USAR posts first revenue ($5.8M) but net loss narrows 93% on below-the-line swing

Filed August 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 11, 2025 · ~2 min read

Key Changes

• high

  Net loss narrowed 93% to $10.3M (from $142.5M prior year) despite operating loss widening 426% to $46.3M — the improvement came entirely from $169.7M in below-the-line items (non-operating/other +$167.7M, income tax +$513k, noncontrolling interest +$1.4M), not operations.

  MD&A: Operating Results / Notes: Consolidated Statements of Operations verify on EDGAR →
• high

  Secured $277M CHIPS Act direct funding and $1.3B loan guarantee, issuing 16.1M shares ($451.4M) and a warrant for 17.6M shares (initially $430.9M) as conditions precedent; no funds disbursed as of June 30, 2026.

  MD&A: CHIPS Act / Notes: Government Grant Agreements verify on EDGAR →
• high

  Announced $2.83B Serra Verde acquisition (126.8M shares + $300M cash) for Brazil rare-earth mine in commercial production; shareholder vote scheduled August 28, 2026. Must raise $375M + Serra Verde cash costs by March 2027, then $875M by December 2027 to meet CHIPS milestones.

  MD&A: Serra Verde / Notes: Proposed Acquisition verify on EDGAR →