# USA Rare Earth, Inc. (USAR) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from USA Rare Earth, Inc.'s 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/USAR/mda/fy2025/): filed 2026-03-30; accession 0001970622-26-000021 (https://www.sec.gov/Archives/edgar/data/1970622/000197062226000021/usar-20251231.htm); latest 10-K
- [FY 2024 MD&A](/company/USAR/mda/fy2024/): filed 2025-03-31; accession 0001213900-25-026445 (https://www.sec.gov/Archives/edgar/data/1970622/000121390025026445/ea0236222-10k_usarare.htm)
- [FY 2023 MD&A](/company/USAR/mda/fy2023/): filed 2024-04-02; accession 0001213900-24-029041 (https://www.sec.gov/Archives/edgar/data/1970622/000121390024029041/ea0202401-10k_infle2.htm)

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