USA Rare Earth reported a cash balance of approximately $1.75 billion as of March 31, 2026, a substantial increase from $359.9 million at December 31, 2025. The company generated $5.7 million in revenues for the first quarter ended March 31, 2026, compared to no revenue in the prior year period. Net cash used in operating activities increased to $18.6 million for Q1 2026, up from $10.3 million in Q1 2025. Capital expenditures significantly increased to $38.6 million in Q1 2026, compared to $3.1 million in Q1 2025. The company reported a net loss attributable to USA Rare Earth, Inc. of $67.0 million for Q1 2026, a shift from a net income of $51.8 million in Q1 2025. A $1.5 billion common stock PIPE financing was successfully closed in January 2026. Phase 1a of the Stillwater magnet manufacturing facility was commissioned in March 2026, with customer orders for sintered NdFeB permanent magnets expected to begin in Q2 2026. The company announced a definitive agreement to acquire Serra Verde Group for approximately $2.8 billion, securing the only large-scale producer of all four magnetic rare earths outside Asia. USA Rare Earth is pursuing a proposed collaboration with the U.S. Government, anticipated to provide access to $1.6 billion in funding under the Department of Commerce's CHIPS Program upon execution of definitive documentation in May 2026. The company was awarded a $14.2 million grant from the Texas Semiconductor Innovation Fund to accelerate the Round Top Mountain heavy rare earth project, expected to create 260 new jobs and represent over $1.4 billion in capital investment.