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Visual21 Nov 2025
Data center suppliers
Energy Fuels (EFR) investor relations material
Energy Fuels Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved increased uranium and rare earth sales and revenues in Q3-2025, with significant progress in uranium and rare earth production, positioning for higher gross margins in 2026.
Advanced rare earth segment with successful pilot production of heavy rare earths (29 kg Dy oxide) and plans for commercial production, including NdPr qualification for major auto manufacturers.
Secured all government approvals and conditional support for up to AUD 80 million in project financing for the Donald JV project in Australia.
Completed a $700 million convertible note offering, resulting in a post-quarter working capital balance approaching $1 billion.
Financial highlights
Q3-2025 uranium concentrates revenue was $17.4 million, up from $4.0 million in Q3-2024; total revenues reached $17.7 million.
Net loss reduced to $16.7 million from $21.8 million in the previous quarter, driven by increased uranium revenues.
Working capital increased to $298.5 million as of September 30, 2025, with $94.0 million in cash and no debt; post-quarter, working capital approached $1 billion.
Sold 240,000 lbs of uranium at $72.38/lb with a 26% gross margin in Q3; similar margins expected in Q4.
Total assets increased 24% year-over-year to $758.3 million; total liabilities decreased 37% to $50.8 million.
Outlook and guidance
Uranium production expected to reach 1.1–1.4 million lbs through Q1 2026, with potential to exceed 2 million lbs/year at Pinyon Plain in 2026.
Finished uranium inventory cost per pound projected to decrease from $50–$55 to $30–$40 by 2026, with gross margins rising to 50% or above.
Rare earth commercial production of heavies targeted for late 2026; phase II feasibility study at White Mesa Mill to be completed by year-end.
Donald Project FID expected as early as Q4 2025 or Q1 2026, with monazite deliveries by late 2027.
Toliara Project FID anticipated in 2026, with ongoing feasibility and permitting.
How will lower U3O8 COGS impact 2026 margins?
Strategy to capture high European REE prices?
Compare Donald and Toliara project FID timelines
Justify blending Pinyon Plain with LaSalle ore.
Why delay Donald FID despite approvals?
How will $1B working capital fund acquisitions?
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Next Energy Fuels earnings date
Q4 202523 Feb, 2026
Next Energy Fuels earnings date
Q4 202523 Feb, 2026
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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.
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