v3.26.1
Net Loss per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Loss per Share Net Loss per Share
The following table presents the computation of the numerator and denominator used in the calculation of net loss per share attributable to holders of the Company’s common stock. For the three and six months ended June 30, 2026 and 2025, all potentially dilutive securities were excluded from diluted earnings per share as the Company reported a net loss for the period.
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
(In thousands, except for per share amounts)
Numerator
Net loss attributable to USA Rare Earth, Inc.
$(10,333)$(142,506)$(77,322)$(90,674)
Declared and deemed dividends, and interest accretion(733)— (1,442)— 
Undistributed net loss attributable to USA Rare Earth, Inc.
$(11,066)$(142,506)$(78,764)$(90,674)
Denominator
Weighted-average shares outstanding - basic and diluted230,081 92,769 213,347 91,598 
Net loss per share attributable to USA Rare Earth, Inc.
Basic and diluted
$(0.05)$(1.54)$(0.37)$(0.99)

The following table presents categories of potential shares that are excluded from the diluted per share computation as their effect would be anti-dilutive.
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
(Shares in thousands)
12% Series A Cumulative Convertible Preferred Stock (1)
2,443 6,595 2,443 6,595 
Series A Warrants
2,437 6,130 2,437 6,130 
Earnout Shares (2)
— 10,100 — 10,100 
Investor Warrants (3)
— 18,369 — 18,369 
Incentive Units
— 10,714 — 10,714 
Government Grant Warrants
17,601 — 17,601 — 
Total22,481 51,908 22,481 51,908 
(1)Represents the amount of potential common shares, if converted at each reported date.
(2)Represents contingently issuable shares outstanding at each reported date.
(3)Investor warrants outstanding as of June 30, 2025 were fully exercised during 2025 and are therefore excluded from the June 30, 2026 table.