USA Rare Earth, Inc. (USAR) Income Statement
USAR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUSAR revenue and net income
Where USAR's revenue goes
2025Each bar shows an amount and its share of revenue. USAR kept −18,110.7% of revenue as net income.
USAR profit margins
USAR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −99.9% | — | −72.1% | +2.7% |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | −78.6% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
USAR quarterly EPS vs estimates
USA Rare Earth beat the analyst EPS estimate in 3 of the last 6 quarters. Next report: November 5, 2026 (estimate $-0.19).
USAR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $1.18B | $0 | $0 | $968.9M | $971.4M | $849.6M | $0 | $0 | $16.9M |
| Cost of revenue | $3.0M | $389,000 | $308,000 | $210,000 | $157.1M | $165.4M | $195.8M | — | — | $0 |
| Gross profit | −$1.4M | −$389,000 | −$308,000 | −$210,000 | $811.8M | $806.0M | $653.8M | — | — | $16.9M |
| Research & development | $15.9M | $6.3M | $1.6M | $271,000 | — | — | — | — | — | — |
| Sales, general & admin | $43.1M | $86.1M | $7.4M | $19.8M | $63.8M | $52.2M | $112.1M | $43.9M | $41.1M | $814,000 |
| Total operating expenses | $58.1M | $15.2M | $985,212 | $24.1M | $256.4M | $923.6M | $1.05B | $43.9M | $41.1M | $814,000 |
| Operating income | −$59.5M | −$15.6M | −$985,212 | −$24.3M | $555.3M | −$117.6M | −$398.5M | −$43.9M | −$41.1M | $16.1M |
| Interest income | $5.4M | $5,755 | — | — | — | — | — | — | — | — |
| Interest expense | $139,000 | $315,000 | — | — | $175.3M | $147.0M | — | — | — | — |
| Income before taxes | −$298.7M | −$16.4M | $6.7M | −$25.5M | $448.7M | −$178.2M | −$457.6M | $98.9M | $28.6M | $16.1M |
| Income taxes | −$160,000 | $147.7M | — | — | $117.1M | −$55.7M | $102.5M | $32.3M | $26.3M | $6.4M |
| Net income | −$297.6M | −$15.7M | $6.7M | −$23.8M | $331.6M | −$122.5M | −$355.1M | $66.6M | $2.3M | $9.7M |
| EBITDA | −$57.9M | −$15.2M | −$267,212 | −$23.6M | $743.9M | $738.6M | $530.3M | — | — | — |
| EPS (diluted) | $0.06 | $0.28 | $0.19 | −$0.05 | $0.69 | −$0.26 | −$0.71 | $0.36 | $0.01 | — |
| Gross margin | −84.7% | −0.0% | — | — | 83.8% | 83.0% | 77.0% | — | — | 100.0% |
| Operating margin | −3,621.6% | −1.3% | — | — | 57.3% | −12.1% | −46.9% | — | — | 95.2% |
| Net margin | −18,110.7% | −1.3% | — | — | 34.2% | −12.6% | −41.8% | — | — | 57.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8M | $5.7M | $1.6M | $312.5M | $0 | $308.8M | $5.4M | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $9.9M | $7.7M | $2.4M | $276,000 | $272,000 | $65,000 | $32,000 | $91,000 | $98,000 | $168,000 | — | $44,000 |
| Gross profit | −$4.1M | −$2.0M | −$778,000 | −$276,000 | −$272,000 | −$65,000 | −$32,000 | −$91,000 | −$98,000 | −$168,000 | — | −$421,000 |
| Research & development | $10.8M | $14.2M | $7.2M | $4.5M | $2.6M | $1.7M | $1.4M | $1.2M | $1.7M | $2.1M | $567,000 | $561,000 |
| Sales, general & admin | $32.6M | $21.2M | $18.5M | $21.3M | $22.1M | $23.0M | $20.8M | $22.9M | $21.2M | $2.6M | $4.5M | $3.8M |
| Total operating expenses | $42.2M | $34.7M | $25.3M | $15.6M | $8.5M | $8.7M | $5.9M | $1.9M | $2.9M | $4.5M | $6.0M | $420,837 |
