The beat and massive cash hoard de-risk near-term dilution concerns from the concurrently filed S-3 shelf. Focus now shifts to closing the Serra Verde acquisition and signing definitive DOE funding – both expected in Q2. Monitor for updates on these catalysts.
Price Chart
Executive Summary
USA Rare Earth reported Q1 2026 revenue of $5.7M (vs $0 a year ago) and adjusted EPS of -$0.12, beating consensus of -$0.16 by 25%. The company ended the quarter with $1.75B cash after a $1.5B PIPE and subsequently announced the transformative $2.8B acquisition of Serra Verde. The strong capital position and strategic progress signal accelerating execution of its mine-to-magnet strategy.
Key Financial Metrics
Key Facts
- Revenue $5.7M in Q1 2026 vs $0 in Q1 2025 (first revenue quarter after LCM acquisition)
- Adjusted EPS -$0.12 vs consensus -$0.16 (beat by 25%)
- Cash balance $1.75B after $1.5B PIPE close in January
- Post-quarter: definitive agreement to acquire Serra Verde for $2.8B and $14.2M Texas grant
- Phase 1a magnet facility commissioned; 600 MTPA run-rate expected by Q4 2026
Financial Impact
Revenue growth to $5.7M from zero; adjusted EPS beat consensus by $0.04
Risk Factors
- Dilution from future equity offerings under the S-3 shelf
- Execution risk on scaling magnet production and mining operations
- Commodity price volatility for rare earths
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001970622-26-000034 |
| Document: usar-20260513.htm | 0001970622-26-000034 |
| Document: 0001970622-26-000034-index-headers.html | 0001970622-26-000034 |
| Document: 0001970622-26-000034-index.html | 0001970622-26-000034 |
| Document: 0001970622-26-000034.txt | 0001970622-26-000034 |
| 8-K Data (Synthetic) | 0001970622-26-000034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 25d ago | 8-K | $13.80 $12.63 | ▼ −8.48% | ▼ −9.78% | $9.33 (−32.39%) |
Oct 1, 2026 25d ago | Press Release | $13.80 $12.63 | ▼ −8.48% | ▼ −9.78% | $9.33 (−32.39%) |
Sep 16, 2026 5w ago | EFFECT | $15.10 $16.78 | ▼ −11.13% | ▼ −8.29% | $9.33 (+38.21%) |
Sep 15, 2026 5w ago | 8-K | $15.10 $16.78 | ▼ −11.13% | ▼ −8.29% | $9.33 (+38.21%) |
Sep 4, 2026 7w ago | S-3 | $17.66 $15.40 | ▲ +12.80% | ▲ +11.68% | $9.33 (+47.17%) |
Sep 4, 2026 7w ago | S-3 | $17.66 $15.40 | ▲ +12.80% | ▲ +11.68% | $9.33 (+47.17%) |
Sep 4, 2026 7w ago | 8-K | $17.61 $15.71 | ▼ −10.79% | ▼ −9.58% | $9.33 (−47.02%) |
Aug 24, 2026 9w ago | DEFA14A | $18.29 $17.82 | ▼ −2.57% | ▼ −3.04% | $9.33 (−48.99%) |
Aug 24, 2026 9w ago | 8-K | $18.29 $17.82 | ▼ −2.57% | ▼ −3.04% | $9.33 (−48.99%) |
Aug 9, 2026 11w ago | Institutional Cluster | $19.04 $19.29 | ▲ +1.31% | ▲ +1.36% | $9.33 (−51.00%) |
US Market Status
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