DENVER, Nov. 3, 2025 /PRNewswire/ - Energy Fuels Inc. (NYSE:UUUU) (TSX:EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REEs"), and other critical minerals, today reported its financial results for the quarter ended September 30, 2025. The Company previously announced details for its upcoming November 4, 2025, earnings call.
"The entire team continued to deliver on promises this quarter, including increased sales, increased revenues and continued low-cost uranium production, which is resulting in significant cash margins as we average down our cost of goods sold over time, and set the stage for increased gross margins in 2026," said Mark Chalmers, Energy Fuels' Chief Executive Officer.
"We believe the performance of our uranium segment is well-timed, as we see several factors indicating that demand for our domestically produced uranium is increasing. At the same time, we continue to make remarkable progress in our rare earth segment, including 'heavy' rare earth pilot production at our White Mesa Mill and qualification of our NdPr production for use by major automobile manufacturers. We also received final government approvals for the development of our Donald Project rare earth and critical mineral joint venture in Australia, along with receipt of a conditional Letter of Support from Export Finance Australia for up to A$80 million in respect of senior debt project financing for the Project. To top it all off, we completed an upsized offering of $700 million of convertible senior notes on very favorable terms, increasing our post-quarter working capital balance to nearly $1 billion."
Q3-2025 Highlights
Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
Robust Balance Sheet with Nearly $300 million of Liquidity: As of September 30, 2025, the Company had $298.5 million of working capital including $94.0 million of cash and cash equivalents, $141.3 million of marketable securities (interest-bearing securities and uranium equities), $12.1 million of trade and other receivables, $74.4 million of inventory, and no debt, which puts the Company in a strong position as it advances its projects.
Completion of Upsized $700 Million Convertible Senior Notes Offering Post-Quarter: On October 3, 2025, the Company closed its upsized offering of 0.75% Convertible Senior Notes due 2031 for an aggregate principal amount of $700.0 million, including the exercise in full by the initial purchasers of their option to purchase an additional $100.0 million of notes, on a deal led by Goldman Sachs & Co. LLC. The notes have a conversion price of $20.34 per common share of Energy Fuels ("Common Share"), which represents a premium of approximately 32.5% to the last reported sale price of the Common Shares on the NYSE American on September 30, 2025, subject to customary anti-dilution adjustments. The effective conversion price of the notes was increased to $30.70 (representing a premium of 100% over the last reported sale price of the Common Shares on the NYSE American on September 30, 2025) through the purchase of capped call transactions.
Over $15 Million of Additional Liquidity from Market Value of Finished Inventory: At October 31, 2025 commodity prices, the Company's product inventory has a market value of approximately $45.3 million, while the balance sheet reflects product inventory carried at historical cost of $30.3 million.
Reduced Net Loss of $16.7 Million Compared to Q2 2025: During Q3-2025, the Company incurred a net loss of $16.7 million, or $0.07 per common share, which is an improvement compared to a net loss of $21.8 million, or $0.10 per common share during Q2-2025, while at the same time advancing the Company's development projects and prepping the Company's White Mesa Mill (the "Mill") for a conventional uranium ore processing run that commenced in early October 2025.
Well-Stocked to Capture Market Opportunities and to Meet Long-term Contract Obligations: As of September 30, 2025, the Company held a total of 2,125,000 pounds of U3O8 in inventory, including 485,000 pounds of finished U3O8, 1,525,000 pounds of U3O8 in ore and raw materials, and 115,000 pounds of work-in-progress U3O8. Inventory increased from last quarter due to Pinyon Plain, La Sal and Pandora mine ore production, partially offset by sales. The Company expects these uranium inventories to continue increasing as we continue to mine additional ore from these mines and potentially purchase additional ore from third parties, offset by upcoming contract uranium sales and potential spot sales. The Company continues to retain most of its finished uranium product in inventory in anticipation of higher uranium prices. The Company also held 905,000 pounds of finished vanadium ("V2O5"), 37,000 kilograms ("kg") of finished separated neodymium praseodymium ("NdPr") oxide and 9,000 kg of finished high purity, partially separated mixed "heavy" samarium-plus ("Sm+") rare earth carbonate ("RE Carbonate") in inventory.
