NASDAQ$USAR
USA Rare Earth Inc · Q1 2026 earnings
Q1 2026 earnings · · Investor relations
Briefing
USA Rare Earth reported Q1 2026 revenue of $5.7M and a net loss from continuing operations at Less Common Metals.
For the three months ended March 31, 2026, USA Rare Earth recognized $5.7 million of revenue, entirely from Less Common Metals, with cost of revenue of $5.6 million yielding gross profit of $0.1 million (1.9% gross margin). The company is developing domestic rare earth and critical minerals projects while integrating metals processing operations.
- Revenue $5.7M from Less Common Metals subsidiary (first comparable quarter).
- Gross margin 1.9% on under-absorbed fixed manufacturing costs.
- Net loss attributable to shareholders reflects development-stage mining and processing buildout.
- Non-controlling interest share of loss $(1.1)M.
- MD&A discusses Round Top and magnet supply chain strategy.
Headline financials
Revenue & EPS history
Inflection Point · Revenue · Quarterly
$5.7M
Forward guidance
Development-stage materials company; no traditional EPS guidance. Outlook tied to project financing, offtake agreements, and LCM production volumes.
Tailwinds
- Initial revenue contribution from metals processing operations.
- Strategic focus on U.S. rare earth supply chain.
Headwinds
- Minimal gross profit on low production volumes.
- Capital intensity of mine and processing development.
- Commodity and policy risks for critical minerals.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 5 quarterly earnings reports · overlaid with Q1 2026
-0.3%
Avg return
Earnings day
-3.4%
Avg return
5 days after
-1.8%
Avg return
30 days after
33%
2 / 6 earnings
Positive
+0.5%
Q4 2023
Best reaction
-2.4%
Q1 2026
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.4% | -21.5% | -13.5% | |
| Q3 2024 | -0.2% | +0.1% | +0.2% | |
| Q2 2024 | +0.0% | +0.1% | +0.6% | |
| Q1 2024 | -0.0% | +0.1% | +0.5% | |
| Q4 2023 | +0.5% | +0.5% | +0.6% | |
| Q3 2023 | +0.1% | +0.2% | +0.8% |
Discussion
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