<span item_type="fundamental" item_id="597714c8e075817697beb55e0d27a539" counter_id="ST/US/UUUU" env="prod"></span><span item_type="announcement" item_id="645489996366938114" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 35.84 B.</p><p>EPS: As of FY2026 Q1, the actual value is USD -0.04, missing the estimate of USD -0.015.</p><p>EBIT: As of FY2026 Q1, the actual value is USD -16.36 B.</p><p></p><h3>Consolidated Financial Performance</h3><h4>Net Loss</h4><p>Energy Fuels Inc. reported a net loss of - $10.96 million for the three months ended March 31, 2026, marking a 58% decrease from a net loss of - $26.32 million in the same period of 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></p><h4>Total Revenues</h4><p>Total revenues increased by $18.94 million to $35.84 million for the three months ended March 31, 2026, up from $16.90 million in the prior year, primarily driven by higher uranium concentrates revenues.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></p><h4>Operating Costs and Expenses</h4><p>Total operating costs and expenses rose by $9.68 million to $52.77 million for the three months ended March 31, 2026, compared to $43.09 million in the prior year.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> <strong>Costs applicable to revenues</strong>: Increased by $3.36 million to $21.48 million for the three months ended March 31, 2026, from $18.12 million in 2025, due to higher uranium volumes sold at higher costs per pound of U3O8, partially offset by the absence of Heavy Mineral Sands sales.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> <strong>Exploration, development and processing (excluding share-based compensation)</strong>: Increased by $1.64 million to $8.09 million for the three months ended March 31, 2026, from $6.45 million in 2025, attributed to higher development costs at the Mill and increased exploration costs at the Bahia Project.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> <strong>Standby costs</strong>: Increased by $1.47 million to $3.34 million for the three months ended March 31, 2026, from $1.87 million in 2025, mainly due to advancing permitting and development on the Roca Honda Project and higher general maintenance costs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> <strong>Accretion of asset retirement obligations</strong>: Decreased by $0.47 million to $0.60 million for the three months ended March 31, 2026, from $1.07 million in 2025, primarily due to substantial completion of rehabilitation activities at the Kwale Project.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> <strong>Selling, general and administrative (excluding share-based compensation)</strong>: Increased by $0.39 million to $13.37 million for the three months ended March 31, 2026, from $12.98 million in 2025, due to increases in general headcount, salaries, and benefits.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> <strong>Share-based compensation</strong>: Increased by $0.90 million to $3.51 million for the three months ended March 31, 2026, from $2.61 million in 2025, mainly due to higher grant fair values of awards.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> <strong>Transaction and integration related costs</strong>: Amounted to $2.38 million for the three months ended March 31, 2026, related to the planned acquisition of Australian Strategic Materials Limited, with no comparable costs in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></p><h4>Operating Loss</h4><p>Operating loss improved by $9.27 million to - $16.93 million for the three months ended March 31, 2026, compared to - $26.19 million in the prior year.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></p><h4>Other Income (Loss)</h4><p>Other income was $5.79 million for the three months ended March 31, 2026, compared to an other loss of - $1.49 million in 2025, mainly due to mark-to-market gains on marketable securities in 2026 versus losses in 2025, higher realized gains on marketable securities maturities, and increased interest income.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></p><h4>Cash Flow</h4><ul><li><strong>Net cash provided by operating activities</strong>: $8.32 million for the three months ended March 31, 2026, an increase from - $18.83 million used in operating activities in 2025, driven by higher cash receipts from uranium sales and lower cash outflows from asset retirement obligation settlements.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li><li><strong>Net cash used in investing activities</strong>: Decreased by $8.27 million to - $15.10 million for the three months ended March 31, 2026, from - $23.37 million in 2025, largely due to decreased net cash outflows from marketable securities and lower additions to property, plant, and equipment and mineral properties.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li><li><strong>Net cash provided by financing activities</strong>: Decreased by $28.15 million to $49.69 million for the three months ended March 31, 2026, from $77.84 million in 2025, primarily due to lower proceeds from common share issuance under the ATM program and an increase in cash paid for RSU vesting.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li></ul><h4>Working Capital and Liquidity</h4><p>As of March 31, 2026, Energy Fuels Inc. had working capital of $956.63 million, including $108.45 million in cash and cash equivalents, $802.24 million in marketable securities, approximately 1,100,000 pounds of finished uranium inventory, and approximately 905,000 pounds of finished vanadium inventory.