USA Rare Earth, Inc.
For the period ended Jun 30, 2026. Filed Aug 10, 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.
Jun 30, 2026 · Filed Aug 10, 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
| Six Months Ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| (In thousands) | ||
| Cash flows from operating activities: | ||
| Net loss | $(80,031) | $(91,031) |
| Adjustments to reconcile net loss to cash used in operating activities | ||
| Equity-based compensation expense | 11,003 | 1,282 |
| Depreciation | 1,579 | 135 |
| Amortization of other intangible assets | 2,713 | — |
| Amortization of right of use assets | 293 | 202 |
| Foreign currency transactions | (139) | — |
| Loss on fair market value of financial instruments | 21,135 | 74,362 |
| Other non-cash adjustments | 14 | 2,099 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (2,506) | — |
| Inventories | (26,428) | — |
| Prepaid and other assets | (18,661) | (1,035) |
| Accounts payable | 7,465 | (2,785) |
| Accrued and other liabilities | 8,320 | (1,364) |
| Deferred tax liability | (1,050) | — |
| Contract liabilities | 548 | — |
| Lease liability | 139 | (103) |
| Deferred grants | 282 | — |
| Net cash used in operating activities | (75,324) | (18,238) |
| Cash flows from investing activities: | ||
| Capital expenditures and equipment deposits | (108,388) | (6,297) |
| Net cash used in investing activities | (108,388) | (6,297) |
| 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 | — | 20,789 |
| Payment of securities issuance costs | (51,003) | (8,281) |
| Payment of issuance cost for PIPE financing | — | (4,822) |
| Proceeds from issuance of common stock under PIPE financing | 1,500,000 | 75,000 |
| Payment of deferred government loan costs | (27,745) | — |
| Proceeds from exercise of warrants | 68 | 21,951 |
| Repayment of revolving credit facility | (1,849) | — |
| Payments on financed leases | (140) | — |
| Net cash provided by financing activities | 1,419,331 | 129,565 |
| Effect of exchange rate differences on cash, cash equivalents and restricted cash | (1,175) | — |
| Net change in cash, cash equivalents and restricted cash | 1,234,444 | 105,030 |
| Cash, cash equivalents and restricted cash, beginning of year | 359,925 | 16,761 |
| Cash, cash equivalents and restricted cash, end of period | $1,594,369 | $121,791 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.