USA Rare Earth | 10-Q: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -1.64.

EBIT: As of FY2025 Q3, the actual value is USD -17.15 M.

Segment Revenue

• No Operating Revenues: USA Rare Earth, Inc. has not yet realized any revenues from its planned operations as it is still in the exploration and research stages.

Operational Metrics

• Net Loss: For the nine months ended September 30, 2025, the company reported a net loss of $248.0 million, which includes a non-cash fair value loss on financial instruments of $216.8 million.
• Selling, General and Administrative Expenses: Increased by $19.9 million YoY, primarily due to legal services, consulting costs, stock-based compensation, and litigation settlement.
• Research and Development Expenses: Increased by $3.8 million YoY, mainly due to increased employee-related costs and other expenses.

Cash Flow

• Net Cash Used in Operating Activities: $21.1 million for the nine months ended September 30, 2025, compared to $9.5 million in the same period in 2024.
• Net Cash Used in Investing Activities: $13.4 million for the nine months ended September 30, 2025, primarily for plant improvements and equipment purchases.
• Net Cash Provided by Financing Activities: $275.3 million for the nine months ended September 30, 2025, mainly from PIPE financing and warrant exercises.

Unique Metrics

• Cash and Cash Equivalents: As of September 30, 2025, the company had $257.6 million in cash and cash equivalents.

Future Outlook and Strategy

• Core Business Focus: The company aims to establish a vertically integrated, domestic rare earth magnet supply chain, with plans to develop the Stillwater Facility and the Round Top Project to support its magnet manufacturing plant and the entire value chain.
• Non-Core Business: The company is pursuing the acquisition of Less Common Metals Ltd. to gain access to critical rare earth metal production and unique assets, which is expected to close in the fourth quarter of 2025.
• Priority: The company plans to use proceeds from recent PIPE financing for working capital and general corporate purposes, including the development of its strategic plan and infrastructure to handle increased production and sales.