NYSE: REA
Rare Earths Americas, Inc.CIK 0002095743 · SIC 1000 · Metal Mining
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net income -$16.8M. Rare Earths Americas reports Q1 loss, discloses material control weaknesses
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Rare Earths Americas grants $1.98M in equity compensation to three executives
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Rare Earths Americas files for $50M IPO at $18/share, valuing company at $349M
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Latest financial statements
From 10-Q filed Aug 11, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands of U.S. Dollars, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating expenses: | ||||
| Exploration and evaluation expenses | 4,566 | 115 | 6,631 | 165 |
| General and administrative expenses | 8,174 | 269 | 10,890 | 518 |
| Depreciation expense | 36 | 2 | 59 | 3 |
| Transaction costs | — | 157 | — | 157 |
| Total operating expenses | 12,776 | 543 | 17,580 | 843 |
| Operating loss | (12,776) | (543) | (17,580) | (843) |
| Other income (expenses): | ||||
| Interest income | 503 | — | 630 | — |
| Interest expense | (29) | (58) | (74) | (59) |
| Foreign currency transaction gain/(loss) | 1 | — | (3) | — |
| Change in fair value of SAFE | (1,216) | — | (4,625) | — |
| Change in fair value of warrants | 727 | — | (7,919) | — |
| Total other (expenses) income | (14) | (58) | (11,991) | (59) |
| Loss before income taxes | (12,790) | (601) | (29,571) | (902) |
| Provision for income taxes | — | — | — | — |
| Net loss | (12,790) | (601) | (29,571) | (902) |
| Less: Net loss attributable to noncontrolling interest | — | — | — | — |
| Net loss attributable to Rare Earths Americas, Inc. | (12,790) | (601) | (29,571) | (902) |
| Net loss per common share, basic and diluted | (0.70) | (0.06) | (1.78) | (0.10) |
| Weighted average common shares outstanding, basic and diluted | 18,186,556 | 9,375,000 | 16,585,168 | 9,375,000 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands of U.S. Dollars, except share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 10,099 | 22,841 |
| Short-term investments | 66,640 | — |
| Prepaid expenses | 1,201 | 216 |
| Other current assets | 72 | 53 |
| Total current assets | 78,012 | 23,110 |
| Non-current assets | ||
| Property and equipment, net | 739 | 390 |
| Mineral interests (includes $2,275 and $2,275, respectively, related to consolidated VIEs) | 23,421 | 23,327 |
| Deferred offering costs | — | 1,968 |
| Other non-current assets | 210 | 42 |
| Total non-current assets | 24,370 | 25,727 |
| Total assets | 102,382 | 48,837 |
| LIABILITIES | ||
| Current liabilities | ||
| Accounts payable (includes $841 and $362, respectively, related to consolidated VIEs) | 1,574 | 1,486 |
| Accrued expenses (includes $267 and $22, respectively, related to consolidated VIEs) | 736 | 1,211 |
| Convertible related party loan | — | 1,123 |
| Other current liabilities (includes $133 and $34, respectively, related to consolidated VIEs) | 143 | 36 |
| Total current liabilities | 2,453 | 3,856 |
| Non-current liabilities | ||
| SAFE liability | — | 11,715 |
| Warrant liability | 11,675 | 4,433 |
| Other non-current liabilities (includes $64 and $20, respectively, related to consolidated VIEs) | 968 | 370 |
| Total non-current liabilities | 12,643 | 16,518 |
| Total liabilities | 15,096 | 20,374 |
| Commitments and contingencies (Note 12) | ||
| STOCKHOLDERS' EQUITY | ||
| Preferred stock, $0.0001 par value, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2026 and December 31, 2025 | — | — |
| Common stock, $0.0001 par value, 500,000,000 shares authorized, 19,953,892 and 14,965,987 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 2 | 1 |
| Additional paid-in-capital | 134,910 | 46,292 |
| Accumulated other comprehensive loss | (492) | (267) |
| Accumulated deficit | (49,409) | (19,838) |
| Equity attributable to stockholders of the Company | 85,011 | 26,188 |
| Noncontrolling interest | 2,275 | 2,275 |
| Total stockholders' equity | 87,286 | 28,463 |
| Total liabilities and stockholders' equity | 102,382 | 48,837 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands of U.S. Dollars)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (29,571) | (902) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
| Depreciation expense | 59 | 3 |
| Loss on foreign currency transaction | 3 | — |
| Stock-based compensation expense | 7,086 | — |
| Provision for labor claims | 15 | 13 |
| Allocated expenses from parent | — | 63 |
| Change in fair value of warrants | 7,919 | — |
| Change in fair value of SAFE | 4,625 | — |
| Exploration option purchased with shares | 362 | — |
| Noncash interest expense | 58 | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses | (991) | (126) |
| Other assets | (181) | 9 |
| Accounts payable | 442 | (3) |
| Accrued expenses | (240) | — |
| Accounts payable to related parties | — | 1,219 |
| Other liabilities | 149 | (20) |
| Net cash (used in) provided by operating activities | (10,265) | 256 |
| Cash flows from investing activities: | ||
| Purchases of short-term investments | (74,871) | — |
| Proceeds from sales of short-term investments | 8,231 | — |
| Purchases of property and equipment | (414) | (2) |
| Investment in mineral interests | (94) | — |
| Net cash used in investing activities | (67,148) | (2) |
| Cash flows from financing activities: | ||
| Proceeds from initial public offering, net of underwriting discounts and commissions ($4,832) | 64,197 | — |
| Payments for taxes related to net share settlement of equity awards | (162) | — |
| Payments of deferred offering costs | (2,858) | (206) |
| Warrant exercises | 214 | — |
| SAFE proceeds | 3,365 | — |
| Net cash provided by (used in) financing activities | 64,756 | (206) |
| Effect of exchange rates on cash and cash equivalents | (85) | (43) |
| Net decrease in cash and cash equivalents | (12,742) | 5 |
| Cash and cash equivalents at beginning of period | 22,841 | 6 |
| Cash and cash equivalents at end of period | 10,099 | 11 |
| Supplemental non-cash information: | ||
| Non-cash contribution from REA Australia | — | 63 |
| Unpaid deferred offering costs | 180 | — |
| SAFE Liability conversion to common stock | 19,705 | — |
| Related party note conversion to common stock | 1,322 | — |
| Lease liabilities arising from obtaining right-of-use assets | 134 | — |
Amounts as printed on the EDGAR/iXBRL face — (in thousands of U.S. Dollars, except share and per share data); (in thousands of U.S. Dollars, except share data); (in thousands of U.S. Dollars). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