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Where the tokens are
Trade USAR perpsStandardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 |
|---|---|---|---|---|---|---|
| Revenue | $5.82M | $5.70M | $1.64M | — | $0 | $0 |
| Cost of revenue | $7.40M | $5.59M | $1.45M | $0 | $0 | $0 |
| Gross profit | −$1.58M | $106.00K | $195.00K | — | $0 | $0 |
| Gross margin | -27.2% | 1.9% | 11.9% | — | — | — |
| Research and development | $10.77M | $14.25M | $7.17M | $4.45M | $2.58M | $1.69M |
| Selling, general and administrative | $32.61M | $21.18M | $18.47M | $11.41M | $6.23M | $7.03M |
| Operating expenses | $44.73M | $36.78M | $26.32M | $15.86M | $8.80M | $8.72M |
| Operating income | −$46.31M | −$36.68M | −$26.12M | −$15.86M | −$8.80M | −$8.72M |
| Operating margin | -795.6% | -643.6% | -1589.8% | — | — | — |
| EBITDA | −$44.01M | −$34.69M | −$25.11M | −$15.75M | −$8.70M | −$8.69M |
| Interest income | $14.95M | $11.97M | $3.18M | $1.31M | $765.00K | $187.00K |
| Interest expense | −$3.77M | $0 | $0 | — | −$12.00K | $0 |
| Income before taxes | −$12.48M | −$68.65M | −$50.66M | −$156.99M | −$142.71M | $51.68M |
| Income taxes | −$513.00K | −$577.00K | −$160.00K | — | $0 | $0 |
| Net income | −$11.96M | −$68.07M | −$50.50M | −$156.99M | −$142.71M | $51.68M |
| Net margin | -205.5% | -1194.6% | -3073.6% | — | — | — |
| EPS, basic | −$0.05 | −$0.34 | −$0.41 | −$1.64 | −$1.54 | $0.75 |
| EPS, diluted | −$0.05 | −$0.34 | −$0.48 | −$1.64 | −$1.54 | $0.58 |
| Diluted shares | 230.08M | 196.48M | 113.65M | 102.59M | 92.77M | 83.08M |
Figures describe USA Rare Earth Inc. shares, not any token. As of Aug 10, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.