# EDGAR Filing Document

**Accession Number:** 0001970622
**File Stem:** 0001970622-25-000016
**Filing Date:** 2025-8
**Character Count:** 23399
**Document Hash:** 67b59e1a5104d125b7961c2eafcd6f0e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001970622-25-000016.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001970622-25-000016

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USA Rare Earth, Inc.
- **CENTRAL INDEX KEY:** 0001970622
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981720278
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41711
- **FILM NUMBER:** 251202068

**BUSINESS ADDRESS:**
- **STREET 1:** 100 W AIRPORT ROAD
- **CITY:** STILLWATER
- **STATE:** OK
- **ZIP:** 74075
- **BUSINESS PHONE:** 813-867-6155

**MAIL ADDRESS:**
- **STREET 1:** 100 W AIRPORT ROAD
- **CITY:** STILLWATER
- **STATE:** OK
- **ZIP:** 74075

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Inflection Point Acquisition Corp. II
- **DATE OF NAME CHANGE:** 20230322

?xml version='1.0' encoding='ASCII'? usar-20250811

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): August 11, 2025**

![USA Rare Earth Logo.jpg](usar-20250811_g1.jpg)

**USA Rare Earth, Inc.**

*(Exact Name of Registrant as Specified in its Charter)*

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41711** | **98-1720278** |
| *(State or Other Jurisdiction of Incorporation)* | *(Commission File Number)* | *(I.R.S. Employer Identification No.)* |

---

**100 W. Airport Road, Stillwater, OK 74075**

*(Address of Principal Executive Offices) (Zip Code)*

**(813) 867-6155**

*(Registrant's telephone number, including area code)*

**Not applicable**

*(Former Name or Former Address, if Changed Since Last Report)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, $0.0001 par value** | **USAR** | **The Nasdaq Stock Market LLC** |
| **Warrants, each whole warrant exercisable for one share of Common Stock, each at an exercise price of $11.50 per share** | **USARW** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On August 11, 2025, USA Rare Earth, Inc. (the "Company") issued an earnings press release announcing its financial results for the second quarter ended June 30, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.

The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act".

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [99.1](exhibit991-earningsrelease.htm) | [Press release of USA Rare Earth, Inc., dated](exhibit991-earningsrelease.htm) August 11, 2025, t[o report its financial results for the](exhibit991-earningsrelease.htm) second quarter and six months ended June 30, 2025. |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **USA Rare Earth, Inc.** | **USA Rare Earth, Inc.** |
| Date: | August 11, 2025 | By: | /s/ WILLIAM ROBERT STEELE JR. |
|  |  |  | William Robert Steele Jr. |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![usarareearthlogoa.jpg](usarareearthlogoa.jpg)

**USA Rare Earth Reports its Second Quarter 2025 Financial Results**

STILLWATER, Okla. - August 11, 2025 – USA Rare Earth, Inc. (Nasdaq: USAR) ("USAR" or the "Company") today announced its financial and operational results for the second quarter and six months ended June 30, 2025.

**Second Quarter Highlights**

• Stillwater, Oklahoma magnet facility on track for 1Q26 commissioning.

• 12 MOUs and JDAs signed to date—representing the potential for approximately 300 tons of annual production with customers in Aerospace & Defense, Data Center, and Automotive sectors.

• Successfully extracted gallium and heavy rare earth concentrates from our Round Top deposit.

• Ended quarter with $121.8 million cash and no significant debt

• Current cash balance of $128.1 million as of August 7, 2025

• Expanded team with key talent in engineering, sales, manufacturing, and finance.

**Executive Commentary**

"We are seeing a surge of customer interest as we prepare to begin production at our Stillwater, Oklahoma magnet facility in early 2026," said Joshua Ballard, Chief Executive Officer. "With a dozen initial signed agreements and active engagements with over 70 companies across multiple high-growth industries, we have the potential to sell out our first 1,200-ton production line prior to commissioning its full capacity."

