For the year ending 2025-12-31, USAR has $694,999,000 in assets. $191,808,000 in debts. $359,925,000 in cash and cash equivalents.
| Balance Sheets | 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|---|
| Cash and cash equivalents | 359,925,000 | - | 275,665 | |
| Accounts receivable | 3,764,000 | - | - | |
| Cash | - | 2,101 | - | |
| Inventories | 18,535,000 | - | - | |
| Prepaid expenses | - | 14,955 | 18,390 | |
| Deferred offering costs | 0 | - | - | |
| Prepaid insurance | - | 43,440 | 205,604 | |
| Prepaid expenses and other current assets | 3,151,000 | - | - | |
| Total current assets | 385,375,000 | 60,496 | 499,659 | |
| Property, plant and equipment, gross | 87,046,000 | - | - | |
| Less accumulated depreciation | 1,640,000 | - | - | |
| Property, plant and equipment, net | 85,406,000 | - | - | |
| Finance lease right-of-use assets | 1,233,000 | - | - | |
| Less accumulated amortization | 190,000 | - | - | |
| Finance lease-right-of-use assets, net | 1,043,000 | - | - | |
| Property, plant and equipment, net | 86,449,000 | - | - | |
| Mineral interests | 17,339,000 | - | - | |
| Goodwill | 134,848,000 | - | - | |
| Other intangible assets, net | 68,612,000 | - | - | |
| Equipment deposits | 1,879,000 | - | - | |
| Operating lease right-of-use assets | 321,000 | - | - | |
| Marketable securities held in trust account | - | 24,075,435 | 258,971,518 | |
| Other non-current assets | 176,000 | - | - | |
| Total assets | 694,999,000 | 24,135,931 | 259,471,177 | |
| Accounts payable | 11,069,000 | - | - | |
| Accrued liabilities | 14,073,000 | - | 234,985 | |
| Contract liabilities | 10,500,000 | - | - | |
| Derivative liability | 0 | - | - | |
| Notes payable | 1,849,000 | - | - | |
| Finance leases, current | 283,000 | - | - | |
| Accounts payable and accrued expenses | - | 2,742,444 | - | |
| Operating leases, current | 137,000 | - | - | |
| Accrued offering costs | - | - | 75,000 | |
| Convertible promissory note - related party | - | 1,200,000 | - | |
| Other | 0 | - | - | |
| Total current liabilities | 37,911,000 | 3,942,444 | 309,985 | |
| Deferred grants | 8,200,000 | - | - | |
| Finance leases, non-current | 592,000 | - | - | |
| Operating leases, non-current | 185,000 | - | - | |
| Earnout liabilities | 108,671,000 | - | - | |
| Forward purchase agreements | - | 49,275 | - | |
| Warrant liabilities | 19,534,000 | - | - | |
| Deferred underwriting fee payable | - | 13,100,000 | 13,100,000 | |
| Deferred tax liability | 16,715,000 | - | - | |
| Total liabilities | 191,808,000 | 17,091,719 | 13,409,985 | |
| 12 seriesa cumulative convertible preferred stock subject to possible redemption | 8,905,000 | - | - | |
| Subscription receivable | 0 | - | - | |
| Total mezzanine equity | 8,905,000 | 24,075,435 | 258,971,518 | |
| Common stock | 15,000 | - | - | |
| Ordinary shares value-Common Class A | - | 620 | - | |
| Accumulated other comprehensive income | 130,000 | - | - | |
| Ordinary shares value-Common Class B | - | 5 | 625 | |
| Additional paid-in-capital | 879,848,000 | - | - | |
| Accumulated deficit | -387,360,000 | -17,031,848 | -12,910,951 | |
| Non-controlling interest | 1,653,000 | - | - | |
| Total stockholders deficit | - | -17,031,223 | -12,910,326 | |
| Total stockholders' equity | 494,286,000 | - | - | |
| Total liabilities, mezzanine equity, and stockholders' equity | 694,999,000 | 24,135,931 | 259,471,177 | |
USA Rare Earth, Inc. (USAR)
USA Rare Earth, Inc. (USAR)