44 | |
| Amortization of right-of-use assets | 32 | 78 | |
| Loss on sale of property and equipment | - | 39 | |
| Loss on Hatch note extinguishment | 11 | - | |
| Gain on fair market value of financial instruments | (60,300) | (1) | |
| Changes in assets and liabilities: | |||
| Prepaid and other current assets | (1,350) | (262) | |
| Accounts payable | (1,609) | 800 | |
| Accrued and other current liabilities | (152) | (662) | |
| Operating lease liabilities | (31) | (61) | |
| Other liabilities | - | 25 | |
| Net cash used in operating activities | (10,329) | (4,233) | |
| Cash Flows From Investing Activities: | |||
| Purchase of property, plant and equipment | (2,011) | (39) | |
| Equipment deposits | (1,039) | (980) | |
| Cash used in investing activities | (3,050) | (1,019) | |
| Cash Flows From Financing Activities: | |||
| Proceeds from issuance of series A-2 preferred and warrants | 15,250 | - | |
| Proceeds from issuance of series A preferred and warrants | 8,000 | - | |
| Issuance cost for series A preferred and warrants | (400) | - | |
| IPXX contribution of capital through merger | 22,867 | - | |
| Prepayment of forward purchase agreements | (20,789) | - | |
| Proceeds from early termination of forward purchase agreements | 3,322 | - | |
| Payment of issuance costs of Class C-1 Convertible Preferred units | - | (367) | |
| Payment of securities issuance costs | (8,281) | (38) | |
| Net cash provided by (used in) financing activities | 19,969 | (405) | |
| Net increase (decrease) in cash | 6,590 | (5,657) | |
| Cash and cash equivalents, Beginning of Year | 16,761 | 13,199 | |
| Cash and cash equivalents, End of Period | $23,351 | $7,542 | |
| Supplemental Disclosure of Noncash Investing and Financing Activities: | |||
| Class C and C-1 convertible preferred stock dividends | $1,960 | $1,792 | |
| Class A-1 and A-2 convertible preferred stock dividends | $1,082 | $ | - |
| Finance right-out-use assets obtained in exchange for finance lease liabilities | $1,233 | $ | - |
| Operating right-of-use assets obtained in exchange for operating lease liabilities | $427 | $ | - |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.