Ballard continued, "We are seizing this pivotal moment in the rare earth mineral and magnet industry to accelerate and strengthen our mine-to-magnet supply chain. With a strong capital position, disciplined growth strategy, and clear vision, we are scaling rapidly—through targeted internal investments and strategic opportunities that expand our capabilities, enhance returns, and solidify our leadership in this quickly evolving global market."

**Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter-to-Date** | **Quarter-to-Date** | **Year-to-Date** | **Year-to-Date** |
| | **Q2'2025** | **Q2'2024** | **Q2'2025** | **Q2'2024** |
|  | *(In thousands, except for per share amounts)* | *(In thousands, except for per share amounts)* | *(In thousands, except for per share amounts)* | *(In thousands, except for per share amounts)* |
| Loss from operations | $(8804) | $(3011) | $(17522) | $(7709) |
| Net loss | (142713) | (2819) | (91031) | (7491) |
| Diluted net loss per share | (1.54) | (0.04) | (0.99) | (0.12) |
| Net cash used in operating activities | (7909) | (4044) | (18238) | (8277) |
| Cash |  |  | 121791 | 16761 |

---

**Non-GAAP Financial Highlights** <sup>(1)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter-to-Date** | **Quarter-to-Date** | **Year-to-Date** | **Year-to-Date** |
| | **Q2'2025** | **Q2'2024** | **Q2'2025** | **Q2'2024** |
|  | *(In thousands, except for per share amounts)* | *(In thousands, except for per share amounts)* | *(In thousands, except for per share amounts)* | *(In thousands, except for per share amounts)* |
| Adjusted net loss | $(7844) | $(2826) | $(16312) | $(7299) |
| Adjusted net loss per common share - Diluted | (0.08) | (0.05) | (0.18) | (0.12) |

---

<sup>(1)</sup> Refer to the sections "Use of Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" for definitions of our non-GAAP financial measures and reconciliations of GAAP to non-GAAP amounts, respectively.

------

**Forward-looking Statements**

Certain matters discussed in this press release and on the conference call (see information below) are or contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements, which involve risks and uncertainties include statements relating to the Company's expectations for future development, operations, business strategies and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipate", "believe", "can", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "seek", "should", "strive", "target", "will", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include, but are not limited to: risks related to the Company's 1) development of its magnet production facility and the timing of expected production milestones; 2) competition in the magnet manufacturing industry; 3) ability to grow and manage growth profitably; 4) ability to build or maintain relationships with customers and suppliers; 5) ability to attract and retain management and key employees; 6) supply and demand for rare earth minerals; 7) timing and amount of future production; 8) costs of production, capital expenditures and requirements for additional capital, including the need to raise additional capital to implement the Company's strategic plan; 9) substantial doubt regarding its ability to continue as a going concern for the twelve months following the issuance of our second quarter 2025 Condensed Consolidated Financial Statements; 10) timing of future cash flow provided by operating activities, if any; 11) uncertainty in any mineral estimates, uncertainty in any geological, metallurgical, and geotechnical studies and opinions; and 12) transportation risks. Detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company's periodic filings with the SEC, including the Company's Form 10-K that the Company filed with the SEC on March 31, 2025 and the Company's latest Quarterly Reports on Form 10-Q filed with the SEC. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements speak only as of their date, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances occurring after their date or to reflect the occurrence of unanticipated events.

**Use of Non-GAAP Financial Measures**

This press release includes certain non-GAAP financial measures, including adjusted net loss, and adjusted net loss per common share. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions, and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to the Company's financial condition and results of operations, and as a supplemental tool for investors to use in evaluating its ongoing operating results and trends and in comparing its financial measures with other companies that present similar non-GAAP financial measures. The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business. Current and prospective investors should review the Company's audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate our business.

**Notes to the Financial Results**

• *Adjusted net loss* is a non-GAAP financial measure that the Company defines as net loss attributable to common stockholders which excludes (loss) gain on fair market value of financial instruments.

