Energy Fuels Inc. (NYSE: UUUU) reported fourth‑quarter 2025 financial results on February 26, 2026. Revenue reached $27.1 million, topping consensus estimates of $27.0 million, while the company posted a net loss of $0.08 per share, a miss versus the consensus estimate of a $0.07 loss.
The company’s working‑capital balance climbed to $927.4 million as of December 31, 2025, up from $827 million a year earlier. The increase was largely driven by a $700 million convertible senior‑note offering that closed on October 3, 2025, providing additional liquidity for growth initiatives.
Revenue fell 33% year‑over‑year from $40.0 million in Q4 2024 to $27.1 million in Q4 2025. The decline was primarily driven by lower uranium sales, while the rare‑earth segment remained relatively flat, reflecting the company’s continued investment in both production lines.
The higher net loss was largely attributable to increased operating costs following the acquisition of Base Resources Limited in Q4 2024, which added $15 million in selling, general and administrative expenses. The company also continued to invest heavily in uranium and rare‑earth production, which contributed to the loss.
CEO Mark Chalmers said, "2025 was a breakout year for Energy Fuels, as we achieved numerous operational, ramp‑up, and growth milestones that we believe set the stage for significant future cashflow generation, market differentiation, and competitive advantages in the critical material space in the next few years." He added, "As a result, we have raised our profile among investors, customers, and governments to be recognized as, not only the largest and lowest cost U.S. uranium producer, but also as an emerging global critical materials leader."
Management highlighted progress in the rare‑earth segment, noting "remarkable progress in our rare earth segment, including heavy rare earth pilot production at our White Mesa Mill and qualification of our NdPr production for use by major automobile manufacturers." The company also announced plans to acquire Australian Strategic Materials, a move aimed at creating a "mine‑to‑metal & alloy" rare‑earth champion.
The company’s 2026 guidance focuses on increased uranium production and sales volumes, continued rare‑earth expansion, and the integration of Australian Strategic Materials. While the company’s working‑capital position provides financial flexibility, investors remain cautious due to the higher net loss and year‑over‑year revenue decline.
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