Financial Performance - In Q3 2025, USA Rare Earth reported a net loss attributable to the company of $156.68 million, compared to a net loss of $1.87 million in Q3 2024, representing an increase of approximately 8,275% year-over-year[6]. - Adjusted net loss for Q3 2025 was $25.60 million, compared to $2.00 million in Q3 2024, indicating a significant increase in losses[7]. - The net loss per share attributable to USA Rare Earth, Inc. - Diluted for Q3 2025 was $(1.64), compared to $(0.03) in Q3 2024[6]. - For the three months ended September 30, 2025, USA Rare Earth, Inc. reported a net loss of $156,680,000, compared to a net loss of $1,869,000 for the same period in 2024, indicating a significant increase in losses[18]. - Total operating expenses for the three months ended September 30, 2025, were $15,861,000, a substantial rise from $1,959,000 in the prior year, reflecting increased selling, general, and administrative expenses[18]. - The company reported a loss on fair market value of financial instruments of $142,426,000 for the three months ended September 30, 2025, compared to a gain of $135,000 in the same period of 2024[23]. - For the nine months ended September 30, 2025, the net loss attributable to USA Rare Earth, Inc. was $247,354,000, compared to $8,938,000 for the same period in 2024[23]. Cash and Financing - The company ended the quarter with $258 million in cash and no significant debt, having received a $125 million common equity investment at the end of Q3 2025[5]. - The company raised an additional $163 million from the exercise of warrants since the end of Q3 2025, increasing its cash balance to over $400 million[5]. - Cash and cash equivalents at the end of the period for September 30, 2025, were $257,609,000, a significant increase from $22,988,000 at the end of September 30, 2024[20]. - Net cash provided by financing activities for the three months ended September 30, 2025, was $145,768,000, compared to $22,317,000 in the same period of 2024[20]. - The company experienced a net cash used in operating activities of $2,849,000 for the three months ended September 30, 2025, compared to $1,210,000 in the same period of 2024[20]. Assets and Expenditures - The total assets of USA Rare Earth as of September 30, 2025, were $323.33 million, a significant increase from $69.07 million as of December 31, 2024[16]. - The company reported capital expenditures and equipment deposits of $7,101,000 for the three months ended September 30, 2025, compared to $1,201,000 in the same period of 2024[20]. Project Developments - The Stillwater magnet facility is on track for commissioning commercial scale production in Q1 2026, supporting the company's growth strategy[5]. - The Round Top development project is progressing towards a targeted Pre-Feasibility Study completion in the second half of 2026[5]. - The company is moving into pilot-scale testing for its swarf recycling flow sheet in Q1 2026, a key step in closing the loop between mining and recycling[5]. Acquisitions - USA Rare Earth has entered into a definitive agreement to acquire Less Common Metals Ltd. (LCM), enhancing its capabilities in specialized rare earth metals[5].
Inflection Point Acquisition Corp. II(IPXXU) - 2025 Q3 - Quarterly Results