• *Adjusted net loss per common share - Basic and Diluted* is a non-GAAP financial measure that the Company defines as net loss attributable to common stockholders which excludes (loss) gain on fair market value of financial instruments, divided by basic and diluted shares outstanding, respectively.

------

**Conference Call to Discuss Financial Results**

The Company will hold a conference call on Monday, August 11, 2025, 4:00 PM CT / 5:00 PM ET to discuss its second quarter and six months ended June 30, 2025 results. Please see below for dial-in information.

<u>LIVE CONFERENCE CALL:</u>

Wednesday, August 11, 2025, 4:00 PM CT / 5:00 PM ET

US / Canada Toll-Free: +1 (866) 652-5200

Local / International Toll: +1 (412) 317-6060

<u>CONFERENCE CALL REPLAY:</u>

Available approximately three hours after conclusion of the live call.

Expiration: September 11, 2025

US Toll-Free: +1 (877) 344-7529

Canada Toll-Free: (855) 669-9658

Local / International Toll: +1 (412) 317-0088

Access code: 9281230

Investors may also access the live call and the replay over the internet on the "Events" page of the Company's investor website located at www.usare.com or at https://event.choruscall.com/mediaframe/webcast.html?webcastid=c1UqC8rH.

**Disclosure Information**

USA Rare Earth uses the investor relations section on its website as means of complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor USA Rare Earth's investor relations website in addition to following USA Rare Earth's press releases, SEC filings, and public conference calls and webcasts.

**About USA Rare Earth**

USA Rare Earth, Inc. (Nasdaq: USAR) is developing a rare earth sintered neo magnet ("NdFeB" or "neo") manufacturing plant in Stillwater, Oklahoma, and intends to establish domestic rare earth and critical minerals supply, extraction, and processing capabilities to both supply its magnet manufacturing plant and market surplus materials to third parties. Rare earth magnets are critical to various business sectors and industries, including the defense, automotive, aviation, industrial, AI Robotics, medical, and consumer electronics industries, among others. USAR is planning to take a broad approach to the industries it serves with the intention of providing high quality neo magnets to a variety of industries and customers. USAR's focus on developing domestic rare earth production aligns with national priorities, offering the potential of a sustainable and secure domestic supply of materials critical to key industries.

**Contact**

Investor Relations

ir@USARE.com

------

**USA Rare Earth, Inc.**

 **Condensed Consolidated Balance Sheets**

*(In thousands)*

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $121791 | $16761 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs |  | 5134 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1754 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **123545** | **22273** |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 33031 | 26529 |
| &nbsp;&nbsp;&nbsp;Mineral interests | 17125 | 17125 |
| &nbsp;&nbsp;&nbsp;Equipment deposits | 5555 | 3060 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 445 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**179701** | $**69069** |
| **LIABILITIES, MEZZANINE AND STOCKHOLDERS' (DEFICIT) EQUITY** |  |  |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2238 | $1823 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 5134 | 3071 |
| &nbsp;&nbsp;&nbsp;Deferred grants | 8200 | 8200 |
| &nbsp;&nbsp;&nbsp;Earnout liabilities | 100007 |  |
| &nbsp;&nbsp;&nbsp;Warrant liabilities | 169020 |  |
| &nbsp;&nbsp;&nbsp;Finance and operating leases | 1411 | 23 |
| &nbsp;&nbsp;&nbsp;Other | 383 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **286393** | **15125** |
| **Mezzanine equity** | **25242** | **19923** |
| **Stockholders' (deficit) equity** | **(131934)** | **34021** |
| **Total liabilities, mezzanine and stockholders' (deficit) equity** | $**179701** | $**69069** |

