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USA Rare Earth, Inc.
NASDAQ: USAR Materials Metals 🔎 Screen
$1.9B
Market Cap
P/E
PEG
-64.5%
ROCE
N/M
ROE
0.01
D/E
-3,621.6%
OPM
-49.8%
% from 52W High
58
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for USAR including FX impact
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About

USA Rare Earth, Inc. engages in mining, processing, and supplying rare earths and other critical minerals in the United States, Europe, and Asia.

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⭐ Superinvestors Holding USAR
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 955.4K $14.5M 0.02% Mar 2026
Steve Cohen Point72 Asset Management 220.7K $3.3M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED USA Rare Earth reports Q1 2026 revenue of $6M, net loss $67M, cash $1.75B.
Revenue & Profitability
Revenues for Q1 2026 were approximately $6 million from LCM metal-making. Gross profit was slightly positive. Operating expenses were $37 million, adjusted to $25 million excluding M&A and stock-based comp. Net loss attributable to common stockholders was $67 million ($0.34 per share), including a non-cash fair value adjustment of $43.6 million. Adjusted net loss was $24.1 million ($0.12 per share). Cash ended the quarter at approximately $1.75 billion, including $1.5 billion PIPE proceeds. No revenue growth rate was provided; management expects LCM revenue to increase through 2026.
Outlook
Management sees a dramatic increase in urgency from industrial partners and customers for secure, non-China rare earth supply. Demand spans blue-chip OEMs, defense contractors, and data center/aerospace/infrastructure sectors. Customers are seeking safety stocks of semi-finished block magnets and metals. Some auto OEMs are directing suppliers to maintain up to a one-year supply. Aerospace and defense customers face a January 1, 2027 deadline to source outside China. Management is bullish on demand and says the only question is how fast the company can move.
Growth Drivers
Key growth levers include the ramp of the Stillwater magnet plant to 600 metric tons per annum by year-end 2026, scaling LCM metal and strip cast capacity to 3,000 metric tons per annum by Q4 2026, and the potential Phase 2 doubling of Serra Verde's Pela Ema mine production. The company is also seeing strong third-party demand for specialty metals (yttrium, gallium, gadolinium) and for oxides from Round Top even before production. The Carester investment provides heavy rare earth processing capability and recycling of swarf from magnet production. The $1.6 billion Department of Commerce funding will accelerate build-out across three continents.
Balance Sheet & CapEx
Capital expenditures in Q1 2026 were approximately $40 million, primarily for magnet manufacturing capacity and LCM ramp-up. The company expects to invest further with proceeds from the $1.75 billion cash balance and anticipated $1.6 billion Department of Commerce funding. Specific capacity investments include the Stillwater magnet plant (targeting 600 mtpa run rate by year-end), LCM metal capacity (3,000 mtpa by Q4), and the Round Top definitive feasibility study. Also, a three-rig drilling campaign of over 15,000 feet at Round Top will soon commence.
Margins
Gross profit was slightly positive in Q1 2026; management expects gross margins at LCM to improve as utilization increases through the year. No explicit margin guidance was provided. Operating expenses (adjusted) were $25 million for the quarter. The company expects revenue growth from LCM and magnet sales to drive operating leverage, but did not detail efficiency initiatives.
Key Risks
Management flagged dependence on closing the definitive documentation with the Department of Commerce (currently in final stages). The ability to secure feedstock and ramp production is tied to supply chain stability. The business relies on completing acquisitions (Serra Verde, Carester) and integrating operations. Customer demand may be impacted by geopolitical conditions or China's control of rare earth supply. Dilution from the equity portion of the Serra Verde acquisition (up to 25% increase based on share price) was a concern raised by analysts. No other risks were explicitly discussed.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-10
Q2 saw $6M in revenue, a $10.3M net loss, and $1.5B in cash, with major milestones including the Serra Verde acquisition, new facility buildouts, and first commercial production from recycling. Heavy rare earth scarcity is driving pricing and demand, with magnet sales expected by year-end.
Q1 2026 Q1 2026 2026-05-13
Q1 2026 saw major strategic moves, including the Serra Verde acquisition and Carester partnership, creating a global mine-to-magnet platform. Revenue was $6M, with a $24.1M adjusted net loss and $1.75B in cash. Strong demand for non-China rare earths and magnets is driving rapid operational ramp-up.
Q3 2025 Q3 2025 2025-11-06
Q3 2025 saw strong cash reserves, no debt, and a narrowed adjusted net loss, with the LCM acquisition set to close by year-end. Magnet plant commissioning remains on track for Q1 2026 amid robust demand, and investments are accelerating to expand capacity and secure supply chain resilience.
Q2 2025 Q2 2025 2025-08-11
Strong cash position and no debt support rapid progress in magnet production and supply chain integration, with robust demand and multiple MOUs signed. Operating loss driven by expansion and non-cash adjustments, while U.S. government support and Chinese export restrictions shape market dynamics.
Q1 2025 Q1 2025 2025-05-13
Raised over $100 million post-merger, with Q1 2025 showing an $8.7M operating loss and $51.8M net income due to a non-cash gain. Aggressively building a domestic neomagnet facility and advancing the Round Top project, targeting full line capacity by 2027.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
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