The latest financial statement is for the year ending 2025-12-31.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -298,524,000 | - | - |
| Equity-based compensation expense | 8,760,000 | - | - |
| Depreciation | 573,000 | - | - |
| Amortization of intangible assets | 678,000 | - | - |
| Amortization of right of use assets | 335,000 | - | - |
| Amortization of discount on note payable | 0 | - | - |
| Settlement of litigation through the issuance of common shares | 1,674,000 | - | - |
| Loss on fair market value of financial instruments | -244,625,000 | - | - |
| Impairment of equity investment | 0 | - | - |
| Non-cash interest expense | 192,000 | - | - |
| Other non-cash adjustments | 1,425,000 | - | - |
| Formation costs paid by sponsor in exchange for issuance of class b ordinary shares | - | - | 5,845 |
| Accounts receivable | 599,000 | - | - |
| Dividend income earned on marketable securities held in trust account | - | - | 7,721,518 |
| Loss on issuance of forward purchase agreements | - | -484,843 | - |
| Inventories | 3,206,000 | - | - |
| Prepaid expenses | - | -3,435 | 9,783 |
| Prepaid and other assets | 2,013,000 | - | - |
| Prepaid insurance | - | -162,164 | 205,604 |
| Accounts payable | -5,487,000 | - | - |
| Accounts payable and accrued expenses | - | 2,507,459 | - |
| Accrued and other liabilities | 3,931,000 | - | - |
| Net income | - | 7,899,035 | 6,748,069 |
| Deferred tax liability | -161,000 | - | - |
| Dividend income earned on marketable securities held in trust account | - | 12,019,932 | - |
| Contract liabilities | -476,000 | - | - |
| Change in fair value of forward purchase agreements | - | 435,568 | - |
| Lease liability | -662,000 | - | - |
| Accrued expenses | - | - | 234,985 |
| Formation costs paid by sponsor in exchange for issuance of class b ordinary shares | - | 0 | - |
| Notes payable | 334,000 | - | - |
| Net cash used in operating activities | -48,985,000 | -1,398,564 | -948,006 |
| Iorm acquisition, net of cash received | 102,207,000 | - | - |
| Cash withdrawn from trust account in connection with redemption | - | 246,916,015 | - |
| Capital expenditures and equipment deposits | 37,359,000 | - | - |
| Investment of cash into trust account | - | 0 | 251,250,000 |
| Other | 0 | - | - |
| Net cash used in investing activities | -139,566,000 | 246,916,015 | -251,250,000 |
| Proceeds from issuance of preferred stock and warrants-Series A1A2Preferred Stock | 15,250,000 | - | - |
| Proceeds from issuance of preferred stock and warrants-Series APreferred Stock | 8,000,000 | - | - |
| Payments of stock issuance costs-Series APreferred Stock | 400,000 | - | - |
| Repayment of promissory note related party | - | 0 | 179,665 |
| Payments of stock issuance costs-Class C1Convertible Preferred Stock | 0 | - | - |
| Refund of offering costs included in accrued offering costs | - | - | -75,000 |
| Proceeds from convertible promissory note related party | - | 1,200,000 | - |
| Ipxx contribution of capital through merger | 22,867,000 | - | - |
| Payment of offering costs | - | 75,000 | 671,664 |
| Prepayment of forward purchase agreements | 20,790,000 | - | - |
| Redemption of ordinary shares | - | 246,916,015 | - |
| Proceeds from termination of forward purchase agreements | 20,790,000 | - | - |
| Proceeds from sale of units, net of underwriting discounts paid | - | 0 | 245,600,000 |
| Payment of securities issuance costs | 8,281,000 | - | - |
| Proceeds from issuance of common stock and warrants under pipe financing, net | 190,077,000 | 0 | 7,650,000 |
| Proceeds from exercise of warrants | 303,845,000 | - | - |
| Refund of offering costs included in accrued offering costs | - | 0 | - |
| Financed leases | 357,000 | - | - |
| Net cash provided by financing activities | 531,715,000 | -245,791,015 | 252,473,671 |
| Net change in cash | - | -273,564 | - |
| Net change in cash and cash equivalents | 343,164,000 | -273,564 | 275,665 |
| Cash and cash equivalents, beginning of year | 16,761,000 | 275,665 | - |
| Cash and cash equivalents, end of year | 359,925,000 | 2,101 | - |
USA Rare Earth, Inc. (USAR)
USA Rare Earth, Inc. (USAR)