Energy Fuels Inc. (UUUU)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$105.8M

Revenue growth

62.5%

Net income, last twelve months

-$81.7M

Earnings per share

-$0.32

Gross margin

40.9%

Operating margin

-91.0%

Net margin

-77.3%

Free cash flow

-$82.5M

Return on equity

-10.3%

Market value

$2.1B

Cash

$58.4M

Debt

$677.7M

Debt to equity

0.85

Shares outstanding

249.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the FY-2015 (year ended December 31, 2015), with FY-2016 guidance results, filed 8 March 2016.

• Production above prior guidance. The company produced 468,000 pounds of uranium in FY-2015, which the release says is above previously reported guidance.
• Sales of 1,075,000 pounds. FY-2015 sales totaled 1,075,000 pounds, of which 1,025,000 pounds were under existing long-term contracts at an average of $57.39 per pound.
• Selected results released before annual filing. The release gives selected FY-2015 results before the full annual report is filed.
• Contract prices fixed or at floors. Prices for material sold under existing long-term contracts are either fixed or set at floors.
• Spot sales priced below contract average. The 50,000 pounds sold on the spot market in FY-2015 brought $37.35 per pound, below the long-term contract average.
• Spot sales planned to fund activities. Selective spot sales are planned in FY-2016 as needed to generate cash for operations, construction and resource evaluation.
• Feed sources for White Mesa output. White Mesa output is to come from stockpiled Pinenut material, 350,000 pounds, and alternate feed materials, 250,000 pounds.
• Toll processing for a third party. Of the 296,000 pounds produced at White Mesa in FY-2015, 72,000 pounds were toll processed for a third party.
• Described as only conventional US mill. The release describes the White Mesa Mill as the only conventional uranium mill operating in the US today.
• Nichols Ranch output after Uranerz deal. Nichols Ranch produced 172,000 pounds in FY-2015, from the period after the Uranerz acquisition closed.
• Three more well-fields planned. Construction of three additional well-fields at Nichols Ranch is among the FY-2016 activities the spot sales are meant to fund.
• Canyon shaft-sinking and evaluation continue. Continued shaft-sinking and resource evaluation at the high-grade Canyon Project are listed among FY-2016 activities.
• Impairment tied to prices and sector. The non-cash impairment is attributed to continued uranium price and sector conditions, and to a lower market capitalization.
• Uranerz goodwill largely impaired. The impairment also covers all or most of the goodwill from the Uranerz acquisition, completed in June 2015.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 143 held.

Every filing

The newest filings with the SEC of 377 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

396 funds held it at 30 Jun 2026: 190 added and 92 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Vulcan Materials Co. (VMC): revenue $8.1B, market value $34.3B
• Martin Marietta Materials Inc. (MLM): revenue $6.7B, market value $30.6B
• Hecla Mining Co. (HL): revenue $1.6B, market value $10.0B
• United States Lime & Minerals Inc. (USLM): revenue $376.9M, market value $3.1B
• Knife River Corp. (KNF): revenue $3.3B, market value $3.1B
• Centrus Energy Corp. (LEU): revenue $473.9M, market value $1.5B

What the company does

Energy Fuels produces uranium and vanadium and is building a business in rare earth elements (REEs) and heavy mineral sands (HMS). Its White Mesa Mill near Blanding, Utah is, the company says, the only licensed and operating uranium mill in the U.S. and the only uranium mill capable of producing separated REE products. The company mines uranium ore at its Pinyon Plain, La Sal and Pandora mines in Arizona and Utah. It also holds uranium, uranium/vanadium and REE/HMS properties in the U.S., Madagascar, Australia and Brazil, some in operation and others in development, exploration, permitting or on standby.

