Filing Flows › USA Rare Earth (USAR) › Q2 2026
USA Rare Earth (USAR) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
USA Rare Earth (USAR) reported revenue of $5.8M for the second quarter 2026 (Q2 2026) and +2% from the quarter before. Operating margin was -795.6%, net loss $12.0M (205.5% of revenue).
USA Rare Earth, Q2 2026: revenue $5.8M, operating margin -795.6%, net loss $12.0M, operating cash flow −$56.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.8M | +2% | — |
| Operating profit | −$46.3M | — | — |
| Net earnings | −$12.0M | — | — |
| Operating cash flow | −$56.9M | — | — |
What changed
Revenue was $5.8M in Q2 2026, up 2% from the previous quarter.
Operating costs exceeded revenue by $46.3M, an operating margin of -795.6%. The quarter ended with a net loss of $12.0M, narrower than the previous quarter's $68.1M loss. Minority interests bore $1.6M of it: to shareholders the quarter was a loss of $10.3M. Non-operating items added $33.8M, -271% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$56.9M. Non-cash charges added back $1.0M of depreciation and amortization and $6.1M of share-based compensation. Working capital and other items used $52.0M. Capital expenditures of $69.7M exceeded it, leaving free cash flow of −$126.6M.
Questions
What was USA Rare Earth's revenue in the second quarter 2026?
USA Rare Earth (USAR) reported revenue of $5.8M for the second quarter 2026 (Q2 2026) and +2% from the quarter before.
Was USA Rare Earth profitable in the second quarter 2026?
Operating loss was $46.3M (-795.6% of revenue) and net loss $12.0M.
Source: USA Rare Earth 10-Q on SEC EDGAR.