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 Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In thousands) | ||
| Cash flows from operating activities: | ||
| Net (loss) income | $(68,068) | $51,682 |
| Adjustments to reconcile net (loss) income to cash used in operating activities | ||
| Equity-based compensation expense | 4,939 | 1,282 |
| Depreciation | 629 | 27 |
| Amortization of other intangible assets | 1,357 | — |
| Amortization of right of use assets | 118 | 38 |
| Loss (gain) on fair market value of financial instruments | 43,553 | (60,300) |
| Other non-cash adjustments | 56 | 84 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (1,927) | — |
| Inventories | (4,720) | — |
| Prepaid and other assets | (2,984) | (1,350) |
| Accounts payable | 5,273 | (1,609) |
| Accrued and other liabilities | 3,818 | (152) |
| Deferred tax liability | (536) | — |
| Contract liabilities | (123) | — |
| Lease liability | (55) | (31) |
| Deferred grants | 214 | — |
| Net cash used in operating activities | (18,456) | (10,329) |
| Cash flows from investing activities: | ||
| Capital expenditures and equipment deposits | (38,641) | (3,050) |
| Net cash used in investing activities | (38,641) | (3,050) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of USARE LLC Preferred units | — | 23,250 |
| Payment of issuance cost for USARE LLC Preferred units | — | (400) |
| IPXX contribution of capital through merger | — | 22,867 |
| Prepayment of Forward Purchase Agreements | — | (20,789) |
| Proceeds from termination of Forward Purchase Agreements | — | 3,322 |
| Payment of securities issuance costs | (51,003) | (8,281) |
| Proceeds from issuance of common stock under PIPE financing | 1,500,000 | — |
| Proceeds from exercise of warrants | 68 | — |
| Repayment of revolving credit facility | (1,849) | — |
| Financed leases | (70) | — |
| Net cash provided by financing activities | 1,447,146 | 19,969 |
| Effect of exchange rate differences on cash and cash equivalents | (330) | — |
| Net change in cash and cash equivalents | 1,389,719 | 6,590 |
| Cash and cash equivalents, beginning of year | 359,925 | 16,761 |
| Cash and cash equivalents, end of period | $1,749,644 | $23,351 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $35 | $— |
| Purchases of property and equipment in accounts payable and other accrued liabilities | 7,965 | — |
| USARE LLC Convertible Preferred unit dividends | — | 3,042 |
| 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 | 209 | 427 |
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