Filing Flows › Companies › USA Rare Earth › Cash flow
USA Rare Earth cash flow, quarter by quarter
Latest: Q2 2026 · from the cash-flow statements filed with the SEC
Free cash flow−$127M in Q2 2026 · −$246M over twelve months
Analysis
In Q2 2026, USA Rare Earth generated −$56.9M of operating cash flow and spent $69.7M on capital projects, leaving free cash flow of −$127M. That is $115M less than in Q2 2025 (−$11.2M).
Over the twelve months to Jun 30, 2026, operating cash flow was −$106M; the largest uses were capital spending ($139M), operating cash flow ($106M), other investing ($102M); besides operations, cash came from other financing ($1.8B); the cash balance rose by $1.5B.
Operating cash flow was −$56.9M against net income of −$12.0M. The largest differences: inventory −$21.7M, prepaid and other assets −$15.7M, stock-based pay +$6.1M.
Its cash conversion cycle was 365 days (receivables 93 + inventory 483 − payables 212).
Free cash flow
Where the cash came from and went
From profit to cash
| Quarter | Receivable days | Inventory days | Payable days | Cash conversion cycle |
|---|---|---|---|---|
| Q2 2026 | 93 | 483 | 212 | 365 |
| Q1 2026 | 75 | 378 | 227 | 226 |
Every quarter
| Quarter | Operating cash flow | Capital spending | Net borrowing (+) / repaid (−) | Shares issued | Cash drawn (+) / kept (−) | Free cash flow |
|---|---|---|---|---|---|---|
| Q2 2026 | −$56.9M | −$69.7M | −$61K | — | $155M | −$127M |
| Q1 2026 | −$18.5M | −$38.6M | −$1.9M | — | −$1.4B | −$57.1M |
| Q4 2025 | −$27.9M | −$24.0M | — | — | −$102M | −$51.9M |
| Q3 2025 | −$2.8M | −$7.1M | — | — | −$136M | −$9.9M |
| Q2 2025 | −$7.9M | −$3.2M | −$53K | — | −$98.4M | −$11.2M |
| Q1 2025 | −$10.3M | −$3.0M | −$8.3M | $8.0M | −$6.6M | −$13.4M |
| Q4 2024 | −$3.5M | −$851K | — | — | $6.2M | −$4.4M |
| Q3 2024 | −$1.2M | −$1.2M | — | — | −$19.7M | −$2.4M |
USA Rare Earth: income statement and cash flow
USA Rare Earth, Q2 2026: revenue $5.8M, operating margin -795.6%. The chart follows the revenue to costs, profit and cash.
USA Rare Earth: every quarter, Q/Q and Y/Y → Open in the app
Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.