Energy Fuels Announces Q3-2026 Results

Energy Fuels Inc. (EFR) reported third-quarter 2026 results showing revenue of $29.2 million and a net loss of $52.4 million, or $0.206 million attributable to the company, equating to $0.20 per share. Uranium revenue accounted for $28.4 million, derived from 320,000 pounds of U3O8 sold at a weighted average realized price of $88.90 per pound. This volume included 50,000 pounds in spot sales at $89.50 per pound and 270,000 pounds in long-term contract sales at $88.79 per pound. Additionally, the company generated $0.4 million in revenue from NdFeB alloy sales through the newly acquired Korean Metals Plant in September.

The company stated that its uranium segment remained profitable for the third consecutive quarter, with realized prices increasing 10% from the second quarter and 27% from the first quarter, while operating costs per pound and cost of goods sold remained steady. The reported net loss was primarily driven by $35.3 million in non-cash unrealized mark-to-market losses on marketable securities resulting from higher interest rates, partially offset by $9.4 million in cash interest income. Working capital stood at $932.3 million as of September 30, 2026, comprising $76.4 million in cash, $779.5 million in marketable securities, $26.9 million in receivables, and $90.3 million in inventory.

On the corporate development front, the acquisition of ASM closed in August 2026, adding the Korean Metals Plant and the Dubbo Project to the portfolio. The company expects the VAC acquisition to close in early 2027, and construction has been approved for commercial-scale heavy rare earth circuits at White Mesa. This expansion is now projected to commission dysprosium and terbium circuits in early 2028, with samarium, europium, and gadolinium circuits following later in the year. Meanwhile, the Donald Project received conditional government financing support of up to A$180 million, part of a proposed A$200 million facility, with a final investment decision now targeted for the end of 2026.

Uranium mining output reached 385,000 pounds of contained U3O8 in the third quarter, bringing year-to-date production to 1.1 million pounds. The company noted that grades at Pinyon Plain improved and that a second shift is expected to lift ore production. The release did not provide a specific figure for third-quarter finished uranium production nor explicitly reaffirm full-year uranium guidance. The mill completed scheduled maintenance and processed alternate feed, with conventional ore stockpiled for a mill run in the fourth quarter.

Energy Fuels Inc. (EFR) reported a widened net loss of $52.2 million for the third quarter, compared to $16.7 million a year earlier. The company mined 385,000 pounds of uranium during the period. While the uranium segment achieved profitability for the third quarter and revenue rose 65% year-over-year, the firm did not explicitly reaffirm mined guidance for the fourth quarter, leaving a significant production burden.

Operational highlights included a 10% sequential increase in realized uranium prices and costs described as steady. The release emphasized liquidity, the completion of the All-Saints Mine (ASM), and the company’s mine-to-magnet strategy. However, the report downplayed that the third quarter served primarily as a maintenance and stockpiling period with no disclosed finished uranium production, and noted that several prior project timelines have shifted to the right.

The stock closed at $17.43 on August 5, 2026, following the prior second-quarter release, and fell to $10.18 on November 3, 2026, marking a 41.6% decline into the print. On the day of the third-quarter release, the stock declined an additional 2.5% to close at $9.93.

Energy Fuels Inc. (EFR) is a U.S.-based critical materials company and the leading U.S. uranium producer. The company owns the White Mesa Mill in Utah, described as the only fully licensed and operating conventional uranium processing facility in the United States. Its uranium assets include Pinyon Plain, La Sal, Pandora, Nichols Ranch, Whirlwind, Roca Honda, Bullfrog, Energy Queen, and Sheep Mountain. The release does not provide uranium reserve or resource tonnes or grades.

Rare earth assets include White Mesa’s NdPr and heavy rare earth element circuits, the newly acquired KMP in South Korea, the Dubbo Project in Australia, and the pending VAC magnet business. Heavy mineral sands assets include Vara Mada in Madagascar, Bahia in Brazil, and the Donald Project in Australia, where Energy Fuels has the right to earn up to a 49% joint venture interest with Astron.

KMP currently produces 1,300 tonnes per annum of NdFeB alloy and is expanding toward 3,600 tonnes per annum. VAC has 3,500 tonnes per annum of magnet block capacity, expandable to 13,500 tonnes per annum. Jurisdictions span the United States, Australia, Madagascar, Brazil, South Korea, and, pending VAC, Germany, Finland, and South Carolina.