USA Rare Earth, Inc.
For the period ended Mar 31, 2026. Filed May 14, 2026.
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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, 2026 · Filed May 14, 2026
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 Balance Sheets
| March 31,2026 | December 31,2025 | |
|---|---|---|
| (In thousands) | ||
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $1,749,644 | $359,925 |
| Accounts receivable | 5,691 | 3,764 |
| Inventories | 28,430 | 18,535 |
| Prepaid expenses and other current assets | 6,621 | 3,151 |
| Total current assets | 1,790,386 | 385,375 |
| Property, plant and equipment, net | 118,967 | 86,449 |
| Mineral interests | 17,339 | 17,339 |
| Goodwill | 134,848 | 134,848 |
| Other intangible assets, net | 67,255 | 68,612 |
| Equipment deposits | 5,364 | 1,879 |
| Operating lease right-of-use assets | 473 | 321 |
| Other non-current assets | 207 | 176 |
| Total assets | $2,134,839 | $694,999 |
| LIABILITIES, MEZZANINE AND STOCKHOLDERS' EQUITY | ||
| Liabilities | ||
| Current liabilities | ||
| Accounts payable | $17,084 | $11,069 |
| Accrued liabilities | 21,360 | 14,073 |
| Contract liabilities | 10,377 | 10,500 |
| Note payable | — | 1,849 |
| Finance leases, current | 286 | 283 |
| Operating leases, current | 232 | 137 |
| Total current liabilities | 49,339 | 37,911 |
| Deferred grant income | 8,414 | 8,200 |
| Finance leases, non-current | 519 | 592 |
| Operating leases, non-current | 244 | 185 |
| Earnout liability | 145,080 | 108,671 |
| Warrant liability | 26,491 | 19,534 |
| Deferred tax liability | 16,179 | 16,715 |
| Total liabilities | 246,266 | 191,808 |
| Commitments and contingencies (Note 5) | ||
| Mezzanine equity | ||
| 12% Series A Cumulative Convertible Preferred Stock subject to possible redemption | 9,614 | 8,905 |
| Total mezzanine equity | 9,614 | 8,905 |
| Stockholders' equity | ||
| Common stock | 22 | 15 |
| Accumulated other comprehensive (loss) income | (200) | 130 |
| Additional paid-in capital | 2,332,912 | 879,848 |
| Accumulated deficit | (454,349) | (387,360) |
| Non-controlling interest | 574 | 1,653 |
| Total stockholders' equity | 1,878,959 | 494,286 |
| Total liabilities, mezzanine equity, and stockholders' equity | $2,134,839 | $694,999 |
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