USA Rare Earth, Inc.: Miss — EPS -$0.44, Revenue $3M
Earnings MissQ3 2026 · After-market
Did USA Rare Earth, Inc. (USAR) beat earnings today?
No, USA Rare Earth, Inc. (USAR) missed Wall Street analyst expectations for Q3 2026, reporting lower-than-expected EPS and lower-than-expected revenue.
Earnings Per Share-193.33% surprise
-$0.44Actual
Expected: -$0.15
vs. year ago -76.0%
Total Revenue-77.85% surprise
$3MActual
Expected: $13.55M
Released Nov 09 · 4:05 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $3.00M | - | - |
| Net Income | $11.71M | ($156.68M) | - |
| GAAP Basic EPS | $0.04 | -$1.64 | - |
| GAAP Diluted EPS | -$0.02 | -$1.64 | - |
| Adjusted Diluted EPS | -$0.44 | -$0.25 | - |
Financial Outlook / Guidance
| Metric | Q4 2026 Outlook |
|---|---|
| Guidance | |
| Serra Verde sales volume | at least 325 tonnes TREO |
| TREO basket value | ~$43/kg (~$150/kg NdPr equivalent |
| TREO basket value | ~$97/kg (~$340/kg NdPr equivalent |
Q4 2026 Outlook
- Serra Verde sales volume
- Guidanceat least 325 tonnes TREO
- TREO basket value
- Guidance~$43/kg(~$150/kg NdPr equivalent
- TREO basket value
- Guidance~$97/kg(~$340/kg NdPr equivalent
Business Highlights
- ➤Completed the Serra Verde combination, creating an integrated rare-earth and permanent-magnet platform outside Asia.
- ➤Serra Verde completed Stage 1 optimization and commissioning on time and on budget.
- ➤Serra Verde began commercial-scale MREC shipments in October and recorded sales in November.
- ➤Sold first NdFeB magnets from the Stillwater facility to a high-performance materials manufacturer.
- ➤Installed the first Stillwater magnet finishing line; a second line is expected by year-end.
- ➤Produced commercial-grade Dy and NdPr oxide samples from recycled magnet scrap at Wheat Ridge.
- ➤Broke ground on an approximately 800,000-square-foot metals and magnets facility in Blacksburg.
- ➤US SIIE completed an upsized $1.55B capitalization for Serra Verde Phase 1 offtake.
- ➤Finalized agreements to acquire an approximately 13.6% minority stake in Carester SAS.
- ➤Closed the TMRC acquisition, becoming Round Top’s sole operator and 100% economic beneficiary.
- ➤Delivered first commercial-grade yttrium oxide samples to a major customer.
- ➤Organized operations into Upstream, Midstream and Downstream business units.
Management Commentary
Thras Moraitis, CEO of USA Rare Earth
“The third quarter marked a series of significant operational and commercial milestones, reflecting the growing positive momentum at USA Rare Earth. This progress was further reinforced by the closing of the Serra Verde combination in September, which coincided with the completion of Stage 1 of Serra Verde’s optimization and expansion program, followed by the commencement of commercial-scale shipments in October and sales of MREC in November”
Thras Moraitis, CEO of USA Rare Earth
“Our magnet facility in Stillwater, Oklahoma, achieved a major milestone with its first commercial magnet sales. In July we produced our first samples of light and heavy rare earth oxide at Wheat Ridge, Colorado, followed by our first Yttrium oxide samples in October. In addition, we broke ground on our new metals and magnets facility in Blacksburg, South Carolina. Every link in our integrated value chain is beginning to gain momentum as we focus on executing against our operational, commercial and strategic objectives.”
Thras Moraitis, CEO of USA Rare Earth
“I am grateful to Barbara Humpton for the strong foundation she has built, and proud to lead this team as we build on that foundation, transforming it into an integrated platform that delivers meaningful results for our customers and investors. Demand for a secure and responsible supply of rare earth products is becoming increasingly acute across a broad range of technology-driven sectors. We have customers for products at every stage of our value chain, from rare earth carbonate and oxides to metals, alloys and specialist powders, and from our integrated permanent magnet value chain. Our task is to deliver these critical elements and products independently and reliably. My focus is on bringing our businesses together under a clear integrated operating model, with accountability for results at every level and a consistent commitment to delivering reliably for our customers. The milestones achieved over the last quarter are only the beginning. With an unwavering focus on customer needs, disciplined execution, operational excellence and responsible capital allocation, we are well positioned to become the multinational partner of choice for customers and governments seeking an independent and secure supply of rare earth products, while creating superior long-term value for our shareholders.”