Boss Energy (BOE) H2 2026 earnings summary

Executive summary

• Revenue doubled to $151.1 million in FY2026, with net profit after tax of $2.5 million, reversing a significant prior-year loss and marking the first positive free cash flow, supported by a debt-free balance sheet and increased uranium inventory.

• Operating cash flow reached $74 million, funding $66.8 million in mine development, and closing cash increased to $49.7 million.

• A new feasibility study confirms robust, lower-cost, capital-efficient production at Honeymoon, underpinned by advanced ISR capability and a wide-spaced wellfield design.

• FY2027 is a transitional year, shifting from legacy to wide-spaced wellfields, with production ramp-up and disciplined capital allocation.

• Increased uranium inventory to 1.581 million pounds, providing strategic flexibility and exposure to uranium market upside.

Financial highlights

• Sales revenue doubled year-over-year to $151.1 million, with an average realised price of $111/lb and net profit after tax of $2.5 million.

• Operating cash flow increased to $74 million, up from $17.4 million in FY2025, funding $66.8 million in mine development.

• Closed FY2026 with $207.3 million in cash and liquid assets, no debt, and uranium inventory valued at $195 million at spot price.

• Production increased 61% to 1.41 million pounds, with C1 cost at $39/lb and all-in sustaining cost at $61/lb.

• Operating margin from produced uranium sales was $31.9 million; purchased uranium sales generated a $0.4 million loss.

Outlook and guidance

• FY2027 production guidance is 1.25–1.3 million pounds, with C1 cost guidance of $51–56/lb and all-in sustaining cost of $83–92/lb.

• Capital expenditure for FY2027 is forecast at $58–65 million, focused on wellfield development, water treatment plant expansion, and process facilities.

• Production expected to ramp up to 1.5 million pounds in FY2028 and 1.9 million pounds in FY2030, with potential to reach 2 million pounds as optimization continues.

• Gould's Dam and Jasons deposits offer future growth, with permitting expected in 2–3 years.

• Transition to wide-spaced wellfield design expected to support long-term production ramp-up.