USA Rare Earth posted Q2 GAAP operating loss of USD 46.31 million, widening from USD 8.8 million a year earlier as revenue rose to USD 5.82 million.
Net loss attributable to shareholders narrowed to USD 10.33 million from USD 142.51 million; diluted loss per share improved to USD 0.05 from USD 1.54.
Cash and cash equivalents climbed to USD 1.53 billion at June 30 from USD 359.93 million at Dec. 31; six-month operating cash outflow widened to USD 75.32 million.
Funding and operational updates
Signed definitive CHIPS Act agreements providing access to up to USD 1.6 billion in funding, including up to USD 277 million in federal funding and up to USD 1.3 billion in loan capacity.
Commissioned Wheat Ridge hydrometallurgical facility, selected Blacksburg, South Carolina for a second magnet plant, agreed to buy Serra Verde for about USD 2.8 billion, CEO transition set for Oct. 1.
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