USA Rare Earth, Inc. (Nasdaq: USAR) announced its financial and operational results for the third quarter and nine months ended September 30, 2026, in a Form 8-K filed on November 9, 2026. The company reported revenues of $3.0 million for the third quarter of 2026 and held a cash, cash equivalent, and restricted cash balance of $1.2 billion as of September 30, 2026.
CEO Thras Moraitis highlighted a series of significant operational milestones during the quarter. The company completed the combination with Serra Verde in September, creating an integrated rare earth and permanent magnet platform outside of Asia. Serra Verde successfully finished Stage 1 of its optimization and expansion program on time and within budget. Commercial-scale shipments of Mixed Rare Earth Carbonate (MREC) began in October, with sales recorded in November.
In the magnet manufacturing sector, USA Rare Earth sold the first neodymium-iron-boron (NdFeB) magnets produced at its Stillwater, Oklahoma facility. The company also produced its first samples of light and heavy rare earth oxide at its Wheat Ridge, Colorado, facility and broke ground on a new metals and magnets facility in Blacksburg, South Carolina, representing an approximately $1.2 billion investment.
Subsequent to the quarter-end, the company commenced commercial-scale shipments of heavy rare earth MREC to US SIIE, LLC under a 15-year offtake agreement. The company also delivered the first commercial-grade yttrium oxide samples to a major customer. In terms of future outlook, the company expects Serra Verde sales volume to be at least 325 tonnes of total rare earth oxides (TREO) in the fourth quarter, with an average basket value ranging from approximately $43/kg to $97/kg depending on pricing conditions.
