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Energy Fuels Set to Report Q3 Earnings: Buy, Sell or Hold the Stock?
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Key Takeaways
Energy Fuels is expected to post Q3 revenues of $37.6 million, up 112.3% year over year.
Higher uranium prices and sales may narrow losses, but rising operating expenses remain a concern.
Energy Fuels shares fell 59% in a year, while its forward sales multiple exceeds the industry average.
Energy Fuels Inc. (UUUU - Free Report) is scheduled to report third-quarter 2026 results on Nov. 5, after market close. While revenues are projected to have been higher year over year on increased uranium sales and prices, the company is expected to post another quarterly loss due to elevated expenses.
The Zacks Consensus Estimate for UUUU’s revenues for the quarter is $37.6 million, indicating 112.3% growth from $17.71 million reported in the year-ago quarter.
The consensus estimate for earnings has remained unchanged at a loss of 5 cents per share over the past 60 days. It indicates a narrower loss than the loss of 7 cents reported in the third quarter of 2025.
Image Source: Zacks Investment Research
Energy Fuels’ Earnings Surprise History
Over the trailing four quarters, Energy Fuels’ earnings beat the Zacks Consensus Estimate once while missing thrice. The company has a trailing four-quarter negative earnings surprise of 48.9%, on average.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for UUUU Stock
Our proven model does not conclusively predict an earnings beat for Energy Fuels this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: UUUU has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Factors Likely to Have Shaped Energy Fuels’ Q3 Performance
Energy Fuels entered the third quarter with strong uranium production and inventory levels. In the second quarter of 2026, the company mined approximately 315,000 pounds of uranium, taking first-half production to 740,000 pounds. It also produced 865,000 pounds of finished uranium during the quarter, bringing first-half finished production to 1.7 million pounds. This already exceeded the lower end of its full-year production guidance of 1.5-2.5 million pounds. At the end of the second quarter, Energy Fuels held 1.64 million pounds of finished uranium and 2.265 million pounds of total finished and contained uranium.
These production and inventory levels provided the company with the flexibility to capitalize on favorable uranium prices during the third quarter. Notably, uranium prices averaged approximately $88.56 per pound in the quarter, up 16% from the year-ago period.
For comparison, in the third quarter of 2025, Energy Fuels generated $17.37 million in uranium revenues by selling 240,000 pounds at an average realized price of $72.38 per pound. Revenues from alternate feed materials, processing and other activities contributed another $0.34 million, taking total revenues to $17.71 million.
Against this backdrop, higher uranium prices and potentially stronger sales volumes are expected to have supported a substantial year-over-year increase in revenues. The Zacks Consensus Estimate of $37.6 million reflects this anticipated improvement.
However, elevated operating expenses are likely to have partially offset the benefits of stronger sales. Exploration, development and processing costs are expected to have increased year over year, reflecting inflationary pressures and continued advancement of the company's projects. Selling, general and administrative expenses are also likely to have risen because of higher salaries and employee benefits associated with a larger workforce.
On the positive side, the continued processing of lower-cost ore from the Pinyon Plain mine is expected to have helped contain uranium production costs. Consequently, higher revenues and improved production efficiencies are likely to have mitigated the impact of increased expenses, supporting a narrower quarterly loss than in the prior-year period.
The Zacks Consensus Estimate for Centrus Energy’s third-quarter revenues is pegged at $55.2 million, suggesting a year-over-year decline of 26%. Over the past 60 days, the earnings estimate for third-quarter 2026 has moved up 11.1% to 40 cents per share. The figure reflects a 110.5% increase from the year-ago quarter’s earnings of 19 cents per share. Over the trailing four quarters, Centrus Energy has a negative average trailing four-quarter earnings surprise of 15.1%.
Over the past 60 days, the Zacks Consensus Estimate for Cameco’s third-quarter earnings estimate has remained unchanged at 23 cents. It suggests a 360% increase from the earnings of 5 cents reported in the third quarter of 2025.
Over the trailing four quarters, Cameco’s earnings beat the Zacks Consensus Estimate twice while missing in the remaining two quarters. The company has a trailing four-quarter negative earnings surprise of 20.9%, on average.
