USARMEDIUM SIGNALFINANCIAL10-K

USAR's stockholders' equity deficit deepened to -$17.0M from -$12.9M, while the company underwent significant structural changes including a substantial increase in outstanding shares and transition from private to public status.

The worsening equity deficit indicates continued operational challenges and accumulated losses, though the 32% deterioration may reflect one-time costs associated with the company's business combination and public listing process. The dramatic increase in share count from approximately 87 million to 218 million shares suggests significant dilution from the transaction, which investors should monitor closely for its impact on per-share metrics.

Comparing 2026-03-30 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows a company in transition with mounting losses, as evidenced by the deepening stockholders' equity deficit to -$17.0M. The substantial increase in outstanding shares from ~87 million to ~218 million indicates meaningful dilution occurred during the reporting period, likely connected to the business combination that took the company public. While the negative equity position is concerning, this appears to be a company emerging from a SPAC transaction, where such financial strain during the transition period is not uncommon.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
-31.9%
-$12.9M-$17.0M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-31
ADDED
(Exact Name of Registrant as Specified in its Charter) Delaware 98-1720278 (State or Other Jurisdiction of Incorporation) (I.R.S.
As of March 23, 2026, there were 217,976,175 shares of the registrant s Common Stock and 1,224,351 shares of 12 % Series A Cumulative Convertible Preferred Stock issued and outstanding.
MARKET AND INDUSTRY DATA Information contained in this Annual Report concerning the market and the industry in which we compete, including our market position, general expectations of market opportunity, size and growth rates, is based on information from various third-party sources, on assumptions made by us based on such sources and our knowledge of the markets for our services and solutions.
We have not independently verified this third-party information.
The industry in which we operate is subject to a high degree of uncertainty and risk.
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REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
(Exact name of registrant as specified in its charter) Delaware 98-1720278 (State or other jurisdiction of incorporation or organization) (I.R.S.
The aggregate market value of the voting and non-voting stock held by non-affiliates of Inflection Point Acquisition Corp.
II ( Inflection Point ), predecessor of the Registrant, on June 28, 2024 (the last business day of the second fiscal quarter of the prior fiscal year), based on the closing price of $10.60 for shares of Inflection Point s Class A ordinary shares, was approximately $ 265,000,000.00 .
As of June 30, 2024, the Registrant s common stock was not publicly traded.
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