USA Rare Earth (USAR) Q1 FY2025 earnings: revenue $0
USA Rare Earth, Inc. (USAR) reported revenue of $0 for Q1 FY2025, the quarter ended 31 March 2025. Net income was $52 million, and diluted earnings per share $0.58. The figures are the company's own, from the 10-Q it filed with the SEC on 14 May 2026.
Revenue$0
Net income$52 million
Diluted EPS$0.58
QuarterQ1 FY2025ended 31 March 2025
The quarter, against the one before and a year earlier
| Line | Q1 FY2025 | Quarter before | A year earlier | Change on the year |
|---|---|---|---|---|
| Revenue | 0.0 | n/a | n/a | n/a |
| Cost of revenue | 0.0 | n/a | n/a | n/a |
| Gross profit | 0.0 | n/a | n/a | n/a |
| Research and development | 1.7 | n/a | n/a | n/a |
| Operating income | -8.7 | n/a | n/a | n/a |
| Interest expense | 0.1 | n/a | n/a | n/a |
| Pre-tax income | 51.7 | n/a | n/a | n/a |
| Income tax | 0.0 | n/a | n/a | n/a |
| Effective tax rate | 0.0% | n/a | n/a | |
| Net income | 51.8 | n/a | n/a | n/a |
| Diluted EPS | $0.58 | n/a | n/a | n/a |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.Cash flow and capital returned
| Line | Q1 FY2025 | Quarter before | A year earlier | Change on the year |
|---|---|---|---|---|
| Operating cash flow | -10.3 | n/a | n/a | n/a |
| Capital expenditure | 2.0 | n/a | n/a | n/a |
| Free cash flow | -12.3 | n/a | n/a | n/a |
| Cash from investing | -3.0 | n/a | n/a | n/a |
| Cash from financing | 20.0 | n/a | n/a | n/a |
| Depreciation and amortisation | 0.0 | n/a | n/a | n/a |
| Share-based compensation | 1.3 | n/a | n/a | n/a |
| Diluted shares, weighted | 83m | n/a | n/a | n/a |
| Shares outstanding at period end | 82m | n/a | n/a | n/a |
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet at quarter end
| Line | Q1 FY2025 | Quarter before | A year earlier | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | -52.7 | n/a | n/a | n/a |
| Redeemable equity | 32.4 | n/a | n/a | n/a |
| Debt | 0.0 | n/a | n/a | n/a |
| Operating lease liabilities | 0.3 | n/a | n/a | n/a |
| Finance lease liabilities | 0.8 | n/a | n/a | n/a |
| Other liabilities | 96.2 | n/a | n/a | n/a |
| Total liabilities and equity | 77.1 | n/a | n/a | n/a |
| Fixed assets | 30.1 | n/a | n/a | n/a |
| Cash and equivalents | 23.4 | n/a | n/a | n/a |
| Other assets | 23.6 | n/a | n/a | n/a |
| Total assets | 77.1 | n/a | n/a | n/a |
Questions
What was USA Rare Earth's revenue in Q1 FY2025?
USA Rare Earth (USAR) reported revenue of $0 for Q1 FY2025, the quarter ended 31 March 2025.
How much did USA Rare Earth earn in Q1 FY2025?
Net income for Q1 FY2025 was $52 million, and diluted earnings per share $0.58.
When did USA Rare Earth report Q1 FY2025 results?
USA Rare Earth filed its 10-Q for the quarter ended 31 March 2025 with the SEC on 14 May 2026.
Quarterly results, the last 4 quarters
| Q1 FY2025 † | Q2 FY2025 | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|
| Revenue | 0.0 | 0.0 | 5.7 | 5.8 |
| Cost of revenue | 0.0 | 0.0 | 5.6 | 7.4 |
| Gross profit | 0.0 | 0.0 | 0.1 | -1.6 |
| Gross margin | n/a | n/a | 2% | -27% |
| R&D | 1.7 | 2.6 | 14.2 | 10.8 |
| Operating income | -8.7 | -8.8 | -36.7 | -46.3 |
| Operating margin | n/a | n/a | -644% | -796% |
| Interest expense | 0.1 | 0.0 | 0.0 | 0.0 |
| Pre-tax income | 51.7 | -143 | -68.6 | -12.5 |
| Tax rate | 0% | n/a | n/a | n/a |
| Net income | 51.8 | -143 | -67.0 | -10.3 |
| Net margin | n/a | n/a | -1176% | -178% |
| Diluted EPS | $0.58 | -$1.54 | -$0.34 | -$0.05 |
| Operating cash flow | -10.3 | -7.9 | -18.5 | -56.9 |
| Capital expenditure | 2.0 | 3.2 | 38.6 | 69.7 |
| Free cash flow | -12.3 | -11.2 | -57.1 | -127 |
| Shares outstanding | 82m | 96m | 218m | 245m |
| Filing | 10-Q | 10-Q | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.10-Q for the period ended 31 March 2025, filed 14 May 2026: the filing.