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Should You Buy, Hold or Sell UUUU Stock Post Q1 Earnings?
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Key Takeaways
Energy Fuels Q1 revenues surged 112% on uranium sales, while loss narrowed from last year.
UUUU produced 790,000 pounds of uranium in Q1 and topped 1 million pounds in April.
Energy Fuels sees long-term upside from uranium growth, REE expansion and strong liquidity.
Energy Fuels (UUUU - Free Report) reported first-quarter 2026 results on Wednesday. The stock gained 11% despite reporting mixed results. Revenues more than doubled and topped the Zacks Consensus Estimate. However, UUUU posted a loss of four cents per share, slightly wider than the expected loss of three cents. The figure, however, marked an improvement over the loss of 13 cents reported in the year-ago quarter.
Digging Deeper Into Energy Fuels’ Q1 Results
Total revenues surged 112% year over year to $35.8 million, primarily driven by uranium sales. During the quarter, UUUU sold 510,000 pounds of uranium at an average realized price of $70.04 per pound. This included 100,000 pounds sold in the spot market and the remaining 410,000 pounds under long-term contracts.
Energy Fuels had not sold any uranium concentrates in the year-ago quarter. Last year, revenues were mainly supported by heavy mineral sands (HMS) operations from the Kwale Project. Since mining at Kwale concluded in December 2024, the project no longer contributes to UUUU’s results.
Costs applicable to revenues increased 18.5% to $21.5 million due to higher uranium sold at elevated per-pound costs, partially offset by the absence of HMS sales and related costs. Exploration, development and processing expenses rose 24% year over year to $8.4 million owing to higher development costs at the mill for increased headcount and higher exploration costs at the Bahia Project. Standby costs surged 79% year over year to $3.3 million due to advancing permitting and development on its Roca Honda Project and higher general maintenance costs. Selling, general and administration were up 8% year over year, reflecting increases in general headcount, salaries and benefits.
The loss of four cents per share in the quarter came in narrower than the year-ago loss of 13 cents per share. This was driven by higher uranium revenues and an increase in other income, partially offset by higher operating costs.
Looking Beyond the Loss: Key Developments in UUUU’s Q1
Uranium Business Gaining Momentum: During the quarter, Energy Fuels mined ore containing approximately 425,000 pounds of uranium. From the Pinyon mine alone, UUUU extracted ore containing approximately 375,000 pounds of uranium at an average grade of 1.12%. Grades were lower as mining transitioned between high-grade zones. Management expects grades to improve in the upcoming quarters. The company produced 790,000 pounds of finished uranium in the quarter and hit the 1 million pounds mark in April.
Expanding Rare Earth Element (REE) Capabilities: During the quarter, the company announced successful pilot-scale production of high-purity terbium oxide at the White Mesa Mill, marking the first U.S. primary production of this critical heavy REE in decades. The company also announced the acquisition of Australian Strategic Materials. UUUU outlined plans for two expansion phases at the White Mesa Mill that will boost total NdPr production capacity from the current level of 1,000 tons per annum (tpa) to approximately 6,229 tpa, in addition to roughly 80 tpa of terbium and 288 tpa of dysprosium.
Advancements in HMS: Energy Fuels also advanced its fully owned Vara Mada HMS project in Madagascar, which hosts significant titanium, zirconium and REE resources. An updated feasibility study released in January 2026 confirmed a projected 38-year mine life and strong economics. At full production, the project is expected to generate average annual EBITDA exceeding $500 million and free cash flow of around $264 million. UUUU also received final approvals for the development of the Donald Project in Australia. Energy Fuels’ ownership stake in the project increased to 10.5% as of March 31, 2026.
Ended Q1 With a Solid Balance Sheet: UUUU generated $8.3 million in cash from operating activities during the first quarter of 2026 against usage of $18.8 million in the year-ago quarter. Energy Fuels ended the quarter with $956.6 million of working capital, including $108.4 million of cash and cash equivalents, $802.2 million of marketable securities, $7.6 million of trade and other receivables, and $69.0 million of inventory.
Energy Fuels Maintains Outlook
The Pinyon Plain Mine in Arizona and the La Sal Complex in Utah produced more than 1.6 million pounds of uranium through 2025. Management expects uranium mining output to reach 2-2.5 million pounds in 2026, with planned uranium sales of 1.5-2 million pounds through contracts and spot market transactions.
The company plans to continue processing low-cost Pinyon Plain ore during 2026, blending it with relatively smaller quantities of lower-grade, higher-cost La Sal/Pandora and other mineralized material along with its finished inventories from various sources over the years. This is expected to lower its production costs.
UUUU Likely Headed for a Loss in 2026, Profit Expected in 2027
The Zacks Consensus Estimate for Energy Fuels’ 2026 revenues is $147 million, indicating 123% year-over-year growth. The estimate for earnings is currently pegged at a loss of six cents per share.
The estimate for 2027 revenues is pinned at $225.5 million, implying a 53.2% year-over-year upsurge. The consensus estimate for earnings is pegged at 13 cents per share. This will be UUUU’s first year of profit since it started trading on the NYSE in December 2013.
