USA Rare Earth, Inc. (USAR)

USA Rare Earth Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Net Income	-254.15	-15.74	-7.42	-23.84
Depreciation & Amortization	0.52	0.39	0.72	0.67
Other Amortization	0.06	0.21	0.07	-
Loss (Gain) From Sale of Assets	0.04	0.04	-	-
Loss (Gain) From Sale of Investments	0.41	0.41	-	1.35
Stock-Based Compensation	5.84	1.74	1.37	1.62
Other Operating Activities	219.32	-0.18	-17.04	-0.09
Change in Accounts Payable	-3.26	1.09	-2	0.32
Change in Unearned Revenue	-	-	4.83	3.37
Change in Other Net Operating Assets	6.64	-0.95	-2.46	1.8
Operating Cash Flow	-24.59	-12.99	-21.93	-14.8
Capital Expenditures	-14.43	-3.29	-5.96	-15.15
Investing Cash Flow	-14.21	-3.29	-5.96	-15.15
Long-Term Debt Issued	-	-	1	-
Net Debt Issued (Repaid)	0.29	-	1	-
Issuance of Common Stock	237.61	-	-	20.24
Other Financing Activities	12.28	-5.66	-0.19	2.02
Financing Cash Flow	273.43	19.84	14.11	22.26
Miscellaneous Cash Flow Adjustments	-	-	-0.36	-
Net Cash Flow	234.62	3.56	-14.14	-7.7
Free Cash Flow	-39.02	-16.28	-27.88	-29.95
Free Cash Flow Per Share	-0.53	-0.35	-0.63	-0.14
Levered Free Cash Flow	-22.39	-14.99	-24.65	-
Unlevered Free Cash Flow	-22.41	-15	-24.67	-
Change in Working Capital	3.38	0.14	0.37	5.49

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.