By Kelly Cloonan
USA Rare Earth is seeing a swell of customer interest as it prepares to kickoff production at a new magnet facility.
The mining and magnet company said Monday it has signed 12 memorandums of understanding and joint defense agreements to date, representing potentially 300 tons of annual production with customers in the aerospace and defense, data center and automotive sectors.
The company also said its Stillwater, Okla., magnet facility is on track for commissioning in the first quarter of next year.
"We are seeing a surge of customer interest," Chief Executive Joshua Ballard said, adding the company is actively engaging with over 70 companies. "We have the potential to sell out our first 1,200-ton production line prior to commissioning its full capacity."
Ballard said USA Rare Earth is looking to accelerate and strengthen its mine-to-magnet supply chain, scaling its business with targeted internal investments.
The company has expanded its team with roles across engineering, sales, manufacturing, and finance, it said.
In its latest quarter, USA Rare Earth posted a loss of $142.5 million, or $1.54 a share, compared with $2.6 million, or 4 cents a share, a year earlier. The latest quarter included a $132.7 million loss on the fair market value of some financial instruments.
It ended the quarter with $121.8 million in cash and no significant debt.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
August 11, 2025 17:09 ET (21:09 GMT)
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