USA Rare Earth, Inc. income statement

In fiscal 2025, USA Rare Earth, Inc. reported revenue of $1.6m, operating income of −$59.5m (a -3621.6% margin) and net income of −$298m, or −$3.31 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

USA Rare Earth, Inc.: income statement, annual
Fiscal year	2024Dec 2024	2025Dec 2025
Revenue	0	2
Cost of revenue	0	1
Gross profit	0	0
Research and development	6	16
General and administrative	9	43
Operating income	−16	−60
Income before tax	−16	−299
Income tax	0	−0
Net income	−16	−298
Diluted EPS	−$0.40	−$3.31
Diluted shares (average)	60m	98m
EBITDA	−15	−59

US$ millions unless shown otherwise. Fiscal quarters.

USA Rare Earth, Inc.: income statement, quarterly
Quarter	2025 Q1Mar 2025	2025 Q2Jun 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Revenue	0	0	6	6
Cost of revenue	0	0	6	7
Gross profit	0	0	0	−2
Research and development	2	3	14	11
General and administrative	7	6	21	33
Operating income	−9	−9	−37	−46
Interest expense	0	0	0	0
Income before tax	52	−143	−69	−12
Income tax	0	0	−1	−1
Net income	52	−143	−67	−10
Diluted EPS	$0.29	−$0.77	−$0.34	−$0.05
EBITDA	−9	−9	−36	−45

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from USA Rare Earth, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to USA Rare Earth, Inc.