USA Rare Earth
ConvictionSpeculative
Vertically integrated 'mine-to-magnet': owns the Round Top (TX) heavy-REE deposit, a hydromet/separation demo (CO), NdFeB sintered-magnet manufacturing (Stillwater, OK), and metal/alloy making via the Less Common Metals (LCM, UK) subsidiary; all current revenue is LCM metal/alloy sales, with magnet and mine revenue still ramping/pre-commercial.
Revenue
$5.7MQ1 2026, quarter ended Mar 31 2026) — first material commercial revenue, generated entirely by the LCM (UK) metal/alloy divisionRev growth
not meaningfully comparable YoYcompany at commercialization inflection; no prior-year commercial revenue base disclosedGross margin
1.9%Q1 2026 gross profit ~$0.1MOp margin
deeply negativeloss from operations $36.7M on $5.7M revenue in Q1 2026Capex intensity
very high — Q1 2026 capex $38.6M is ~6.8x quarterly revenuecapacity build-out phaseMarket cap
~$4.47BNasdaq: USAR, ~Jul 6 2026; ranged ~$4.38B-$4.66B late Jun-early Jul 2026The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for USA Rare Earth
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence