1Q26 Earnings; Mine-to-Magnet Platform Scaling; Key US DoC Signing Imminent

研报英文原文证据摘录

1Q26 Earnings; Mine-to-Magnet Platform Scaling; Key US DoC Signing Imminent

Company Report

May 13, 2026 USA Rare Earth Inc. (USAR)

Rating: 1Q26 Earnings; Mine-to-Magnet Platform Scaling; Key USOUTPERFORM DoC Signing ImminentPrice:

$25.42

12-Month Price Target: The Wedbush View

$35.00

USA Rare Earth (USAR) reported its FY1Q26 (March) results which featured

Analysts continued strategic momentum across the mine-to-magnet platform with LCM

Sam Brandeis third-party metal and alloy contribution driving results along with the March

(212) 222-3005 26 commissioning of Stillwater Phase 1a is setting up first commercial NdFeBsam.brandeis@wedbush.com shipments in 2Q26. The print marks USAR's transition from a development-stageDan Ives

(212) 344-2073 platform to an operational manufacturer against an accelerating policy backdrop

Dan.Ives@wedbush.com and rising urgency around heavy rare earth supply chain sovereignty. We maintain

our OUTPERFORM rating and $35 price target.

Total revenue of $5.7 million came in above the Street's $4.2 million estimateCompany Information

Market Cap (M) $5,541 while Adj. EPS of ($0.12) was above the Street's ($0.13), driven by LCM Metal

Enterprise Value (M) $5,189 Making ahead of the Magnetics ramp in 2Q26. Total liquidity of ~$1.75 billion

Shares Outst (M) 218.0 gives USAR ample runway to fund Stillwater, LCM, Carester, Round Top, and Serra52-Week Range $8.00 - $43.98

Verde without financing pressure. Yesterday's $14.2 million Texas Semiconductor

REV (M) in $ Innovation Fund grant that is tied to Round Top will support ~260 jobs and $1.4

FYE Dec 2025A 2026E 2027E billion of capital investment, layers non-dilutive state capital on the proposed DoC

Q1 Mar 0.0A 5.7A 34.2E CHIPS Act collaboration that USAR now expects to close later this month.