Energy Fuels Reports $29.18 Million in Revenue and Expands Rare Earth Bets

Key Facts

Energy Fuels reported revenue of $29.18 million in the third quarter ended September 30, compared with $17.71 million a year earlier, while its net loss widened to $52.206 million, or $0.20 per share, from $16.736 million and $0.07 per share. The results were included in company materials published ahead of its earnings call on November 5, 2026. The company attributed most of the loss to $35.3 million in unrealized, non-cash losses in its marketable securities portfolio. This was partly offset by $9.4 million in cash interest income from those securities. The company's shares closed at $6.59 in the November 5 session, according to EL7 data.

Uranium was the primary source of revenue during the quarter, as the company sold 320,000 pounds of U3O8 at an average realized price of $88.90 per pound, generating $28.4 million in uranium revenue. Energy Fuels said the uranium segment was profitable for the third consecutive quarter. The realized price per pound rose 10% from the second quarter and 27% from the first quarter. The company said operating costs per pound and cost of goods sold remained stable. The figures show that uranium operations continued to help fund the company as it works to expand its rare earths business.

On the production front, Energy Fuels extracted 385,000 pounds of uranium contained in U3O8 during the quarter from the Pinyon Plain, La Sal and Pandora mines, bringing year-to-date production to 1.1 million pounds. The company said ore grades at Pinyon Plain improved compared with the first half of the year. It also expects a second shift to increase ore production at the mine. This operational increase comes alongside uranium sales that supported quarterly revenue. The company is therefore combining production growth with continued profitability in its core segment, according to its quarterly update.

The company is expanding its rare earths supply chain through its completed acquisition of Australian Strategic Materials in August, which added the Korean Metals Plant in South Korea and the Dubbo project in New South Wales. The plant produces rare earth metals and alloys on a commercial scale, and recorded $0.4 million in final NdFeB alloy sales during September. The August 28 acquisition announcement said the deal added existing capacity to produce 1,300 tonnes of NdFeB alloys annually. The company aims to raise the plant's capacity to 3,600 tonnes annually, with the expansion expected to begin operating as early as the end of 2026. This adds metals and alloys operations to a portfolio historically focused on uranium mining and processing.

At the White Mesa plant in Utah, Energy Fuels plans an expansion to produce dysprosium and terbium and process mixed rare earth carbonate from other mines. In its July construction announcement, the company estimated total capital costs at about $104 million and said government grants and loans would support a substantial portion. The expansion is designed to add capacity of up to 120 tonnes per year of dysprosium oxide and 20 tonnes per year of terbium oxide. The company says the mixed-carbonate processing circuit will enable the plant to commercially produce rare earth oxides and uranium at the same time. It expects dysprosium and terbium capacity to begin operating in early 2028, followed by samarium, europium and gadolinium later that year.

The company's overseas expansion projects remain subject to approvals, financing and investment decisions. The proposed acquisition of VAC is still subject to the required regulatory approvals, and Energy Fuels expects to complete it in early 2027. VAC operates facilities in South Carolina, Germany and Finland, with current combined capacity to produce 3,500 tonnes of magnet blocks annually, expandable to 13,500 tonnes annually. The Donald project has a conditional financing package of up to A$180 million under a proposed A$200 million project debt facility. The company expects to make a final investment decision on Donald by the end of 2026, while its working capital stood at $932.3 million on September 30, including $76.4 million in cash and cash equivalents and $779.5 million in marketable securities.