Image Source: Zacks Investment Research
Over the past 90 days, the estimates for Energy Fuels for both years have moved down.
Image Source: Zacks Investment Research
How did Energy Fuels’ Peers Fare in Q1?
Centrus Energy Corp. (LEU - Free Report) reported earnings of $1.05 per share, 15% higher than the prior-year quarter. Centrus Energy posted revenues of $76.7 million for the quarter compared with $73.1 million in the year-ago quarter. Both the metrics topped the respective Zacks Consensus Estimate.
Cameco Corporation’s (CCJ - Free Report) total revenues were up 7% year over year to CAD 845 million ($616 million). Adjusted earnings rose 194% year over year to CAD 0.77 per share or 34 cents. Cameco beat the Zacks Consensus Estimate on both counts.
Energy Fuels’ Stock Outperforms Industry & Peers
UUUU shares soared 390.6% in the past year compared with the industry’s 88.6% growth. It has also outperformed the broader Zacks Basic Materials sector’s gain of 45.2% and the S&P 500’s climb of 35.5%. Energy Fuels has also outpaced Cameco and Centrus Energy, which have gained 141.1% and 133.2%, respectively, in a year.
Image Source: Zacks Investment Research
UUUU’s Valuation Looks Stretched
Energy Fuels is currently trading at a forward price-to-sales multiple of 31.71, well above the industry average of 4.47. UUUU’s Value Score of F suggests that the stock is not so cheap and indicates a stretched valuation at this moment.
Image Source: Zacks Investment Research
Meanwhile, Cameco and Centrus Energy are cheaper options, trading at price-to-sales ratios of 20.28 and 8.41, respectively.
UUUU’s Long-Term Tailwinds Remain Strong
The long-term outlook for Energy Fuels remains favorable, driven by rising demand for uranium and rare earth elements. Backed by its debt-free balance sheet, Energy Fuels is ramping up uranium production while developing significant REE capabilities. Its standby projects (Nichols Ranch ISR, Whirlwind) have a combined potential to add up to 500,000 pounds of annual uranium production within six – 12 months of a “Go” decision. Additionally, its large-scale development projects (Roca Honda, Sheep Mountain, Henry Mountains – Bullfrog) have a combined potential to produce up to 6 million pounds of uranium per year.
Our Final Take on Energy Fuels Stock
Energy Fuels offers compelling long-term potential, supported by its strong balance sheet, expanding rare earth footprint and improving uranium production profile. Those who already own the stock may stay invested. However, given its premium valuation and the expected loss this year and the downward revisions to earnings estimates, new investors can wait for a better entry point. The stock currently carries a Zacks Rank #3 (Hold).
View the Zacks #1 Rank List
Image: Bigstock
Should You Buy, Hold or Sell UUUU Stock Post Q1 Earnings?
Key Takeaways
Energy Fuels (UUUU - Free Report) reported first-quarter 2026 results on Wednesday. The stock gained 11% despite reporting mixed results. Revenues more than doubled and topped the Zacks Consensus Estimate. However, UUUU posted a loss of four cents per share, slightly wider than the expected loss of three cents. The figure, however, marked an improvement over the loss of 13 cents reported in the year-ago quarter.
Digging Deeper Into Energy Fuels’ Q1 Results
Total revenues surged 112% year over year to $35.8 million, primarily driven by uranium sales. During the quarter, UUUU sold 510,000 pounds of uranium at an average realized price of $70.04 per pound. This included 100,000 pounds sold in the spot market and the remaining 410,000 pounds under long-term contracts.
Energy Fuels had not sold any uranium concentrates in the year-ago quarter. Last year, revenues were mainly supported by heavy mineral sands (HMS) operations from the Kwale Project. Since mining at Kwale concluded in December 2024, the project no longer contributes to UUUU’s results.
Costs applicable to revenues increased 18.5% to $21.5 million due to higher uranium sold at elevated per-pound costs, partially offset by the absence of HMS sales and related costs. Exploration, development and processing expenses rose 24% year over year to $8.4 million owing to higher development costs at the mill for increased headcount and higher exploration costs at the Bahia Project. Standby costs surged 79% year over year to $3.3 million due to advancing permitting and development on its Roca Honda Project and higher general maintenance costs. Selling, general and administration were up 8% year over year, reflecting increases in general headcount, salaries and benefits.
The loss of four cents per share in the quarter came in narrower than the year-ago loss of 13 cents per share. This was driven by higher uranium revenues and an increase in other income, partially offset by higher operating costs.
Looking Beyond the Loss: Key Developments in UUUU’s Q1
Uranium Business Gaining Momentum: During the quarter, Energy Fuels mined ore containing approximately 425,000 pounds of uranium. From the Pinyon mine alone, UUUU extracted ore containing approximately 375,000 pounds of uranium at an average grade of 1.12%. Grades were lower as mining transitioned between high-grade zones. Management expects grades to improve in the upcoming quarters. The company produced 790,000 pounds of finished uranium in the quarter and hit the 1 million pounds mark in April.
