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USAR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is USA Rare Earth, Inc. Class A Common Stock (USAR) stock moving?
USAR fell about 25% from its Oct 29 close of $10.52 to $7.92 on Nov 10, with the sharpest drop on Nov 10 itself (-9.6%) on 23.8M shares, the second-highest volume in the window. The main driver is the Q3 2026 report on Nov 9: adjusted EPS of $(0.44) missed the $(0.16) estimate, and sales of $3.0M missed the $13.3M estimate by a wide margin. The stock rose 6.5% on Nov 9 but gave that back and more the next day. Operationally, the company has reached several milestones: commercial-scale MREC shipments to the government-funded US SIIE SPV under a 15-year take-or-pay agreement, its first yttrium oxide samples at Wheat Ridge, and its first magnet sales. Against this, Benzinga notes magnet customer qualification can take up to two years, so the revenue ramp is likely to be slow, and the Q3 miss shows revenue has not yet followed the milestones. Cantor Fitzgerald kept its Overweight rating but cut its price target to $30, which is still far above the current price. Price levels to watch: the Nov 5 low of $6.84 is the nearest floor, while the Nov 9 high of $9.14 and the Nov 2 close of $8.86 are the nearest ceiling. Recent closes have sat below the 30-day VWAP trend, and the stock is closing lower on heavy volume, which points to continued selling pressure in the short term.
News behind the analysis
- USA Rare Earth Reports Third Quarter 2026 Financial and Operational ResultsUSA Rare Earth released its third-quarter and nine-month 2026 financial and operational results. The Q3 sales and EPS figures fell well short of consensus.
- USA Rare Earth Begins Commercial Shipments of MREC to U.S. Government-Funded SPVCommercial-scale shipments of Mixed Rare Earth Carbonate to US SIIE, LLC have started under a 15-year take-or-pay agreement.
- USA Rare Earth Has Started Selling Magnets. But There’s a Catch Investors Should KnowFirst magnet sales have begun, but customer qualification can take up to two years, which delays the revenue ramp.
- Cantor Fitzgerald Maintains Overweight on USA Rare Earth, Lowers Price Target to $30Cantor Fitzgerald kept its Overweight rating and cut its price target to $30.
- USA Rare Earth Achieves First Yttrium Oxide Production at Wheat Ridge FacilityThe company produced and delivered its first yttrium oxide samples from its solvent extraction demonstration plant in Wheat Ridge, Colorado.
- USA Rare Earth Q3 Adj. EPS $(0.44) Misses $(0.16) Estimate, Sales $3.002M Miss $13.252M EstimateAdjusted EPS of $(0.44) missed the $(0.16) estimate, and sales of $3.002M missed the $13.252M estimate.
- USA Rare Earth Shares Dip After Q3 Misses EstimatesShares dipped after the company reported third-quarter results that missed analyst estimates.
- USA Rare Earth Initiates Shipment Of Mixed Rare Earth Carbonate To US Sile Under 15-Year AgreementThe company began shipping Mixed Rare Earth Carbonate to US SIIE under a 15-year agreement.
About USA Rare Earth, Inc. Class A Common Stock
USA Rare Earth is an early-stage US company trying to build a full rare earth supply chain, from mining to finished magnets. It owns the Round Top deposit in Texas, is building neodymium-iron-boron magnet plants in Oklahoma and South Carolina, and grew in 2025–2026 by buying the UK metals maker Less Common Metals and Brazil's Serra Verde mining group.
How it makes money
Revenue is still small, roughly $6 million in Q2 2026, and the company is losing money. Most of the money it makes today likely comes from rare earth metals and alloys made by the acquired Less Common Metals business. It plans to sell rare earth concentrates from Serra Verde in Brazil, sell processed oxides, and sell sintered magnets to makers of defense equipment, electric vehicles, electronics and industrial products. Building all this is paid for with large stock offerings and US government CHIPS Act funding, and the company had about $1.5 billion in cash as of mid-2026.
What usually moves USAR
- US–China rare earth trade policy and export controls
- US government funding, offtake deals and defense demand
- Progress on building the magnet plants and starting production
- Integration of the Serra Verde and Less Common Metals acquisitions
- Share dilution from capital raises