Revenue: As of FY2026 Q1, the actual value is USD 18.3 M.EPS: As of FY2026 Q1, the actual value is USD 0.03.EBIT: As of FY2026 Q1, the actual value is USD 11.39 M.enCore Energy Corp. operates as a single reportable segment focused on the extraction, recovery, and sales of uranium, as well as exploration, permitting, and evaluation of uranium properties in the United States.<h4>Segment Revenue</h4>Revenue from uranium sales for the three months ended March 31, 2026, was $18,301 thousand, a 0% increase from $18,239 thousand in the same period of 2025. This was driven by an 8% increase in the realized sales price per pound, reaching $67.78/lb in 2026, up from $62.89/lb in 2025, which offset a 7% decrease in sales volume from 290,000 lbs to 270,000 lbs.<h4>Operational Metrics</h4><ul><li>Cost of Sales: Increased by 1% to $18,365 thousand in 2026, from $18,262 thousand in 2025, with the weighted average cost applicable to revenues increasing by 8% from $62.97/lb to $68.02/lb.</li><li>Gross Profit (Loss): The company reported a gross loss of -$64 thousand for the three months ended March 31, 2026, compared to a gross loss of -$23 thousand in 2025.</li><li>Operating Expenses: Significantly decreased to -$10,021 thousand in 2026 from $15,603 thousand in 2025, primarily due to a $34,438 thousand gain on the sale of mineral properties.</li><li>Mineral Property Expenditures: Rose from $5,544 thousand in 2025 to $10,660 thousand in 2026.</li><li>General and Administrative Expenses: Increased from $8,032 thousand in 2025 to $10,153 thousand in 2026.</li><li>Operating Income (Loss): Operating income was $9,957 thousand in 2026, a substantial improvement from an operating loss of -$15,626 thousand in 2025.</li><li>Interest Income: Increased by 38% to $386 thousand in 2026 from $279 thousand in 2025.</li><li>Interest Expense: Rose by 425% to -$1,815 thousand in 2026 from -$346 thousand in 2025, mainly due to new Convertible Senior Notes.</li><li>Realized Gain on Marketable Securities: $3,840 thousand in 2026, with no gain in 2025.</li><li>Unrealized Losses on Marketable Securities: -$10,048 thousand in 2026, consistent with -$9,876 thousand in 2025.</li><li>Net Income (Loss) Before Income Taxes: $2,320 thousand in 2026, a significant improvement from a net loss of -$25,569 thousand in 2025.</li><li>Net Income (Loss) Attributable to enCore Energy Corp.: $5,404 thousand in 2026, compared to a net loss of -$24,243 thousand in 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: Increased to -$21,426 thousand in 2026 from -$7,735 thousand in 2025, largely due to an increase in inventories and prepaid expenses.</li><li>Net Cash Used in Investing Activities: Decreased to -$5,971 thousand in 2026 from -$7,710 thousand in 2025, driven by increased exploration costs and net purchase/sale of marketable securities.</li><li>Net Cash Provided by Financing Activities: Increased to $17,947 thousand in 2026 from $5,422 thousand in 2025, primarily from proceeds received from warrant exercises.</li></ul><h4>Unique Metrics: Uranium Production and Inventory Costs</h4><ul><li>Q1 2026 Sales: 180,000 lbs of purchased inventory were sold at a cost of $14,187 thousand ($78.82/lb), and 90,000 lbs of extracted uranium were sold at a cost of $4,178 thousand ($46.43/lb).</li><li>Q1 2025 Sales: 216,289 lbs of purchased inventory were sold at $14,900 thousand ($68.89/lb), and 73,711 lbs of extracted uranium were sold at $3,362 thousand ($45.62/lb).</li><li>Inventory on Hand (March 31, 2026): Total inventory was 153,956 lbs at a cost of $9,934 thousand ($64.52/lb), including 70,000 lbs of purchased inventory at $5,603 thousand ($80.04/lb) and 83,956 lbs of extracted uranium at $4,331 thousand ($51.59/lb).</li></ul><h4>Future Outlook and Strategy</h4>enCore Energy Corp. aims to expand its uranium extraction capacity by developing and operating facilities in South Texas, with future exploration projects planned for South Dakota and Wyoming, to become a leading domestic uranium supplier. The company’s sales strategy balances income from contracts with flexibility for strong short-term market conditions, anticipating further cost efficiencies as additional wellfield patterns come online and economies of scale improve. The company believes its available cash, expected operating cash flows, or equity/debt financings will provide sufficient funds for operations and debt service for the next twelve months and beyond.

Encore Energy | 10-Q: FY2026 Q1 Revenue: USD 18.3 M