Uranium Milestones:
Q3-2025 U3O8 Sales: The Company sold a total of 240,000 pounds of U3O8 for a weighted average realized price of $72.38 per pound for total gross proceeds of $17.4 million and a gross margin of 26%. Spot uranium prices during the quarter were relatively weak, averaging approximately $74.66 during Q3-2025. Therefore, the Company elected to make only one spot sale for 100,000 pounds of U3O8 during the quarter.
Q3-2025 Uranium Mine Production: During Q3-2025, the Company mined ore containing approximately 465,000 pounds of uranium from its Pinyon Plain and La Sal mines for a total of approximately 1,245,000 pounds of contained U3O8 through September 30, 2025. Ore mined at the Pinyon Plain mine during Q3-2025 had an average grade of 1.27% U3O8, which the Company believes is one of the highest-grade uranium mines in U.S. history. Overall grades for mined ore have averaged 1.67% for the life of the mine so far, which is almost three times the estimated average grade of proven and probable reserves for the mine of 0.58% U3O8 as set out in the Company's pre-feasibility study filed under National Instrument 43-101 ("NI 43-101") and Subpart 1300 of Regulation S-K ("S-K 1300"). Ore from the mine is being stockpiled at the Mill for a large-scale ore processing run that commenced in early October 2025.
Expected 2025 Uranium Product Production: The Company continues to mine and stockpile ore from its Pinyon Plain, La Sal and Pandora mines, which is expected to total approximately 875,000 to 1,435,000 pounds of U3O8 contained in approximately 55,000 to 80,000 tons of ore from these mines during 2025. With a total of approximately 1,245,000 pounds of contained U3O8 mined through September 30, 2025, and the addition of ore expected to be mined in Q4-2025, the Company is in a strong position to meet or exceed the high end of this guidance. The Company also expects to continue to seek to purchase uranium ore from third-party miners in the region, and there is the potential to receive additional alternate feed materials and mine cleanup materials, expected to add a total of approximately 160,000 to 200,000 pounds of additional contained uranium to ore inventories, all of which will be processed as market conditions, Mill schedules, and contract requirements may warrant.
Expected FY-2025 Finished Uranium Production: The Company currently expects to process up to approximately 670,000 pounds of U3O8 in Q4-2025 from stockpiled ore mined from its Pinyon Plain, La Sal and Pandora mines. This ore processing run is expected to continue through at least Q1-2026. Expected Q4-2025 production, combined with the Company's 330,000 pounds of production through Q3-2025, is expected to result in the production of up to approximately 1,000,000 pounds of U3O8 for 2025. This is expected to be within the previously reported 2025 production guidance of 700,000 to 1 million pounds of finished U3O8.
Uranium Sales During the Remainder of 2025: The Company expects to sell 160,000 pounds of U3O8 in Q4-2025 under its existing long-term contracts with utilities. The Company may sell additional uranium on the spot market during the remainder of 2025, depending on market conditions.
2026 Preliminary Guidance: In 2026, the Company expects to sell between 620,000 and 880,000 pounds of U3O8 under its current portfolio of long-term uranium sales contracts. The Company may elect to sell additional uranium on the spot market or under new long-term contracts, depending on Mill schedules and market conditions. The Company expects to produce between 430,000 and 730,000 pounds of U3O8 during Q1-2026. Uranium and/or REE production for Q2-2026 and beyond is undetermined at this time, and will be based upon Mill schedules, market conditions, and/or commercial or government demand for REEs.
Expected Year End U3O8 Inventory: As a result of these sales, plus planned 2025 mine production, at the end of 2025, the Company expects to hold a total of 1,985,000 to 2,585,000 pounds of U3O8 in ore inventories, including approximately 925,000 to 1,225,000 pounds of finished U3O8 inventory, subject to any additional spot sales that may be made in 2025. This expected finished goods uranium inventory is expected to be sufficient to satisfy the Company's 2025 and 2026 delivery requirements under existing contracts.
Guidance: The Company's revised guidance for 2025 is as follows:
Current Guidance, as
Revised
Q2 2025
Low
High
Mined (contained pounds of U3O8)
875,000
1,435,000
Alternate Feed Materials and other (contained pounds of U3O8)(1)
160,000
200,000
Processed (pounds of U3O8)
700,000
1,000,000
Sales (pounds of U3O8)(2)
350,000
350,000
Finished goods (pounds of U3O8)
925,000
1,225,000
Total inventories (contained pounds of U3O8)(2)
1,985,000
2,585,000
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