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UUUU Q3 Earnings Miss on Investment Losses, Uranium Sales Rise
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Key Takeaways
Energy Fuels posts a Q3 loss of 20 cents per share, missing estimates, despite a 64.8% revenue surge.
UUUU sells 320,000 pounds of uranium at $88.90 per pound, with realized prices rising 23% year over year.
Energy Fuels expands rare earth capabilities through ASM acquisition.
Energy Fuels Inc. (UUUU - Free Report) reported a loss of 20 cents per share in the third quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 10 cents. UUUU had reported a loss of 7 cents in the year-ago quarter. Non-cash investment losses and acquisition-related expenses weighed on profitability.
Energy Fuels recorded $35.3 million in unrealized losses on marketable securities against unrealized gains of $7.51 million in the year-ago quarter. Higher market interest rates reduced the fair value of its interest-bearing securities. These non-cash losses were partially offset by $9.48 million in interest income compared with $1.16 million a year earlier.
Energy Fuels Inc Price, Consensus and EPS Surprise
Revenues surged 64.8% year over year to $29.18 million, beating the consensus estimate of $17 million. Growth was primarily driven by higher uranium sales and stronger realized prices.
Uranium revenues were reported at $28.45 million in the quarter. Revenues also included $0.4 million from the sale of finished neodymium-iron-boron (NdFeB) alloys from the Korean Metals Plant during September. The Korean Metals plant was added through the acquisition of Australian Strategic Materials (“ASM”) in August 2026.
Energy Fuels' Costs Rise Despite Lower Sales Expenses
Costs applicable to revenues declined 12% year over year to $11.3 million. Exploration, development and processing expenses decreased 5% to $11.81 million.
However, selling, general and administrative expenses increased 20% to $15.1 million. Standby costs rose 22.3% to $3.09 million, while transaction and integration expenses totaled $9.03 million, reflecting acquisition-related activities.
Total operating costs and expenses increased 23% year over year to around $54.5 million. Operating loss narrowed to $25.31 million from $26.67 million in the year-ago quarter, reflecting stronger revenues.
UUUU's Uranium Sales Drive Revenue Growth
Energy Fuels sold 320,000 pounds of uranium during the quarter at a weighted average realized price of $88.90 per pound, generating uranium revenues of $28.45 million.
Spot market sales totaled 50,000 pounds at an average price of $89.50 per pound, generating $4.5 million. Long-term contract sales amounted to 270,000 pounds at an average realized price of $88.79 per pound, contributing $24 million. The weighted average realized uranium price increased 23% from the prior-year quarter.
Revenues from Rare Earth Element (REE) metals and alloys were $0.44 million for the quarter, reflecting the contribution from the ASM Acquisition.
Energy Fuels Advances Uranium Production Pipeline
Energy Fuels mined 385,000 pounds of contained uranium during the quarter across its Pinyon Plain, La Sal and Pandora operations, bringing year-to-date mined production to approximately 1.1 million pounds.
Ore grades at Pinyon Plain improved sequentially as mining advanced through the main mineralized zone. Management expects further grade improvements as mining progresses into the Juniper Zone, while the addition of a second shift should support higher ore production.
The White Mesa Mill completed scheduled maintenance and processed alternate feed materials during the quarter. Another conventional ore processing campaign was planned to begin in the fourth quarter of 2026.
UUUU Expands Rare Earth Capabilities Through Acquisitions
Energy Fuels completed its acquisition of ASM in August 2026, adding the Korean Metals Plant and the Dubbo rare earth project in Australia. The acquisition extends the company's capabilities into commercial-scale rare earth metal and alloy production.
Energy Fuels also advanced its proposed acquisition of VAC, a permanent magnet manufacturer. Subject to regulatory approvals and other closing conditions, the transaction is expected to close in the first quarter of 2027.
Energy Fuels Progresses Heavy Rare Earth Expansion
The company approved construction of commercial-scale heavy rare earth separation circuits at White Mesa Mill. The expansion will support production of dysprosium, terbium and other separated rare earth oxides.
