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$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
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024* | |
| (In thousands) | ||
| Cash flows from operating activities: | ||
| Net loss | $(248,025) | $(9,499) |
| Adjustments to reconcile net loss to cash used in operating activities | ||
| Equity-based compensation | 4,291 | 192 |
| Depreciation | 243 | 229 |
| Amortization of right of use assets | 241 | 128 |
| Amortization of discount on note payable | — | 149 |
| Loss (gain) on fair market value of financial instruments | 216,788 | (365) |
| Other non-cash adjustments | 2,491 | 39 |
| Changes in operating assets and liabilities: | ||
| Prepaid and other assets | (1,097) | (87) |
| Accounts payable | (3,403) | 944 |
| Accrued and other liabilities | 7,864 | (1,100) |
| Lease liability | (480) | (117) |
| Net cash used in operating activities | (21,087) | (9,487) |
| Cash flows from investing activities: | ||
| Capital expenditures and equipment deposits | (13,398) | (2,256) |
| Other | — | (213) |
| Net cash used in investing activities | (13,398) | (2,469) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of USARE LLC Preferred Series A-1 and A-2 units, and warrants | 15,250 | 25,500 |
| 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 | — | (541) |
| 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) | (3,214) |
| Proceeds from issuance of common stock and warrants under PIPE financing, net | 190,077 | — |
| Proceeds from exercise of warrants | 47,531 | — |
| Financed leases | 289 | — |
| Net cash provided by financing activities | 275,333 | 21,745 |
| Net change in cash and cash equivalents | 240,848 | 9,789 |
| Cash and cash equivalents, beginning of year | 16,761 | 13,199 |
| Cash and cash equivalents, end of period | $257,609 | $22,988 |
| Supplemental disclosure of cash flow information: | ||
| Purchases of property and equipment in accounts payable, accrued expenses, and other liabilities | $1,463 | $— |
| USARE LLC Convertible Preferred Class C and C-1 unit dividends | 1,960 | 4,842 |
| USARE LLC Convertible Preferred Class A-1 and A-2 unit dividends | 1,082 | 438 |
| 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 | — |
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