| Operating income | −$46.3M | −$36.7M | −$26.1M | −$15.9M | −$8.8M | −$8.7M | −$5.9M | −$2.0M | −$3.0M | −$4.7M | −$6.0M | −$420,837 |
| Interest income | $370,000 | $12.0M | $3.2M | $1.3M | $765,000 | $187,000 | — | — | $45,000 | $109,000 | — | — |
| Interest expense | $3.8M | $593,000 | $23,000 | $17,000 | $12,000 | $87,000 | — | $220,000 | $82,000 | $84,000 | — | $46,000 |
| Income before taxes | −$12.5M | −$68.6M | −$50.7M | −$157.0M | −$142.7M | $51.7M | −$6.9M | −$2.0M | −$2.8M | −$4.7M | −$6.3M | $2.9M |
| Income taxes | −$513,000 | −$577,000 | −$160,000 | $45.7M | $44.0M | $36.1M | $44.6M | — | $28.4M | — | — | — |
| Net income | −$10.3M | −$67.0M | −$50.2M | −$156.7M | −$142.5M | $51.8M | −$6.8M | −$1.9M | −$2.6M | −$4.5M | −$6.0M | $2.9M |
| EBITDA | −$43.8M | −$34.6M | −$25.0M | −$15.6M | −$8.5M | −$8.7M | −$5.9M | −$1.9M | −$2.9M | −$4.5M | −$22.3M | −$420,837 |
| EPS (diluted) | −$0.15 | −$0.12 | −$0.19 | −$0.25 | −$0.08 | $0.58 | $0.04 | $0.05 | $0.10 | $0.09 | $0.10 | $0.09 |
| Gross margin | −69.8% | −35.1% | −47.4% | −0.1% | — | −0.0% | −0.6% | — | — | — | — | — |
| Operating margin | −795.6% | −643.6% | −1,589.8% | −5.1% | — | −2.8% | −109.7% | — | — | — | — | — |
| Net margin | −177.5% | −1,175.7% | −3,055.7% | −50.1% | — | 16.8% | −126.0% | — | — | — | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in USAR's financial statements (latest annual report filed March 30, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
USAR financial results
In fiscal year 2025 (ended December 31, 2025), USA Rare Earth reported revenue of $1.6 million, down 99.9% from the year before. It had a net loss of $297.6 million, a net profit margin of −18,110.7%. Diluted earnings per share came to $0.06. Over five years revenue grew at an average rate of −72.1% a year.
See the USAR stock overview for the latest quote and news, or the USAR chart for price history and technical indicators.
USAR income statement FAQ
What is USA Rare Earth's annual revenue?
USA Rare Earth reported total revenue of $1.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 99.9% from $1.2 billion the previous year.
Is USA Rare Earth profitable?
No. USA Rare Earth reported a net loss of $297.6 million in fiscal 2025, a net profit margin of −18,110.7%; its operating margin was −3,621.6%.
What is USA Rare Earth's gross margin?
USA Rare Earth's gross margin was −84.7% in fiscal 2025: for every $100 of revenue, USA Rare Earth kept $-85 after the direct cost of its products and services.
How much does USA Rare Earth spend on research and development?
USA Rare Earth spent $15.9 million on research and development in fiscal 2025, 966.8% of revenue.
How fast is USA Rare Earth growing?
Revenue grew −72.1% a year on average over the last five fiscal years, from $971.4 million to $1.6 million.
What are USA Rare Earth's earnings per share?
USA Rare Earth earned $0.06 per diluted share in fiscal 2025, compared with $0.28 a year earlier.
When will USA Rare Earth report its next earnings?
USA Rare Earth is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does USA Rare Earth's fiscal year end?
USA Rare Earth's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 30, 2026.