Management expects the dysprosium and terbium circuits to be completed and commissioned in early 2028, with samarium, europium and gadolinium capabilities following later that year.
The Donald Project in Australia also advanced toward a final investment decision expected by year-end 2026. A proposed financing package supports the project's development into a potential long-term source of monazite feedstock.
UUUU's Liquidity Supports Its Expansion Plans
Energy Fuels ended September with working capital of $932.25 million, including $76.42 million in cash and cash equivalents and $779.47 million in current marketable securities.
For the first nine months of 2026, net cash used in operating activities declined to $38.46 million from $73.27 million in the comparable prior-year period.
Investments in property, plant and equipment totaled $14.45 million, while additions to mineral properties reached $24.21 million. The company's liquidity provides financial resources for uranium production growth, rare earth processing expansion and downstream integration.
UUUU’s Price Performance & Zacks Rank
Energy Fuels shares have declined 69.8% in a year against the industry’s 9.6% growth.
Image Source: Zacks Investment Research
UUUU currently carries a Zacks Rank #5 (Strong Sell).
Centrus Energy Corp. (LEU - Free Report) reported third-quarter 2026 earnings of $1.41 per share, beating the Zacks Consensus Estimate of a loss of 42 cents. The figure increased sharply from earnings of 19 cents in the prior-year quarter. The improvement was driven by a $46.4 million noncash gain from the revaluation of warrant liabilities and higher investment income. This was offset by higher selling, general and administrative expenses, advanced technology costs and a lower income tax benefit.
Normalized earnings, excluding the warrant liability, were a loss of 49 cents against earnings of 19 cents in the year-ago quarter. Adjusted loss per share, excluding growth costs and stock-based compensation and warrant-related adjustments, was 46 cents against adjusted earnings of 25 cents in the year-ago quarter.
Revenues declined 26% year over year to $55.5 million but exceeded the Zacks Consensus Estimate of $50 million. Meanwhile, the company’s contingent Low-Enriched Uranium and High-Assay Low-Enriched Uranium (HALEU) enrichment backlog grew to $5.4 billion.
Cameco Corporation (CCJ - Free Report) reported a third-quarter 2026 adjusted net loss of CAD 2 million ($1.4 million) against adjusted earnings of CAD 32 million ($23.2 million) in the year-ago quarter. Adjusted earnings per share were at break-even against 5 cents a year earlier. Earnings missed the Zacks Consensus Estimate of 23 cents.
Cameco’s revenues declined 0.8% year over year to $442 million (CAD 619 million) due to lower uranium sales volumes despite higher prices. The top-line figure missed the Zacks Consensus Estimate of $495 million.
Cameco’s uranium segment revenues decreased 1% to CAD 518 million ($370 million) as lower sales volumes were partially offset by an 8% increase in the average realized price to CAD 91.76 per pound, reflecting the impact of market-priced contracts.
A Uranium Stock Awaiting Results
Ur-Energy Inc. (URG - Free Report) is expected to release third-quarter 2026 results this week. The Zacks Consensus Estimate for Ur-Energy’s bottom line is pegged at a loss of 4 cents per share compared with the loss of 7 cents in the year-ago quarter. The consensus estimate for Ur-Energy’s revenues is pegged at $12.13 million, indicating 92% growth from the prior-year reported figure.
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UUUU Q3 Earnings Miss on Investment Losses, Uranium Sales Rise
Key Takeaways
Energy Fuels Inc. (UUUU - Free Report) reported a loss of 20 cents per share in the third quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 10 cents. UUUU had reported a loss of 7 cents in the year-ago quarter. Non-cash investment losses and acquisition-related expenses weighed on profitability.
Energy Fuels recorded $35.3 million in unrealized losses on marketable securities against unrealized gains of $7.51 million in the year-ago quarter. Higher market interest rates reduced the fair value of its interest-bearing securities. These non-cash losses were partially offset by $9.48 million in interest income compared with $1.16 million a year earlier.
