USA Rare Earth (USAR) Q2 2026 earnings summary

Executive summary

• Announced intent to acquire Serra Verde, the only large-scale heavy rare earth producer outside Asia, with a 15-year 100% offtake agreement and a proposed $2.83B acquisition price, backed by a U.S. government SPV.

• Closed acquisition of Texas Mineral Resources Corp. (TMRC), consolidating 100% ownership of the Round Top project for streamlined operations.

• Announced investment in Carester SAS, a leader in HREE processing, with a 13.6% stake and $45.7M investment.

• Broke ground on a new magnet and metals facility in Blacksburg, SC, and commissioned a hydrometallurgical facility in Colorado.

• CEO transition announced, with Thras Moraitis to succeed Barbara Humpton following the Serra Verde acquisition.

Financial highlights

• Q2 2026 revenue was $5.8 million, all from Less Common Metals; cash and cash equivalents stood at $1.53 billion as of June 30, 2026.

• Gross loss for Q2 2026 was $1.6 million (gross margin -27.2%); operating expenses were $44.7 million.

• Net loss attributable to common stockholders for Q2 2026 was $10.3 million ($0.05/share); adjusted net loss was $33.5 million ($0.15/share), and net loss for the half-year was $142.5 million.

• Raised $1.5 billion from PIPE financing in January 2026; secured $1.6 billion in U.S. Dept. of Commerce CHIPS Program funding.

• Capital expenditures and equipment deposits totaled $108.4 million in H1 2026.

Outlook and guidance

• Stillwater facility to reach 600 MTPA magnet manufacturing capacity by Q4 2026, expanding to 1,200 MTPA in Q1 2027.

• Blacksburg facility to be operational by early 2028, with both U.S. facilities at full capacity by end of 2029.

• Round Top Definitive Feasibility Study expected to complete in Q4 2026 and publish in Q1 2027; targeting commercial operations in late 2028.

• Serra Verde expected to deliver $600 million in annualized EBITDA by end of 2027, scaling to 6,400 metric tons TREO run rate capacity.

• Must raise $375M plus Serra Verde cash acquisition costs by March 31, 2027, and $875M by December 31, 2027, to meet CHIPS Act funding milestones.