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Why Is Energy Fuels (UUUU) Up 11.2% Since Last Earnings Report?
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It has been about a month since the last earnings report for Energy Fuels (UUUU - Free Report) . Shares have added about 11.2% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Energy Fuels due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.
Energy Fuels Q2 Earnings Miss on M&A Costs Despite Higher Uranium Sales
Energy Fuels posted a loss of 13 cents per share in the second quarter of 2026, missing the Zacks Consensus Estimate of a loss of 5 cents and wider than the year-ago loss of 10 cents. Transaction and integration costs related to the planned acquisitions of ASM and VAC Group along with higher operating expenses, partially offset by improved margins on uranium sales, resulted in the loss in the quarter.
Uranium Sales Lift Energy Fuels' Top Line
Revenues surged 496% year over year to $25.1 million but missed the Zacks Consensus Estimate of $30 million by 16.9%. The year-over-year surge was primarily driven by higher uranium sales volumes and realized prices.
The company sold 310,000 pounds of uranium at an average realized price of $80.48 per pound. This included 150,000 pounds sold in the spot market and the remaining 160,000 pounds under long-term contracts. Uranium concentrate revenues increased to $24.95 million from $3.85 million in the prior-year quarter.
Energy Fuels had sold 50,000 pounds of uranium at $77 per pound in the second quarter of 2025. HMS contributed $0.28 million to the company’s revenues in the second quarter of 2025, bringing total revenues to $4.2 million. HMS no longer contributes to Energy Fuels’ revenues following the completion of mining at Kwale in December 2024.
Energy Fuels' Costs Drive a Wider Loss
Costs applicable to revenues rose 192% year over year to $10.7 million, mainly because of higher uranium sales volumes. However, the weighted average uranium cost declined 35% to $34.48 per pound from $53.17, partly offsetting the volume impact.
Transaction and integration costs were $10.7 million, reflecting legal, advisory and accounting fees tied to the planned ASM and VAC. Selling, general and administrative expenses, excluding share-based compensation, rose 31% to $15.9 million. Standby costs surged 61% year over year to $2.9 million due to higher permitting activities at Roca Honda and Whirlwind and increased maintenance activities at Nichols Ranch.
Total operating costs and expenses increased 83% year over year to $55.7 million in the second quarter of 2026. The company reported an operating loss of $30.6 million in the second quarter of 2026 compared with $26.2 million in the year-ago quarter.
Production Ramps at White Mesa
Energy Fuels mined 315,000 contained pounds of uranium during the quarter, including 250,000 pounds from Pinyon Plain and 65,000 pounds from the La Sal Project. Pinyon Plain grades were lower as mining moved between zones, with higher grades expected as activity advances. The White Mesa Mill produced 865,000 pounds of finished uranium in the quarter, bringing the total for the first half of 2026 to 1.7 million pounds, already exceeding the low end of its full-year guidance of 1.5-2.5 million pounds.
The mill has completed its conventional ore processing campaign. During the run, Pinyon Plain mining and transportation costs averaged about $14 per recovered pound and milling costs averaged roughly $9, for a combined cost of about $23 per pound. This came in at the bottom end of Energy Fuels’ previously stated range of $23 to $30 per pound for Pinyon Plain ore.
Energy Fuels Expands Rare Earth Ambitions
In July, the company announced that construction has begun on an expansion of its White Mesa Mill in Utah to enable the large-scale production of heavy rare earth oxides. The planned expansion is expected to be completed by the end of 2027, with respect to the addition of the Tb and Dy circuits and by the end of 2028 depending on the addition of the Sm, Eu and Gd circuits.
The expansion carries estimated capital spending of about $104 million. Energy Fuels also expects its proposed ASM acquisition to close at the end of August 2026, subject to remaining conditions, while the proposed VAC transaction could close as early as the first quarter of 2027.
Energy Fuels’ Liquidity Supports Its Growth Plans
As of June 30, 2026, working capital was approximately $996 million. Cash and cash equivalents totaled $58.4 million, while current marketable securities were $878.3 million, providing substantial liquidity for operating needs and planned growth initiatives. For the first six months of 2026, net cash used in operating activities was $17.7 million compared with an outflow of $44.8 million in the year-ago period.
Energy Fuels Maintains 2026 Uranium Outlook
Energy Fuels continues to expect 2026 mined uranium of 2.0-2.5 million pounds, processed finished uranium of 1.5-2.5 million pounds and sales of 1.5-2.0 million pounds. A subsequent mill run is expected in the fourth quarter of 2026 or early 2027, pending sufficient ore and mineralized material stockpiles.
At quarter-end, the company held 1.64 million pounds of finished uranium and 2.27 million pounds of total finished and contained uranium. Its six long-term utility contracts carried base sales commitments of 3.20 million pounds through 2032, including 240,000 pounds for the remainder of 2026.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a flat trend in estimates revision.
The consensus estimate has shifted -50% due to these changes.
VGM Scores
Currently, Energy Fuels has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. However, the stock was allocated a score of F on the value side, putting it in the fifth quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Energy Fuels has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
View the Zacks #1 Rank List
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Why Is Energy Fuels (UUUU) Up 11.2% Since Last Earnings Report?
