10-Q · May 14, 2026
USA Rare Earth, Inc. reported revenue of $5.7 million for Q1 2026, a significant increase from the previous year, driven solely by operations from Less Common Metals following its acquisition. However, the company…
Earnings analysis · 10-Q
USAR earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
USAR’s Q2 2026 results were mixed: revenue of $5.821 million missed the $6.7196 million consensus estimate, while diluted EPS of $(0.05) beat the $(0.11) estimate and improved sequentially and year over year. The…
Read full summary
USAR’s Q2 2026 results were mixed: revenue of $5.821 million missed the $6.7196 million consensus estimate, while diluted EPS of $(0.05) beat the $(0.11) estimate and improved sequentially and year over year. The company remained unprofitable, but reiterated its Q4 2026 Round Top feasibility-study and 600 MTPA Stillwater capacity targets. The 10-Q reported no material changes to the risk factors from the March 30, 2026 10-K, aside from updates incorporated from three subsequent 8-K filings.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.05
What stood out
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Revenue missed consensus
Second-quarter revenue was $5.821 million, down from $6.0 million in Q1 2026 and below the $6.7196 million consensus estimate by approximately $0.8986 million, or 13.4%.
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EPS beat estimates
GAAP diluted EPS was $(0.05), an improvement from $(0.34) in Q1 2026 and $(1.54) in Q2 2025, and better than the $(0.11) consensus estimate.
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2026 capacity targets reiterated
Management maintained its 2026 project milestones, including a Round Top definitive feasibility study targeted for Q4 2026 and 600 MTPA of Stillwater run-rate magnet capacity targeted for Q4 2026.
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Controls remained effective
Disclosure controls and procedures were concluded effective as of June 30, 2026, and the company reported no changes during the quarter that materially affected internal control over financial reporting.
What to watch
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Continued operating losses
Diluted EPS remained negative at $(0.05) in Q2 2026 despite improving from $(0.34) in Q1 2026, indicating that early operations remained unprofitable.
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Revenue execution shortfall
Revenue of $5.821 million was approximately 13.4% below the $6.7196 million consensus estimate, creating execution risk against the company’s planned growth and capacity buildout.
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Project and capacity execution risk
The company reiterated two major 2026 execution milestones—completion of the Round Top definitive feasibility study in Q4 2026 and 600 MTPA of Stillwater capacity in Q4 2026—leaving timing and construction execution as material risks.
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No material risk-factor update
The 10-Q states that, other than updates incorporated from the May 13, June 3, and July 16, 2026 Form 8-Ks, there were no material changes to the risk factors in the 2025 Form 10-K filed March 30, 2026.
Management's outlook
The filing did not provide numeric revenue or EPS guidance. Management reiterated 2026 targets of completing the Round Top definitive feasibility study in Q4 2026 and reaching 600 MTPA of run-rate magnet manufacturing capacity at Stillwater in Q4 2026.
Earlier filings 4
10-K · March 30, 2026
USA Rare Earth remains an early-stage, vertically integrated mine-to-magnet developer with limited operating revenue (derived from the Less Common Metals acquisition) and large near‑term capital requirements. The…
10-Q · August 11, 2025
USA Rare Earth (USAR) remains pre-revenue and capital intensive: the company reported no revenues for the quarter and a six‑month net loss of $91.0 million (which included a $74.4 million non‑cash fair value loss).…
10-K · March 31, 2025
USA Rare Earth (USAR) is a vertically‑oriented rare earth magnet developer that completed a SPAC domestication and business combination in March 2025 and controls the Round Top deposit while building a 310,000 sq. ft.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.