Ended 2025 with $359.9M cash and no significant debt; cash was ~$1.75B as of March 30, 2026 including $1.5B gross PIPE proceeds (closed January 29, 2026). FY2025 revenue was $1.643M (Q4: $1.643M), gross profit $0.195M and gross margin 11.9%. FY2025 operating expenses were $59.7M and operating loss was $59.5M; net loss attributable to USA Rare Earth was $297.6M (diluted EPS: -$3.31). Non-GAAP FY2025 adjusted net loss was $80.0M (adjusted diluted EPS: -$0.82). FY2025 capex was $37.4M; net cash used in operating activities was $49.0M. Acquired Less Common Metals (LCM) in November 2025, adding metal/alloy production and near-term third-party revenue. Commissioned Phase 1a of the Stillwater, OK magnet facility in March 2026; expects to begin fulfilling NdFeB magnet orders in Q2 2026, targeting 600 MTPA run rate by Q4 2026 and 1,200 MTPA by Q1 2027. Optimized Round Top flowsheet to focus on heavy rare earths; targeting commercial production commissioning in late 2028 (two years earlier than previously anticipated). LOI announced January 2026 for up to $1.6B in phased Department of Commerce CHIPS Program funding; definitive documentation expected in April 2026, subject to milestones and approvals. Selected Fluor and WSP Global as EPCM partners; Round Top PFS targeted by end of Q3 2026 and DFS by Q1 2027. Plans to expand LCM (UK) metal/alloy capacity to 3,000 MTPA by end of 2026 and build a 3,750 MTPA plant in Lacq, France via LCM Europe with Carester co-location. Announced definitive agreement in March 2026 to acquire Texas Mineral Resources Corp. (TMRC) to become sole operator and 100% economic beneficiary of Round Top, subject to customary conditions. Signed supply and distribution agreements with Solvay, Permag LLC, and Arnold Magnetic Technologies to support magnet production and sales across defense, industrial, mobility, healthcare, and energy.