UUUU Stock’s Price Performance & Valuation
Shares of Energy Fuels have declined 59% in a year against the industry's 25.9% growth. In comparison, the Zacks Basic Materials sector has gained 9.4%, while the S&P 500 has risen 11.6% in the same period. Energy Fuels has outperformed Centrus Energy, which has declined 69.9% in the past year. Meanwhile, Cameco shares declined 22.9%.
UUUU's 1-Year Price Performance vs. Industry, Sector & Peers
Image Source: Zacks Investment Research
UUUU stock is currently trading at a forward sales multiple of 10.41X, well above the industry average of 4.24X. Meanwhile, Cameco and Centrus Energy are trading at price-to-sales multiples of 13.49X and 4.76X, respectively.
Image Source: Zacks Investment Research
Investment Thesis on UUUU
Energy Fuels is expanding its U.S. uranium production while building an integrated rare earths business, supported by a solid balance sheet. Its acquisition of Australian Strategic Materials strengthens its exposure to rare earth metals and alloys, while its proposed acquisition of Germany-based VAC Group would extend its capabilities into magnetic materials. The Donald Rare Earth and Mineral Sands Project is also advancing toward a final investment decision, supported by conditional financing approvals of up to A$180 million as part of a proposed A$200 million senior debt facility. The Donald Project is expected to be a key upstream component of Energy Fuels' emerging mine-to-magnet supply chain, providing REE mineral feedstock for the company's existing and planned capabilities in REE processing and separation, metallization and alloying, and magnet manufacturing
Should You Buy Energy Fuels’ Stock Now?
In the third quarter, the company is expected to deliver a solid improvement in revenues backed by its production momentum, sales volume and favorable pricing environment. However, elevated expenses are expected to have resulted in a loss in the quarter. The company's history of earnings misses adds uncertainty around its near-term performance.
Furthermore, UUUU shares have fallen sharply over the past year but continue to trade at a premium to the industry average on a price-to-sales basis. Although the company's uranium and rare earths expansion initiatives offer meaningful long-term growth potential, execution risks, elevated costs and valuation concerns warrant caution.
Investors who already own the shares may consider maintaining their positions while monitoring uranium sales, cost trends, project execution and progress toward building an integrated rare earths business. Prospective investors may prefer to wait for greater clarity on earnings performance and the company's ability to translate its expansion plans into sustainable profitability before initiating new positions.
View the Zacks #1 Rank List
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Energy Fuels Set to Report Q3 Earnings: Buy, Sell or Hold the Stock?
Key Takeaways
Energy Fuels Inc. (UUUU - Free Report) is scheduled to report third-quarter 2026 results on Nov. 5, after market close. While revenues are projected to have been higher year over year on increased uranium sales and prices, the company is expected to post another quarterly loss due to elevated expenses.
The Zacks Consensus Estimate for UUUU’s revenues for the quarter is $37.6 million, indicating 112.3% growth from $17.71 million reported in the year-ago quarter.
The consensus estimate for earnings has remained unchanged at a loss of 5 cents per share over the past 60 days. It indicates a narrower loss than the loss of 7 cents reported in the third quarter of 2025.
Energy Fuels’ Earnings Surprise History
Over the trailing four quarters, Energy Fuels’ earnings beat the Zacks Consensus Estimate once while missing thrice. The company has a trailing four-quarter negative earnings surprise of 48.9%, on average.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for UUUU Stock
Our proven model does not conclusively predict an earnings beat for Energy Fuels this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: UUUU has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped Energy Fuels’ Q3 Performance
Energy Fuels entered the third quarter with strong uranium production and inventory levels. In the second quarter of 2026, the company mined approximately 315,000 pounds of uranium, taking first-half production to 740,000 pounds. It also produced 865,000 pounds of finished uranium during the quarter, bringing first-half finished production to 1.7 million pounds. This already exceeded the lower end of its full-year production guidance of 1.5-2.5 million pounds. At the end of the second quarter, Energy Fuels held 1.64 million pounds of finished uranium and 2.265 million pounds of total finished and contained uranium.
These production and inventory levels provided the company with the flexibility to capitalize on favorable uranium prices during the third quarter. Notably, uranium prices averaged approximately $88.56 per pound in the quarter, up 16% from the year-ago period.
For comparison, in the third quarter of 2025, Energy Fuels generated $17.37 million in uranium revenues by selling 240,000 pounds at an average realized price of $72.38 per pound. Revenues from alternate feed materials, processing and other activities contributed another $0.34 million, taking total revenues to $17.71 million.