How the business is organised

The company reports three segments: uranium, REE and HMS. The uranium segment covers conventional and in-situ recovery (ISR) uranium extraction, uranium sales, recycling of uranium-bearing materials generated by third parties, and the exploration and permitting of uranium properties. Its final product is U3O8, which customers process further into fuel for nuclear reactors. The segment also produces vanadium pentoxide (V2O5) as a co-product at the Mill. The REE segment covers the work toward full REE separation at the Mill, for both light and heavy products. The HMS segment covers exploration, development and recovery of heavy mineral sands at the Kwale Project in Kenya, the Bahia Project and the Vara Mada Project. It also includes equity investments in the Donald Project joint venture and in Tate.

Uranium mines and the Mill

Ore from the three producing mines goes to the Mill, where it is processed or stockpiled for later processing. The Mill also recovers uranium from Alternate Feed Materials, which the company describes as recycling resources that would otherwise be discarded.

Other uranium assets are held ready for restart. The Nichols Ranch ISR Project in Wyoming is on standby and holds 34 permits, along with undeveloped wellfields. The Whirlwind mine in Colorado is being prepared for production. The company says it expects Whirlwind and Nichols Ranch to be able to start production within one year of a "go" decision. Larger projects in permitting or development include Roca Honda in New Mexico, Bullfrog in Utah, the EZ Project in Arizona and Sheep Mountain in Wyoming.

At 31 December 2025 the company held about 810,000 pounds of finished uranium inventory and about 905,000 pounds of finished V2O5. It also held uranium in stockpiled mineralized material, Alternate Feed Materials and work-in-process at the Mill.

Who it sells to

Uranium is sold to utilities under long-term contracts and on the spot market. The company has six long-term uranium contracts with major U.S. utilities. They call for deliveries between 2026 and 2032, with base quantities totaling 3.21 million pounds remaining. Depending on buyer options and quantity flexibility, deliveries could range from 3.71 million to 5.29 million pounds.

In REEs, the company sold 1.7 tonnes of NdPr to POSCO International for sampling. It earlier sold mixed rare earth carbonate (MREC) to Neo Performance Materials for separation in Estonia. It has also signed a Memorandum of Understanding with Vulcan Elements on supply of NdPr and Dy oxides for rare earth permanent magnets.

Rare earths at White Mesa

The Mill's Phase 1 Circuit has a design capacity of about 8,000 to 10,000 tonnes of monazite per year. That would yield about 4,000 to 6,000 tonnes of total rare earth oxides, containing about 850 to 1,000 tonnes of separated NdPr. Because the circuit shares some equipment with uranium production, the Mill switches between the two rather than running both at once. Through 31 December 2025 the Mill had produced 29 kg of dysprosium (Dy), reaching 99.9% purity at pilot scale.

The company says it plans a larger Phase 2 Circuit that would run independently of uranium work. Its bankable feasibility study covers capacity of over 6,000 tonnes per year of NdPr oxide. The company says it expects to complete Phase 2 by mid-2029, subject to licensing, financing and feedstock. The company is also evaluating recovery of radium from its process streams for use in cancer treatments.

Where the monazite comes from

Monazite is the main REE feedstock, and heavy mineral sands mines are meant to supply it. The company owns 100% of the Vara Mada Project in Madagascar, acquired with Base Resources on 2 October 2024, and 100% of the Bahia Project in Brazil. It also has the right to earn up to a 49% interest in the Donald Project in Australia with Astron Corporation, and held 9.48% at 31 December 2025. Vara Mada still needs fiscal and stability arrangements with the Government of Madagascar before a final investment decision. The company says it expects that decision could come as early as 2027.

Mining at the Kwale Project in Kenya ended at the end of December 2024, and the site is in reclamation. The company says reclamation of the tailings storage facility is expected to finish by 2027, with monitoring continuing through 2038.

On 20 January 2026 the company agreed to acquire Australian Strategic Materials Limited. Its assets include the Dubbo Project in New South Wales and a metallization and alloying facility in South Korea.

*From Energy Fuels's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1385849/000138584926000009/efr-20251231.htm)*

From the company's 10-K.