USA Rare Earth, Inc.
usare.comWhat Do They Do?
Produces rare-earth metals, alloys and magnet products for aerospace and defense, technology, and industrial manufacturers, while developing mines and processing facilities.
10-K for FY2025, filed Mar 30, 2026We are building a leading global rare earth value chain, from mine to magnet and beyond. We intend to secure, reshore, and grow the…View ↗
The first link in the chain is our Round Top Deposit, where we have commenced our AMP including our Pre‑Feasibility Study (“PFS”) in the…View ↗
The third link in our value chain is integrated magnet manufacturing, where we expect to produce NdFeB blocks and finished permanent…View ↗
REE magnets, which include neo magnets, are one of the most powerful types of permanent magnets commercially available, as noted in a…View ↗
How Do They Make Money?
Customers buy casting and strip-casting material, generally paying within 30 to 60 days of invoice; prepayment may be required in some cases.
10-K for FY2025, filed Mar 30, 2026
$1.6M
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10-K for FY2025, filed Mar 30, 2026
$1.6M ↗
Who Are Their Customers?
Targets aerospace and defense, technology, and industrial manufacturers with rare-earth materials and magnet products; it plans to serve third-party customers across the value chain.
10-K for FY2025, filed Mar 30, 2026
10-K for FY2025, filed Mar 30, 2026
Customer Year Ended December 31, 2025 Customer 1 73 % Customer 2 18 % All other customers 9 %View ↗
Do Revenues Turn Into Profits?
No. It lost $297.6M in FY2025.
10-K for FY2025, filed Mar 30, 2026
−$59.5MView ↗
10-K for FY2025, filed Mar 30, 2026
−$297.6MView ↗
10-K for FY2025, filed Mar 30, 2026
−$86.4MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
−$10.3MView ↗
- ▼ −93% (Loss)
- vs −$142.5M in Q2 FY2025
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Sep 4, 2026
Completed combination with Serra Verde
The merger closed, with the surviving company becoming an indirect wholly owned USAR subsidiary.
Sources
8-K, filed Sep 4, 2026
On September 3, 2026 (the “Closing Date”), the parties closed the Merger, and the Merger became effective at the time when the Articles of…View ↗
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Aug 24, 2026
Amended Serra Verde offtake funding and purchase terms
The government provided $750 million, a bank committed up to $500 million, and the government contracted to buy at least $300 million in products over five years.
Sources
8-K, filed Aug 24, 2026
The Department of War has committed to a $750 million investment in the SPV - $250 million more than the $500 million originally…View ↗
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Aug 7, 2026
Completed acquisition of Texas Mineral Resources
TMRC became a wholly owned USAR subsidiary.
Sources
8-K, filed Aug 7, 2026
As previously disclosed, on March 4, 2026, USA Rare Earth, Inc. (“USAR”) entered into a definitive Agreement and Plan of Merger (the…View ↗
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Jul 20, 2026
Announced CEO transition
Barbara Humpton will retire as CEO and director, and Thras Moraitis is set to become CEO on October 1, 2026.
Sources
8-K, filed Jul 20, 2026
On July 19, 2026, USA Rare Earth, Inc. (“USAR” or the “Company”), announced that Barbara Humpton will retire as Chief Executive Officer and…View ↗
Who Do They Compete With?
Competes with MP Materials, Noveon Magnetics, VACUUMSCHMELZE, KSM Metals, Lynas Rare Earth, and Serra Verde Group
10-K for FY2025, filed Mar 30, 2026Domestically, we compete with MP Materials Corporation (“MP Materials”), which operates a LREE mine in the U.S. and is pursuing a…View ↗
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