USA Rare Earth, Inc.
For the period ended Jun 30, 2025. Filed Aug 11, 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.
Jun 30, 2025 · Filed Aug 11, 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
| Six Months Ended June 30, | ||
|---|---|---|
| 2025 | 2024* | |
| (In thousands) | ||
| Cash flows from operating activities: | ||
| Net loss | $(91,031) | $(7,491) |
| Adjustments to reconcile net loss to cash used in operating activities | ||
| Equity-based compensation | 1,282 | 34 |
| Depreciation | 135 | 163 |
| Amortization of right of use assets | 135 | 103 |
| Non-cash interest expense | 73 | — |
| Amortization of discount on note payable | — | 94 |
| Settlement of litigation through the issuance of common shares | 1,674 | — |
| Loss (gain) on fair market value of financial instruments | 74,362 | (230) |
| Other non-cash adjustments | 419 | 39 |
| Changes in operating assets and liabilities: | ||
| Prepaid and other assets | (1,035) | (32) |
| Accounts payable | (2,785) | 95 |
| Accrued and other liabilities | (1,364) | (976) |
| Operating lease liability | (103) | (76) |
| Net cash used in operating activities | (18,238) | (8,277) |
| Cash flows from investing activities: | ||
| Capital expenditures and equipment deposits | (6,297) | (1,055) |
| Net cash used in investing activities | (6,297) | (1,055) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of USARE LLC Preferred Series A-1 and A-2 units, and warrants | 15,250 | — |
| Proceeds from issuance of USARE LLC Preferred Series A units, and warrants | 8,000 | — |
| Payment of issuance cost for USARE LLC Preferred Series A, and warrants | (400) | — |
| Payment of issuance cost for USARE LLC Convertible Preferred Class C-1 units | — | (483) |
| IPXX contribution of capital through merger | 22,867 | — |
| Prepayment of Forward Purchase Agreements | (20,789) | — |
| Proceeds from termination of Forward Purchase Agreements | 20,789 | — |
| Payment of securities issuance costs | (8,281) | (89) |
| Proceeds from issuance of equity and warrants under PIPE financing, net | 70,178 | — |
| Proceeds from exercise of warrants | 21,951 | — |
| Net cash provided by (used in) financing activities | 129,565 | (572) |
| Net change in cash and cash equivalents | $105,030 | $(9,904) |
| Cash and cash equivalents, beginning of year | 16,761 | 13,199 |
| Cash and cash equivalents, end of period | $121,791 | $3,295 |
| Supplemental disclosure of cash flow information: | ||
| USARE LLC Convertible Preferred Class C and C-1 unit dividends | $1,960 | $3,621 |
| USARE LLC Convertible Preferred Class A-1 and A-2 unit dividends | 1,082 | — |
| Finance right of use assets obtained in exchange for finance lease liabilities | 1,233 | — |
| Non-cash lease liabilities arising from obtaining right of use assets | 427 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.