enCore Energy (EU) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 88% YoY to $16,692 (000s), but purchased-uranium costs drove a gross loss; net loss attributable to shareholders widened to $33,937 from $4,762.

• South Texas permitting delays reduced 2026 production estimates; development continued at South Texas wellfields and Dewey Burdock as spending was aligned with permitting timelines.

• Cash and cash equivalents fell to $5,063 (000s) at September 30, 2026, from $52,403 at year-end 2025.

Financial highlights

• Q3 revenue was $16,692 (000s), up 88% YoY; cost of sales rose to $17,443 from $4,985, producing a $751 gross loss versus $3,891 gross profit.

• Q3 operating loss was $23,575 (000s) versus $14,040; attributable net loss was $33,937, or $0.17/share, versus $4,762, or $0.03/share.

• Nine-month revenue increased 65% to $50,689 (000s); cost of sales rose 110% to $54,080, yielding a $3,391 gross loss versus $4,999 gross profit.

• Nine-month operating loss narrowed to $43,112 (000s) from $48,943, including a $34,438 gain on mineral-property sale; attributable net loss widened to $69,981 from $35,331.

• Nine-month loss per share was $0.36 versus $0.19; marketable-securities losses included $20,194 unrealized and $10,836 realized.

Outlook and guidance

• South Texas permitting delays reduced estimated 2026 extraction volumes; final authorization remained pending for the first Upper Spring Creek-Brown wellfield, with operations expected before year-end subject to approval.

• Upper Spring Creek-Brown modules 2–4 were expected to be completed before year-end; the waste disposal well permit was expected then, with construction planned for Q1 2027.

• Alta Mesa wellfield 3 Extension was ready for extraction, pending final regulatory approval, with extraction expected before year-end 2026; wellfield 8 extraction was expected in early 2027.

• Alta Mesa East exploration drilling was expected to continue through year-end 2026, with wellfield delineation expected to begin in 2027 across two planned project areas.