Filing Flows › USA Rare Earth (USAR) › Q1 2026
USA Rare Earth (USAR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 14, 2026
USA Rare Earth (USAR) reported revenue of $5.7M for the first quarter 2026 (Q1 2026). Operating margin was -643.6%.
USA Rare Earth, Q1 2026: revenue $5.7M, operating margin -643.6%, net loss $68.1M, operating cash flow −$18.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.7M | — | — |
| Operating profit | −$36.7M | — | — |
| Net earnings | −$68.1M | — | — |
| Operating cash flow | −$18.5M | — | — |
What changed
Revenue was $5.7M in Q1 2026.
Gross margin was 1.9%. Operating costs exceeded revenue by $36.7M, an operating margin of -643.6%. The quarter ended with a net loss of $68.1M. Minority interests bore $1.1M of it: to shareholders the quarter was a loss of $67.0M.
Operating cash flow was −$18.5M. Non-cash charges added back $690K of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items added $44.0M. Capital expenditures of $38.6M exceeded it, leaving free cash flow of −$57.1M.
Questions
What was USA Rare Earth's revenue in the first quarter 2026?
USA Rare Earth (USAR) reported revenue of $5.7M for the first quarter 2026 (Q1 2026).
Was USA Rare Earth profitable in the first quarter 2026?
Operating loss was $36.7M (-643.6% of revenue) and net loss $68.1M.
Source: USA Rare Earth 10-Q on SEC EDGAR.