USA Rare Earth Is Burning Through Cash at $57 Million a Quarter. At That Rate, Here's How Long the Money Lasts.

USA Rare Earth (USAR) is burning through cash at an accelerating rate of $56.7 million in Q2 2026, up from $19 million in Q1. With $1.5 billion in cash on hand, the company has roughly 27 quarters of runway at current burn rates. However, accounting for capital expenditures ($108 million in H1 2026), a potential $300 million acquisition of Serra Verde, and ongoing construction of mining and magnet facilities, the company likely has only about three years of capital. USAR has access to $277 million in federal funding and $1.3 billion in secured financing capacity, providing additional financial flexibility.