Energy Fuels (EFR) Q2 2025 earnings summary

Executive summary

• Achieved record uranium production at Pinyon Plain, driving lower-cost output and positioning for higher margins, while ramping up mining at La Sal and Pandora and advancing REE and HMS projects globally, including Donald, Toliara, and Bahia.

• Advanced rare earth separations at White Mesa Mill, with phase II expansion, improved ex-China rare earth pricing (notably Dy and Tb), and NdPr prices up 20% in the last month.

• Completed acquisition of Base Resources and progressing toward final investment decisions for major HMS/REE projects, with regulatory approvals for Donald Project and feasibility studies for Toliara and Bahia.

• Strengthened balance sheet and improved financial results compared to Q1 2025, with new executive appointments to support global growth.

• Guidance for 2025 uranium sales increased to 350,000 lbs, with expected production of 700,000–1,000,000 lbs and finished inventory of 925,000–1,225,000 lbs by year-end.

Financial highlights

• Ended Q2 2025 with $253.23 million in working capital, $71.49 million in cash, $126.41 million in marketable securities, and no debt.

• Q2 2025 revenues were $4.2 million (down 52% year-over-year), with a net loss of $21.8 million ($0.10/share), improved from Q1's $26 million loss.

• Q2 uranium sales totaled 50,000 pounds at $77/lb, generating $3.85 million in revenue and a 31% gross margin.

• Inventory includes 1,875,000 pounds of U3O8, 905,000 pounds of vanadium, and significant REE oxide stock.

• Total assets increased 15% year-over-year to $702.47 million; current liabilities decreased 40% to $35.67 million.

Outlook and guidance

• 2025 uranium production guidance is 700,000–1,000,000 pounds, with finished uranium inventory projected at 925,000–1,225,000 pounds by year-end.

• Next mill run planned for early October, expected to yield 1.1–1.4 million pounds of finished uranium.

• 2026 uranium mining expected to reach 1.6 million pounds or more annually, with cost of goods projected to drop to $23–$40/lb as more Pinyon Plain ore is processed.

• Commercial-scale heavy REE oxide production could begin in Q4 2026, with piloting to be completed in 2025.

• Donald Project FID possible by end of 2025; Toliara Project FID possible in 2026, subject to agreements.