USA Rare Earth (USAR) Q1 2026 earnings summary

Executive summary

• Announced and closed transformative acquisitions, including Serra Verde, TMRC, and a strategic investment in Carester, consolidating a fully integrated global mine-to-magnet platform across three continents.

• Secured a 15-year offtake agreement for Serra Verde's Pela Ema mine, the only scaled producer of all four magnetic rare earths outside Asia, with price floors for NdPr, dysprosium, and terbium.

• Closed a $1.5 billion PIPE financing in January 2026, significantly strengthening liquidity and supporting strategic growth initiatives.

• Commissioned Phase 1a at Stillwater magnet plant, enabling customer-ready NdFeB magnet production in Q2 and ramping to 600 MTPA by year-end, with further expansion to 1,200 MTPA planned.

• Expanded leadership team and board with key industry and policy experts to support rapid global scaling.

Financial highlights

• Q1 2026 revenue was $5.7 million, primarily from Less Common Metals; gross profit was $0.1 million with a gross margin of 1.9%.

• Operating expenses were $36.8 million; adjusted operating expenses (excluding M&A and stock-based comp) were $25 million.

• Net loss attributable to common stockholders was $67 million ($0.34/share), including a $43.6 million non-cash fair value adjustment; adjusted net loss was $24.1 million ($0.12/share).

• Ended Q1 with $1.75 billion in cash, including PIPE proceeds, up from $359.9 million at year-end 2025.

• Capital expenditures totaled $38.6 million in Q1 2026, mainly for magnet manufacturing and LCM ramp-up.

Outlook and guidance

• Stillwater magnet plant targeting 600 MTPA run rate by year-end 2026 and 1,200 MTPA by Q1 2027; LCM aiming for 3,000 MTPA strip cast capacity by Q4 2026.

• Definitive Feasibility Study for Round Top expected to complete by year-end 2026 and publish in Q1 2027.

• Hydrometallurgical demonstration facility in Colorado to be commissioned in Q2 2026.

• No formal financial guidance provided; first Investor Day planned for Q3 2026 post-Serra Verde close.

• Long-term capital requirements for Round Top and expansions expected to exceed current resources; additional financing will be needed.