---

------

**USA Rare Earth, Inc.**

 **Condensed Consolidated Statements of Operations**

*(In thousands, except per share amounts)*

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | $6227 | $1286 | $13256 | $3933 |
| &nbsp;&nbsp;&nbsp;Research and development | 2577 | 1725 | 4266 | 3776 |
| **Total operating expenses** | **8804** | **3011** | **17522** | **7709** |
| **Loss from operations** | **(8804)** | **(3011)** | **(17522)** | **(7709)** |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Loss) gain on fair market value of financial instruments | (134662) | 229 | (74362) | 230 |
| &nbsp;&nbsp;&nbsp;Interest, net, dividend income, and other expense | 753 | (37) | 853 | (12) |
| Total other income (loss), net | (133909) | 192 | (73509) | 218 |
| **Net loss** | **(142713)** | **(2819)** | **(91031)** | **(7491)** |
| Net loss attributable to non-controlling interest | (207) | (222) | (357) | (422) |
| **Net loss attributable to common stockholders** | $**(142506)** | $**(2597)** | $**(90674)** | $**(7069)** |
| **Net loss per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $(1.54) | $(0.04) | $(0.99) | $(0.12) |

---

------

**USA Rare Earth, Inc.**

 **Condensed Consolidated Statements of Cash Flows**

*(In thousands)*

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(142713) | $(2819) | $(91031) | $(7491) |
| &nbsp;&nbsp;&nbsp;Non-cash adjustments | 136949 | (396) | 78080 | 203 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities | (2145) | (829) | (5287) | (989) |
| **Net cash used in operating activities** | **(7909)** | **(4044)** | **(18238)** | **(8277)** |
| **Cash flows from investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures and equipment deposits | (3247) | (36) | (6297) | (1055) |
| **Net cash used in investing activities** | **(3247)** | **(36)** | **(6297)** | **(1055)** |
| **Cash flows from financing activities:** |  |  |  |  |
| &nbsp;&nbsp;*Proceeds from issuance of preferred stock and warrants* |  |  | 22850 |  |
| &nbsp;&nbsp;&nbsp;IPXX contribution of capital through merger |  |  | 22867 |  |
| &nbsp;&nbsp;&nbsp;Prepayment of Forward Purchase Agreements |  |  | (20789) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from termination of Forward Purchase Agreements | 17467 |  | 20789 |  |
| &nbsp;&nbsp;&nbsp;Issuance costs |  | (167) | (8281) | (572) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of equity and warrants under PIPE financing, net | 70178 |  | 70178 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of warrants | 21951 |  | 21951 |  |
| **Net cash provided by (used in) financing activities** | **109596** | **(167)** | **129565** | **(572)** |
| **Net change in cash and cash equivalents** | $**98440** | $**(4247)** | $**105030** | $**(9904)** |
| Cash and cash equivalents, beginning of period | 23351 | 7542 | 16761 | 13199 |
| **Cash and cash equivalents, end of period** | $**121791** | $**3295** | $**121791** | $**3295** |

---

------

**USA Rare Earth, Inc.**

**Reconciliation of Non-GAAP Financial Measures**<sup>(1)</sup>

*(In thousands, except per share amounts)*

**(Unaudited)**

This press release includes certain non-GAAP financial information because the Company plans and manages its business using such information. The following table reconciles the GAAP financial information to the non-GAAP financial information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net loss attributable to common stockholders** | $(142506) | $(2597) | $(90674) | $(7069) |
| &nbsp;&nbsp;&nbsp;Reversal of loss (gain) on fair market value of financial instruments | 134662 | (229) | 74362 | (230) |
| **Adjusted net loss** <sup>(2)</sup> | $**(7844)** | $**(2826)** | $**(16312)** | $**(7299)** |
| **Adjusted net loss per common share - basic and diluted** <sup>(2)</sup> | $**(0.08)** | $**(0.05)** | $**(0.18)** | $**(0.12)** |

---

<sup>(1)</sup> Amounts may not total due to rounding.

<sup>(2)</sup> Refer to the section "Use of Non-GAAP Financial Measures" for description of items included in adjustments.

<br>