USA Rare Earth reported $3.0 million in revenue for the third quarter of 2026 and ended September with $1.2 billion in cash, cash equivalents and restricted cash. The company also highlighted progress across its rare-earth supply chain, including the September closing of its Serra Verde combination and the start of commercial-scale production there.
Several milestones came after the quarter ended: Serra Verde made its first commercial-scale shipments of mixed rare earth carbonate in October, with sales in November. The company also reported its first commercial magnet sales and progress at facilities in Oklahoma, Colorado and South Carolina.
Key details
- Third-quarter revenue was $3.0 million. The company’s reported cash, cash equivalents and restricted cash totaled $1.2 billion as of September 30, 2026.
- Serra Verde completed the first stage of its optimization and commissioning program on time and within budget. Commercial-scale mixed rare earth carbonate production began, followed by first shipments in October and sales in November.
- USA Rare Earth said its LCM year-to-date volumes in August exceeded its full-year 2025 levels.
- The Stillwater, Oklahoma, magnet facility recorded its first commercial sales of neodymium-iron-boron permanent magnets.
- At Wheat Ridge, Colorado, the company produced its first light and heavy rare earth oxide samples in July for customer qualification. It produced its first yttrium oxide samples in October.
- The company broke ground on a metals and magnets facility in Blacksburg, South Carolina.
- CEO Thras Moraitis said his focus is to bring the businesses together under an integrated operating model, with accountability for results and reliable customer delivery. He cited customer demand across the company’s product range, from carbonate and oxides to metals, alloys, specialist powders and permanent magnets.
The reported milestones span several stages of USA Rare Earth’s intended integrated business, from processing rare earth materials to producing magnets. The $1.2 billion cash and restricted-cash balance is a key financial figure as the company advances those operations and facilities.