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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Energy Fuels
Energy Fuels (EFR) investor relations material
Energy Fuels Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue rose 65% YoY to $29.18m; attributable net loss was $52.21m, driven mainly by unrealized marketable-securities losses and acquisition costs.
Completed the ASM acquisition, adding South Korean rare-earth metal and alloy operations; advanced a vertically integrated platform spanning oxides, metals, alloys and magnets.
Progressed White Mesa heavy-REE circuits and Donald Project financing; VAC acquisition closing remains targeted for early 2027, subject to approvals and closing conditions.
Financial highlights
Revenue was $29.18m versus $17.71m in Q3 2025; operating loss was $25.31m versus $26.67m.
Attributable net loss was $52.21m, or $0.20/share; $35.3m of non-cash unrealized securities losses were partly offset by $9.4m of cash interest income.
Uranium revenue was $28.45m; 320,000 lb sold at a weighted average realized price of $88.90/lb.
September 30 working capital was $932.25m, including $76.42m cash and $779.47m marketable securities; total assets were $1.725b.
Outlook and guidance
2026 guidance: mine 2.0–2.5m lb U₃O₈, process 1.5–2.5m lb and sell 1.5–2.0m lb; YTD actuals were 1.125m, 1.655m and 1.140m lb, respectively.
A conventional uranium Mill run is planned from Q4 2026 into Q2 2027, subject to feedstock, operating, market and contract conditions.
Donald FID is targeted by year-end 2026; construction is expected to take ~22 months, with first production and mill feed anticipated in late 2028.
White Mesa heavy-REE circuits are expected to commission in early 2028 for dysprosium and terbium; later phases and other circuits remain subject to approvals, financing, feedstock and FID.
VAC closing is targeted for early 2027, subject to required regulatory approvals and closing conditions; its magnet block capacity is 3,500 tonnes/year, expandable to 13,500 tonnes/year.
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Latest events from Energy Fuels
- Aggressively expanding mine-to-magnet operations with strong financial and government support.EFR
Australian Investor day - Q2 2026 saw major acquisitions, strong uranium output, and robust liquidity amid expansion.EFRQ2 2026
- Integrated mine-to-magnet platform targets critical materials growth with global expansion.EFRCorporate presentation
- Directors elected, acquisitions announced, and strategic expansion into rare earths and magnets detailed.EFRAGM 2026
- $1.9B deal forms the only fully integrated Western mine-to-magnet rare earth platform.EFRM&A announcement
- All proposals passed as the company advances global uranium and rare earth initiatives.EFRAGM 2025
- Acquisition creates the largest integrated rare earth platform outside China, closing June 2026.EFRM&A announcement
- Q3 2024 net loss of $12.08M, rare earths ramp-up, and Base Resources integration with strong liquidity.EFRQ3 2024
- Q2 revenue up 27% YoY to $8.7M; net loss $6.42M; uranium and REE production ramping.EFRQ2 2024
Next Energy Fuels earnings date
Q4 202626 Feb, 2027
Energy Fuels
Next Energy Fuels earnings date
Q4 202626 Feb, 2027
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Frequently asked questions
Energy Fuels Inc. (Energy Fuels) is a producer of uranium in the United States, primarily engaged in the extraction, recovery, exploration, processing, and sale of uranium, vanadium, and rare earth elements. Utilizing both conventional and in-situ recovery (ISR) methods, the company operates three strategic facilities: the White Mesa Mill in Utah for conventional processing, the Nichols Ranch Plant in Wyoming, and the Alta Mesa Plant in Texas for ISR. Energy Fuels is distinguished for its significant uranium production capacity, contributing to a considerable portion of U.S. uranium output. It is also the only primary producer of vanadium in the U.S., with substantial vanadium resources and production capabilities, particularly through its White Mesa Mill, which stands as the only conventional vanadium mill in the country. Moreover, Energy Fuels is emerging as a player in the commercial rare earth business, processing monazite to recover uranium and produce a marketable mixed rare earth element carbonate, highlighting its role in reestablishing a U.S. rare earth element supply chain. The company was incorporated in 1987 and is headquartered in Lakewood, Colorado. Its shares are traded on the NYSE.