Against this backdrop, higher uranium prices and potentially stronger sales volumes are expected to have supported a substantial year-over-year increase in revenues. The Zacks Consensus Estimate of $37.6 million reflects this anticipated improvement.
However, elevated operating expenses are likely to have partially offset the benefits of stronger sales. Exploration, development and processing costs are expected to have increased year over year, reflecting inflationary pressures and continued advancement of the company's projects. Selling, general and administrative expenses are also likely to have risen because of higher salaries and employee benefits associated with a larger workforce.
On the positive side, the continued processing of lower-cost ore from the Pinyon Plain mine is expected to have helped contain uranium production costs. Consequently, higher revenues and improved production efficiencies are likely to have mitigated the impact of increased expenses, supporting a narrower quarterly loss than in the prior-year period.
Energy Fuels’ Peer Awaiting Earnings
Centrus Energy (LEU - Free Report) is set to release its third-quarter 2026 results on Nov. 5, after market close.
The Zacks Consensus Estimate for Centrus Energy’s third-quarter revenues is pegged at $55.2 million, suggesting a year-over-year decline of 26%. Over the past 60 days, the earnings estimate for third-quarter 2026 has moved up 11.1% to 40 cents per share. The figure reflects a 110.5% increase from the year-ago quarter’s earnings of 19 cents per share. Over the trailing four quarters, Centrus Energy has a negative average trailing four-quarter earnings surprise of 15.1%.
Cameco Corporation (CCJ - Free Report) is set to release its third-quarter 2026 results on Oct. 30, before market open.
Over the past 60 days, the Zacks Consensus Estimate for Cameco’s third-quarter earnings estimate has remained unchanged at 23 cents. It suggests a 360% increase from the earnings of 5 cents reported in the third quarter of 2025.
Over the trailing four quarters, Cameco’s earnings beat the Zacks Consensus Estimate twice while missing in the remaining two quarters. The company has a trailing four-quarter negative earnings surprise of 20.9%, on average.
UUUU Stock’s Price Performance & Valuation
Shares of Energy Fuels have declined 59% in a year against the industry's 25.9% growth. In comparison, the Zacks Basic Materials sector has gained 9.4%, while the S&P 500 has risen 11.6% in the same period. Energy Fuels has outperformed Centrus Energy, which has declined 69.9% in the past year. Meanwhile, Cameco shares declined 22.9%.
UUUU's 1-Year Price Performance vs. Industry, Sector & Peers
Image Source: Zacks Investment Research
UUUU stock is currently trading at a forward sales multiple of 10.41X, well above the industry average of 4.24X. Meanwhile, Cameco and Centrus Energy are trading at price-to-sales multiples of 13.49X and 4.76X, respectively.
Image Source: Zacks Investment Research
Investment Thesis on UUUU
Energy Fuels is expanding its U.S. uranium production while building an integrated rare earths business, supported by a solid balance sheet. Its acquisition of Australian Strategic Materials strengthens its exposure to rare earth metals and alloys, while its proposed acquisition of Germany-based VAC Group would extend its capabilities into magnetic materials. The Donald Rare Earth and Mineral Sands Project is also advancing toward a final investment decision, supported by conditional financing approvals of up to A$180 million as part of a proposed A$200 million senior debt facility. The Donald Project is expected to be a key upstream component of Energy Fuels' emerging mine-to-magnet supply chain, providing REE mineral feedstock for the company's existing and planned capabilities in REE processing and separation, metallization and alloying, and magnet manufacturing
Should You Buy Energy Fuels’ Stock Now?
In the third quarter, the company is expected to deliver a solid improvement in revenues backed by its production momentum, sales volume and favorable pricing environment. However, elevated expenses are expected to have resulted in a loss in the quarter. The company's history of earnings misses adds uncertainty around its near-term performance.
Furthermore, UUUU shares have fallen sharply over the past year but continue to trade at a premium to the industry average on a price-to-sales basis. Although the company's uranium and rare earths expansion initiatives offer meaningful long-term growth potential, execution risks, elevated costs and valuation concerns warrant caution.
Investors who already own the shares may consider maintaining their positions while monitoring uranium sales, cost trends, project execution and progress toward building an integrated rare earths business. Prospective investors may prefer to wait for greater clarity on earnings performance and the company's ability to translate its expansion plans into sustainable profitability before initiating new positions.