Energy Fuels (EFR) Q2 2026 earnings summary

Executive summary

• Revenues for Q2 2026 rose 496% year-over-year to $25.1M, driven by higher uranium sales volumes and prices, but the net loss widened to $33.6M due to increased operating costs and transaction expenses related to planned acquisitions.

• Achieved a transformational quarter with strategic acquisitions and expansion in rare earth and uranium operations.

• Entered definitive agreements to acquire ASM and VAC (VAC for $1.9B), aiming to create an integrated mine-to-magnet platform and add advanced magnetics and global production capacity.

• Advanced uranium, rare earth elements (REE), and heavy mineral sands (HMS) initiatives, including mining at Pinyon Plain, La Sal, Pandora, and progressing development at Donald Project (Australia), Vara Mada (Madagascar), and Bahia (Brazil).

• Commenced construction of a heavy rare earth plant in Utah, targeting commercial-scale production by 2028.

Financial highlights

• Q2 2026 revenues: $25.1M (Q2 2025: $4.2M); H1 2026 revenues: $60.9M (H1 2025: $21.1M).

• Net loss Q2 2026: $33.6M (Q2 2025: $21.8M); H1 2026: $44.6M (H1 2025: $48.2M); $(0.13) per share in Q2 2026.

• Operating costs and expenses for Q2 2026: $55.7M, up 83% year-over-year, including $10.7M in transaction and integration costs.

• Cash and cash equivalents at June 30, 2026: $58.4M; marketable securities: $878.3M; working capital: $996M.

• Uranium sales: 310,000 lbs in Q2 2026 at $80.48/lb average price; 820,000 lbs in H1 2026 at $73.99/lb.

Outlook and guidance

• 2026 uranium production guidance: 1.5–2.5M lbs mined, 1.5–2.5M lbs processed, 1.5–2.0M lbs sold.

• Ongoing expansion of REE separation at White Mesa Mill, with Phase 1 heavy REE circuit construction underway and Phase 2 planned to increase NdPr, Tb, and Dy oxide capacity.

• Donald Project FID expected as early as Q3 2026; ASM acquisition expected to close by August 2026, VAC by Q1 2027.

• Next uranium mill run planned for Q4 2026 or early 2027, pending sufficient ore stockpiles.

• Heavy rare earth plant expansion expected to be completed by 2028, supporting integrated mine-to-magnet strategy.