USA Rare Earth Inc Q3 2026 Earnings Recap

USA Rare Earth shares fell 9.6% after earnings, with investors likely focused on the revenue decline to $3 million for the quarter as shortages of dysprosium oxide and samarium-cobalt metal constrained supply. The transcript also does not provide quantified forward guidance, leaving the near-term impact of those shortages unclear despite progress across the business.

Key Takeaways

• Revenue was $3 million for the quarter and $14.5 million to date; management attributed lower quarter-on-quarter revenue to raw-material shortages.
• The company ended the quarter with $1.2 billion in cash.
• USA Rare Earth began commercial-scale MREC shipments from Cerro Verde in October and recorded sales in November; it also made its first magnet sale from Stillwater.
• LCM had surpassed its full-year 2025 production by August, and management said it was on track to increase volumes by nearly 90% in 2020 despite industry-wide raw-material constraints.
• Round Top’s resource-definition and upgrade drilling advanced; the company cited customer demand and several nonbinding MOUs covering a significant portion of anticipated oxide production.