Expanding Rare Earth Element (REE) Capabilities: During the quarter, the company announced successful pilot-scale production of high-purity terbium oxide at the White Mesa Mill, marking the first U.S. primary production of this critical heavy REE in decades. The company also announced the acquisition of Australian Strategic Materials. UUUU outlined plans for two expansion phases at the White Mesa Mill that will boost total NdPr production capacity from the current level of 1,000 tons per annum (tpa) to approximately 6,229 tpa, in addition to roughly 80 tpa of terbium and 288 tpa of dysprosium.
Advancements in HMS: Energy Fuels also advanced its fully owned Vara Mada HMS project in Madagascar, which hosts significant titanium, zirconium and REE resources. An updated feasibility study released in January 2026 confirmed a projected 38-year mine life and strong economics. At full production, the project is expected to generate average annual EBITDA exceeding $500 million and free cash flow of around $264 million. UUUU also received final approvals for the development of the Donald Project in Australia. Energy Fuels’ ownership stake in the project increased to 10.5% as of March 31, 2026.
Ended Q1 With a Solid Balance Sheet: UUUU generated $8.3 million in cash from operating activities during the first quarter of 2026 against usage of $18.8 million in the year-ago quarter. Energy Fuels ended the quarter with $956.6 million of working capital, including $108.4 million of cash and cash equivalents, $802.2 million of marketable securities, $7.6 million of trade and other receivables, and $69.0 million of inventory.
Energy Fuels Maintains Outlook
The Pinyon Plain Mine in Arizona and the La Sal Complex in Utah produced more than 1.6 million pounds of uranium through 2025. Management expects uranium mining output to reach 2-2.5 million pounds in 2026, with planned uranium sales of 1.5-2 million pounds through contracts and spot market transactions.
The company plans to continue processing low-cost Pinyon Plain ore during 2026, blending it with relatively smaller quantities of lower-grade, higher-cost La Sal/Pandora and other mineralized material along with its finished inventories from various sources over the years. This is expected to lower its production costs.
UUUU Likely Headed for a Loss in 2026, Profit Expected in 2027
The Zacks Consensus Estimate for Energy Fuels’ 2026 revenues is $147 million, indicating 123% year-over-year growth. The estimate for earnings is currently pegged at a loss of six cents per share.
The estimate for 2027 revenues is pinned at $225.5 million, implying a 53.2% year-over-year upsurge. The consensus estimate for earnings is pegged at 13 cents per share. This will be UUUU’s first year of profit since it started trading on the NYSE in December 2013.
Image Source: Zacks Investment Research
Over the past 90 days, the estimates for Energy Fuels for both years have moved down.
Image Source: Zacks Investment Research
How did Energy Fuels’ Peers Fare in Q1?
Centrus Energy Corp. (LEU - Free Report) reported earnings of $1.05 per share, 15% higher than the prior-year quarter. Centrus Energy posted revenues of $76.7 million for the quarter compared with $73.1 million in the year-ago quarter. Both the metrics topped the respective Zacks Consensus Estimate.
Cameco Corporation’s (CCJ - Free Report) total revenues were up 7% year over year to CAD 845 million ($616 million). Adjusted earnings rose 194% year over year to CAD 0.77 per share or 34 cents. Cameco beat the Zacks Consensus Estimate on both counts.
Energy Fuels’ Stock Outperforms Industry & Peers
UUUU shares soared 390.6% in the past year compared with the industry’s 88.6% growth. It has also outperformed the broader Zacks Basic Materials sector’s gain of 45.2% and the S&P 500’s climb of 35.5%. Energy Fuels has also outpaced Cameco and Centrus Energy, which have gained 141.1% and 133.2%, respectively, in a year.
Image Source: Zacks Investment Research
UUUU’s Valuation Looks Stretched
Energy Fuels is currently trading at a forward price-to-sales multiple of 31.71, well above the industry average of 4.47. UUUU’s Value Score of F suggests that the stock is not so cheap and indicates a stretched valuation at this moment.
Image Source: Zacks Investment Research
Meanwhile, Cameco and Centrus Energy are cheaper options, trading at price-to-sales ratios of 20.28 and 8.41, respectively.
UUUU’s Long-Term Tailwinds Remain Strong
The long-term outlook for Energy Fuels remains favorable, driven by rising demand for uranium and rare earth elements. Backed by its debt-free balance sheet, Energy Fuels is ramping up uranium production while developing significant REE capabilities. Its standby projects (Nichols Ranch ISR, Whirlwind) have a combined potential to add up to 500,000 pounds of annual uranium production within six – 12 months of a “Go” decision. Additionally, its large-scale development projects (Roca Honda, Sheep Mountain, Henry Mountains – Bullfrog) have a combined potential to produce up to 6 million pounds of uranium per year.
Our Final Take on Energy Fuels Stock
Energy Fuels offers compelling long-term potential, supported by its strong balance sheet, expanding rare earth footprint and improving uranium production profile. Those who already own the stock may stay invested. However, given its premium valuation and the expected loss this year and the downward revisions to earnings estimates, new investors can wait for a better entry point. The stock currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.