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></p><h3>Segment-Specific Metrics and Strategic Summary</h3><h4>Uranium Segment</h4><ul><li><strong>Revenues</strong>: Uranium concentrates revenue was $35.72 million for the three months ended March 31, 2026, with no comparable revenue in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> Revenues from Alternate Feed Materials, processing, and other decreased by $1.24 million to $0.12 million in 2026 from $1.36 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li><li><strong>Sales Volumes (Q1 2026)</strong>: Energy Fuels Inc. sold 100,000 pounds of U3O8 on the spot market at an average price of $95.88 per pound and 410,000 pounds under long-term contracts at an average price of $63.74 per pound, totaling 510,000 pounds of uranium concentrates sold.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li><li><strong>Costs (Q1 2026)</strong>: Costs applicable to uranium concentrates were $21.48 million, or $42.11 per pound.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li><li><strong>Production (Q1 2026)</strong>: Approximately 425,000 pounds of contained U3O8 were mined from Pinyon Plain, La Sal, and Pandora mines, and the Mill produced 790,000 pounds of finished U3O8.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li><li><strong>Inventories (March 31, 2026)</strong>: The company held approximately 960,000 pounds of U3O8 in ore and mineralized material, 180,000 pounds in work-in-process, and 1,100,000 pounds of finished U3O8, for a total of 2,240,000 pounds of finished and contained U3O8.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> The weighted average cost of finished U3O8 inventory was approximately $36 per pound, and the company also held approximately 905,000 pounds of finished V2O5 in inventory.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li></ul><h4>Rare Earth Elements (REE) Segment</h4><ul><li><strong>Revenues and Costs</strong>: No revenues or costs applicable to REE were reported for the three months ended March 31, 2026, or 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li><li><strong>Strategic Initiatives</strong>: The company successfully produced its first kilogram of high-purity Terbium (Tb) oxide at pilot scale in Q1 2026 and is successfully piloting samarium (Sm) oxide production.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li></ul><h4>Heavy Mineral Sands (HMS) Segment</h4><ul><li><strong>Revenues and Costs</strong>: No revenues or costs applicable to HMS were reported for the three months ended March 31, 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> In 2025, HMS revenues were $15.54 million, and costs applicable to HMS were $18.12 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li><li><strong>Strategic Initiatives</strong>: The Vara Mada Project’s Feasibility Study estimates a modeled mine life of approximately 38 years, with a projected post-tax, pre-debt net present value (10% discount rate) of approximately $1.8 billion and a post-tax internal rate of return of approximately 25%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> The project could generate over $500 million of annual EBITDA and average annual free cash flow of approximately $264 million over its modeled mine life.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></li></ul><h3>Outlook and Guidance</h3><h4>Uranium Segment Outlook</h4><p>Energy Fuels Inc. expects to mine 2,000,000 to 2,500,000 pounds of contained U3O8 and process 1,500,000 to 2,500,000 pounds of finished U3O8 in 2026, with projected sales volumes between 1,500,000 and 2,000,000 pounds of U3O8 for the year.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> The total weighted average cost for recovered U3O8 is expected to be $23 to $30 per pound, with the cost of goods sold anticipated to decline to the $30 to $40 per pound range through the remainder of 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> The company’s long-term utility contracts require minimum commitments of 330,000 pounds and maximum of 470,000 pounds of uranium for the remainder of 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></p><h4>REE Segment Outlook</h4><p>Energy Fuels Inc. plans further enhancements to expand its heavy REE production at its Phase 1 Circuit for commercial-level recovery of Tb and Dy, along with Sm, Eu, and Gd, expected to be operational in 2027.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> A planned Phase 2 Circuit expansion aims to increase the Mill’s REE oxide production capacity to over 6,000 tonnes per annum (tpa) of NdPr oxide, along with approximately 80 tpa of Tb and 288 tpa of Dy oxides from the combined Phase 1 and Phase 2 Circuits, expected to be completed by mid-2029.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> The company expects to acquire Australian Strategic Materials Limited as early as July 2026, which would make it a fully integrated REE “mine-to-metal and alloy” producer outside of China.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></p><h4>HMS Segment Outlook</h4><p>Energy Fuels Inc. anticipates a potential Final Investment Decision (FID) for the Donald Project as early as Q2 2026 and for the Vara Mada Project as early as 2027, contingent on finalized fiscal and stability arrangements.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> The company aims to secure monazite sources capable of producing up to approximately 4,500 tonnes per year of separated NdPr along with 200 to 300 tonnes per year of separated Dy and Tb from its Vara Mada, Bahia, and Donald Projects.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></p><h4>Other Strategic Initiatives</h4><p>Energy Fuels Inc. is evaluating the potential to recover radium-226 and radium-228 from its existing uranium and REE process streams for use in targeted alpha therapy (TAT) medical treatments.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span> The company has also deposited an initial $1 million into the San Juan County Clean Energy Foundation and provides ongoing funding equal to 1% of the Mill’s revenues, with the Foundation having awarded 48 grants totaling $0.86 million, including $0.29 million committed to Native American initiatives.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1385849/000138584926000021/efr-20260331.htm"></span></p>

Energy Fuels | 10-Q: FY2026 Q1 Revenue: USD 35.84 B