USA Rare Earth, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 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.
Sep 30, 2025 · Filed Nov 6, 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
| September 30,2025 | December 31,2024* | |
|---|---|---|
| (In thousands) | ||
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $257,609 | $16,761 |
| Deferred offering costs | — | 5,134 |
| Prepaid expenses and other current assets | 1,268 | 378 |
| Total current assets | 258,877 | 22,273 |
| Property, plant and equipment, net | 40,648 | 26,529 |
| Mineral interests | 17,339 | 17,125 |
| Equipment deposits | 6,073 | 3,060 |
| Lease right-of-use assets | 355 | 30 |
| Other non-current assets | 33 | 52 |
| Total assets | $323,325 | $69,069 |
| LIABILITIES, MEZZANINE AND STOCKHOLDERS' (DEFICIT) EQUITY | ||
| Liabilities | ||
| Current liabilities | ||
| Accounts payable | $1,829 | $1,823 |
| Accrued liabilities | 13,424 | 3,071 |
| Derivative liability | — | 1,164 |
| Notes payable | — | 831 |
| Finance and operating leases, current | 426 | 23 |
| Other | — | 13 |
| Total current liabilities | 15,679 | 6,925 |
| Deferred grants | 8,200 | 8,200 |
| Finance and operating leases, non-current | 884 | — |
| Earnout liabilities | 166,087 | — |
| Warrant liabilities | 177,785 | — |
| Total liabilities | 368,635 | 15,125 |
| Commitments and contingencies (Note 8) | ||
| Mezzanine equity | ||
| 12% Series A Cumulative Convertible Preferred Stock subject to possible redemption | 13,272 | 21,173 |
| Subscription receivable | — | (1,250) |
| Total mezzanine equity | 13,272 | 19,923 |
| Stockholders' (deficit) equity | ||
| Common Stock | 11 | 6 |
| Additional paid-in-capital | 276,615 | 104,244 |
| Accumulated deficit | (337,180) | (72,872) |
| Non-controlling interest | 1,972 | 2,643 |
| Total stockholders' (deficit) equity | (58,582) | 34,021 |
| Total liabilities, mezzanine equity, and stockholders' (deficit) equity | $323,325 | $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.