The Americans were trying to improve on the silver medal they won at last year's Olympics, but can now do no better than the bronze. The United States will take on Croatia in the third-place match Saturday.
Spain will meet Serbia for the gold after Serbia edged Croatia 12-11.
The United States took a 2-0 lead in the semifinals and did not trail until Molina gave Spain a 5-4 advantage with 2:59 remaining in the third period.
Team USA tied it at 6-6 with 4:19 to go in the fourth on a goal by Timothy Hutten.
The American women will play for the world championship Friday against Canada.
Copyright 2009 by United Press International.