v3.26.1
Other Financial Information
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Financial Information Other Financial Information
Inventories

Inventories consist of materials, labor, and manufacturing overhead and are stated at the lower of weighted‑average cost or net realizable value. The following table presents inventories as of the dates indicated.
June 30,
2026		December 31,
2025
(In thousands)
Raw materials$30,361 $16,391 
Work-in-process16,235 913 
Finished goods3,542 1,231 
Total inventories$50,138 $18,535 
Prepaid Expenses and Other Assets, Current

The following table presents prepaid expenses and other assets, current as of the dates indicated.
June 30,
2026		December 31,
2025
(In thousands)
Prepaid expenses
Prepaid insurance$2,037 $728 
Engineering and consulting costs70 2,137 
Supplier advances8,899 — 
Other1,341 — 
Total prepaid expenses$12,347 $2,865 
Other assets, current
Restricted cash (1)
$64,222 $— 
Other9,465 286 
Total other assets, current$73,687 $286 
(1)Restricted cash represents funds held in escrow and legally restricted pursuant to the terms of the escrow agreement, which requires the amounts to be reserved for the development of the Blacksburg, South Carolina property.
Property, Plant and Equipment, Net
The following table presents the components of the Company’s property, plant and equipment, net, as of the dates indicated. Property, plant and equipment balances include the effects of foreign currency translation adjustments related to the Company’s non‑U.S. operations, which are recorded in Accumulated other comprehensive (loss) income on the accompanying Condensed Consolidated Balance Sheet.
June 30,
2026		December 31,
2025
(In thousands)
Land$707 $707 
Land improvements611 403 
Buildings7,078 7,038 
Building improvements28,640 2,566 
Manufacturing equipment26,331 12,404 
Lab equipment5,111 3,724 
Automobiles51 — 
Leasehold improvements1,278 795 
Furniture & fixtures72 46 
Computer equipment269 13 
Construction in progress - Buildings (1)
54,225 30,267 
Construction in progress - Magnet plant equipment and other (1)
24,623 29,083 
Property, plant and equipment, gross148,996 87,046 
Less: Accumulated depreciation(3,165)(1,640)
Property, plant and equipment, net145,831 85,406 
Finance lease right-of-use assets1,233 1,233 
Less: Accumulated amortization(313)(190)
Finance lease-right-of-use assets, net920 1,043 
Total property, plant and equipment, net$146,751 $86,449 
(1)Construction in progress assets are placed in service and depreciated upon completion of construction, installation, certification, and when ready for their intended use.
Depreciation and amortization of property, plant and equipment is calculated using the straight‑line method over the estimated useful lives of the related assets. The following table presents depreciation expense related to the Company’s property, plant and equipment and amortization expense related to the Company’s finance lease right‑of‑use assets for the periods indicated.
Three Months Ended June 30, Six Months Ended June 30,
2026202520262025
(In thousands)
Depreciation expense$950 $108 $1,579 $135 
Amortization expense62 61 123 67 
Total depreciation and amortization$1,012 $169 $1,702 $202 
Other Intangible Assets
The following table presents the Company’s other intangible assets, by major class, as of the dates indicated.
June 30, 2026December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In thousands)
Trade name$7,245 $(302)$6,943 $7,245 $(60)$7,185 
Customer relationships11,856 (370)11,486 11,856 (74)11,782 
Supplier relationships33,986 (2,124)31,862 33,986 (425)33,561 
Know-how16,203 (595)15,608 16,203 (119)16,084 
Total other intangible assets$69,290 $(3,391)$65,899 $69,290 $(678)$68,612 
The following table presents amortization expense related to the Company’s other intangible assets for the periods indicated. There was no intangible amortization for the three and six months ended June 30, 2025.
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
(In thousands)
Trade name$121 $242 
Customer relationships148 296 
Supplier relationships849 1,699 
Know-how238 476 
Total amortization of other intangible assets$1,356 $2,713 
The following table presents estimated future amortization expense of finite‑lived intangible assets as of June 30, 2026.
Year Ending December 31,Finite-lived Intangible Assets
(In thousands)
2026 (remaining six months)$2,715 
20275,428 
20285,428 
20295,428 
20305,428 
2031 and thereafter41,472 
Total estimated amortization$65,899 
Accrued Liabilities

