Energy Fuels (EFR) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 65% YoY to $29.18m; attributable net loss was $52.21m, driven mainly by unrealized marketable-securities losses and acquisition costs.

• Completed the ASM acquisition, adding South Korean rare-earth metal and alloy operations; advanced a vertically integrated platform spanning oxides, metals, alloys and magnets.

• Progressed White Mesa heavy-REE circuits and Donald Project financing; VAC acquisition closing remains targeted for early 2027, subject to approvals and closing conditions.

Financial highlights

• Revenue was $29.18m versus $17.71m in Q3 2025; operating loss was $25.31m versus $26.67m.

• Attributable net loss was $52.21m, or $0.20/share; $35.3m of non-cash unrealized securities losses were partly offset by $9.4m of cash interest income.

• Uranium revenue was $28.45m; 320,000 lb sold at a weighted average realized price of $88.90/lb.

• September 30 working capital was $932.25m, including $76.42m cash and $779.47m marketable securities; total assets were $1.725b.

Outlook and guidance

• 2026 guidance: mine 2.0–2.5m lb U₃O₈, process 1.5–2.5m lb and sell 1.5–2.0m lb; YTD actuals were 1.125m, 1.655m and 1.140m lb, respectively.

• A conventional uranium Mill run is planned from Q4 2026 into Q2 2027, subject to feedstock, operating, market and contract conditions.

• Donald FID is targeted by year-end 2026; construction is expected to take ~22 months, with first production and mill feed anticipated in late 2028.

• White Mesa heavy-REE circuits are expected to commission in early 2028 for dysprosium and terbium; later phases and other circuits remain subject to approvals, financing, feedstock and FID.

• VAC closing is targeted for early 2027, subject to required regulatory approvals and closing conditions; its magnet block capacity is 3,500 tonnes/year, expandable to 13,500 tonnes/year.