It has been about a month since the last earnings report for Energy Fuels (UUUU - Free Report) . Shares have added about 11.2% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Energy Fuels due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.
Energy Fuels Q2 Earnings Miss on M&A Costs Despite Higher Uranium Sales
Energy Fuels posted a loss of 13 cents per share in the second quarter of 2026, missing the Zacks Consensus Estimate of a loss of 5 cents and wider than the year-ago loss of 10 cents. Transaction and integration costs related to the planned acquisitions of ASM and VAC Group along with higher operating expenses, partially offset by improved margins on uranium sales, resulted in the loss in the quarter.
Uranium Sales Lift Energy Fuels' Top Line
Revenues surged 496% year over year to $25.1 million but missed the Zacks Consensus Estimate of $30 million by 16.9%. The year-over-year surge was primarily driven by higher uranium sales volumes and realized prices.
The company sold 310,000 pounds of uranium at an average realized price of $80.48 per pound. This included 150,000 pounds sold in the spot market and the remaining 160,000 pounds under long-term contracts. Uranium concentrate revenues increased to $24.95 million from $3.85 million in the prior-year quarter.
Energy Fuels had sold 50,000 pounds of uranium at $77 per pound in the second quarter of 2025. HMS contributed $0.28 million to the company’s revenues in the second quarter of 2025, bringing total revenues to $4.2 million. HMS no longer contributes to Energy Fuels’ revenues following the completion of mining at Kwale in December 2024.
Energy Fuels' Costs Drive a Wider Loss
Costs applicable to revenues rose 192% year over year to $10.7 million, mainly because of higher uranium sales volumes. However, the weighted average uranium cost declined 35% to $34.48 per pound from $53.17, partly offsetting the volume impact.
Transaction and integration costs were $10.7 million, reflecting legal, advisory and accounting fees tied to the planned ASM and VAC. Selling, general and administrative expenses, excluding share-based compensation, rose 31% to $15.9 million. Standby costs surged 61% year over year to $2.9 million due to higher permitting activities at Roca Honda and Whirlwind and increased maintenance activities at Nichols Ranch.
Total operating costs and expenses increased 83% year over year to $55.7 million in the second quarter of 2026. The company reported an operating loss of $30.6 million in the second quarter of 2026 compared with $26.2 million in the year-ago quarter.
Production Ramps at White Mesa
Energy Fuels mined 315,000 contained pounds of uranium during the quarter, including 250,000 pounds from Pinyon Plain and 65,000 pounds from the La Sal Project. Pinyon Plain grades were lower as mining moved between zones, with higher grades expected as activity advances. The White Mesa Mill produced 865,000 pounds of finished uranium in the quarter, bringing the total for the first half of 2026 to 1.7 million pounds, already exceeding the low end of its full-year guidance of 1.5-2.5 million pounds.
The mill has completed its conventional ore processing campaign. During the run, Pinyon Plain mining and transportation costs averaged about $14 per recovered pound and milling costs averaged roughly $9, for a combined cost of about $23 per pound. This came in at the bottom end of Energy Fuels’ previously stated range of $23 to $30 per pound for Pinyon Plain ore.
Energy Fuels Expands Rare Earth Ambitions
In July, the company announced that construction has begun on an expansion of its White Mesa Mill in Utah to enable the large-scale production of heavy rare earth oxides. The planned expansion is expected to be completed by the end of 2027, with respect to the addition of the Tb and Dy circuits and by the end of 2028 depending on the addition of the Sm, Eu and Gd circuits.
The expansion carries estimated capital spending of about $104 million. Energy Fuels also expects its proposed ASM acquisition to close at the end of August 2026, subject to remaining conditions, while the proposed VAC transaction could close as early as the first quarter of 2027.
Energy Fuels’ Liquidity Supports Its Growth Plans
As of June 30, 2026, working capital was approximately $996 million. Cash and cash equivalents totaled $58.4 million, while current marketable securities were $878.3 million, providing substantial liquidity for operating needs and planned growth initiatives. For the first six months of 2026, net cash used in operating activities was $17.7 million compared with an outflow of $44.8 million in the year-ago period.
Energy Fuels Maintains 2026 Uranium Outlook
Energy Fuels continues to expect 2026 mined uranium of 2.0-2.5 million pounds, processed finished uranium of 1.5-2.5 million pounds and sales of 1.5-2.0 million pounds. A subsequent mill run is expected in the fourth quarter of 2026 or early 2027, pending sufficient ore and mineralized material stockpiles.
At quarter-end, the company held 1.64 million pounds of finished uranium and 2.27 million pounds of total finished and contained uranium. Its six long-term utility contracts carried base sales commitments of 3.20 million pounds through 2032, including 240,000 pounds for the remainder of 2026.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a flat trend in estimates revision.
The consensus estimate has shifted -50% due to these changes.
VGM Scores
Currently, Energy Fuels has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. However, the stock was allocated a score of F on the value side, putting it in the fifth quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Energy Fuels has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.