The following table presents accrued liabilities as of the dates indicated.
June 30,
2026		December 31,
2025
(In thousands)
Payroll and related employee taxes$3,545 $2,659 
Construction in progress
14,550 6,302 
Consulting
3,778 883 
Legal
2,518 1,668 
Financing costs2,167 — 
Asset retirement obligation (1)
690 700 
Other
4,431 1,861 
Total accrued liabilities$31,679 $14,073 
(1)The Company recorded certain Asset Retirement Obligations (“ARO”), in connection with the Company’s obligation to return its Cheshire, United Kingdom building to its “original condition,” as defined in the lease agreement. The building lease will expire in November 2026 and the estimated cost is expected to be paid at lease expiration.
The following table presents the ARO activity for the periods indicated. There were no ARO valuation adjustments for the three and six months ended June 30, 2025.
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
(In thousands)
Balance, beginning of period$689 $700 
Foreign currency translation1 (10)
Balance, end of period$690 $690 
Contract Liabilities

The Company’s contract liabilities consist of customer deposits and deferred revenue when cash payments are received in advance of the Company’s performance. As of June 30, 2026, the Company evaluated its remaining performance obligations associated with its contract liabilities. The related revenue is expected to be recognized as performance obligations are satisfied over the remaining contract terms, with amounts expected to be recognized within the next 12 months classified as contract liabilities, current and amounts expected to be recognized thereafter classified as contract liabilities, non-current.
June 30,
2026		December 31,
2025
(In thousands)
Contract liabilities, current$1,328 $10,500 
Contract liabilities, non-current9,602 — 
Total contract liabilities$10,930 $10,500 
The following table presents the activity related to contract liabilities for the dates indicated. There was no contract liability activity for the three and six months ended June 30, 2025.
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
(In thousands)
Balance, beginning of period$10,377 $10,500 
Contract liabilities related to acquisition— (26)
Revenue recognized related to amounts included in balance, beginning of period(798)(798)
Cash received, excluding amounts recognized as revenue during the period1,341 1,345 
Translation adjustments10 (91)
Balance, end of period$10,930 $10,930 
Notes Payable

The following table presents notes payable as of the dates indicated.
June 30,
2026		December 31,
2025
(In thousands)
Barclays Trade Loan
$— $1,849 
On February 13, 2026, the Company repaid the outstanding Barclays Trade Loan balance in full, including accrued interest, to Barclays Bank PLC, and the loan was cancelled upon repayment.
The following table presents interest expense related to the Company’s notes payable for the periods indicated. There was no interest expense related to the Company’s notes payable during the three months ended June 30, 2026 and 2025.
Six Months Ended June 30,
20262025
(In thousands)
Hatch Note (1)
$— $54 
Barclays Trade Loan (2)
103 — 
Total interest expense$103 $54 
(1)The Hatch Note was extinguished on March 13, 2025.
(2)The Barclays Trade Loan was repaid in full on February 13, 2026.
Supplemental Cash Flow Information
Six Months Ended June 30,
2026
2025
(In thousands)
Cash Transactions
Cash paid for interest$103 $— 
Non-cash Transactions
Purchases of property and equipment in accounts payable and other accrued liabilities$3,169 $— 
USARE LLC Convertible Preferred unit dividends— 3,042 
Finance right of use assets obtained in exchange for finance lease liabilities— 1,233 
Non-cash lease liabilities arising from obtaining right of use assets2,000 427 
Issuance of Government Grant Warrants430,862 — 
Cash, Cash Equivalents and Restricted Cash
The Condensed Consolidated Statements of Cash Flows explain the changes in the total of cash and cash equivalents, and restricted cash. The following table presents a reconciliation of cash and cash equivalents, and restricted cash reported for each period within the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Cash Flows that sum to the total of such amounts.
June 30,
2026		June 30,
2025		December 31,
2025
(In thousands)
Cash and cash equivalents$1,530,147 $121,791 $359,925 
Restricted cash (included in Other assets, current)64,222 — — 
Cash, cash equivalents and restricted cash$1,594,369 $121,791 $359,925