Energy Fuels Inc Price, Consensus and EPS Surprise
Energy Fuels Inc price-consensus-eps-surprise-chart | Energy Fuels Inc Quote
Revenues surged 64.8% year over year to $29.18 million, beating the consensus estimate of $17 million. Growth was primarily driven by higher uranium sales and stronger realized prices.
Uranium revenues were reported at $28.45 million in the quarter. Revenues also included $0.4 million from the sale of finished neodymium-iron-boron (NdFeB) alloys from the Korean Metals Plant during September. The Korean Metals plant was added through the acquisition of Australian Strategic Materials (“ASM”) in August 2026.
Energy Fuels' Costs Rise Despite Lower Sales Expenses
Costs applicable to revenues declined 12% year over year to $11.3 million. Exploration, development and processing expenses decreased 5% to $11.81 million.
However, selling, general and administrative expenses increased 20% to $15.1 million. Standby costs rose 22.3% to $3.09 million, while transaction and integration expenses totaled $9.03 million, reflecting acquisition-related activities.
Total operating costs and expenses increased 23% year over year to around $54.5 million. Operating loss narrowed to $25.31 million from $26.67 million in the year-ago quarter, reflecting stronger revenues.
UUUU's Uranium Sales Drive Revenue Growth
Energy Fuels sold 320,000 pounds of uranium during the quarter at a weighted average realized price of $88.90 per pound, generating uranium revenues of $28.45 million.
Spot market sales totaled 50,000 pounds at an average price of $89.50 per pound, generating $4.5 million. Long-term contract sales amounted to 270,000 pounds at an average realized price of $88.79 per pound, contributing $24 million. The weighted average realized uranium price increased 23% from the prior-year quarter.
Revenues from Rare Earth Element (REE) metals and alloys were $0.44 million for the quarter, reflecting the contribution from the ASM Acquisition.
Energy Fuels Advances Uranium Production Pipeline
Energy Fuels mined 385,000 pounds of contained uranium during the quarter across its Pinyon Plain, La Sal and Pandora operations, bringing year-to-date mined production to approximately 1.1 million pounds.
Ore grades at Pinyon Plain improved sequentially as mining advanced through the main mineralized zone. Management expects further grade improvements as mining progresses into the Juniper Zone, while the addition of a second shift should support higher ore production.
The White Mesa Mill completed scheduled maintenance and processed alternate feed materials during the quarter. Another conventional ore processing campaign was planned to begin in the fourth quarter of 2026.
UUUU Expands Rare Earth Capabilities Through Acquisitions
Energy Fuels completed its acquisition of ASM in August 2026, adding the Korean Metals Plant and the Dubbo rare earth project in Australia. The acquisition extends the company's capabilities into commercial-scale rare earth metal and alloy production.
Energy Fuels also advanced its proposed acquisition of VAC, a permanent magnet manufacturer. Subject to regulatory approvals and other closing conditions, the transaction is expected to close in the first quarter of 2027.
Energy Fuels Progresses Heavy Rare Earth Expansion
The company approved construction of commercial-scale heavy rare earth separation circuits at White Mesa Mill. The expansion will support production of dysprosium, terbium and other separated rare earth oxides.
Management expects the dysprosium and terbium circuits to be completed and commissioned in early 2028, with samarium, europium and gadolinium capabilities following later that year.
The Donald Project in Australia also advanced toward a final investment decision expected by year-end 2026. A proposed financing package supports the project's development into a potential long-term source of monazite feedstock.
UUUU's Liquidity Supports Its Expansion Plans
Energy Fuels ended September with working capital of $932.25 million, including $76.42 million in cash and cash equivalents and $779.47 million in current marketable securities.
For the first nine months of 2026, net cash used in operating activities declined to $38.46 million from $73.27 million in the comparable prior-year period.
Investments in property, plant and equipment totaled $14.45 million, while additions to mineral properties reached $24.21 million. The company's liquidity provides financial resources for uranium production growth, rare earth processing expansion and downstream integration.
UUUU’s Price Performance & Zacks Rank
Energy Fuels shares have declined 69.8% in a year against the industry’s 9.6% growth.
Image Source: Zacks Investment Research
UUUU currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Energy Fuels’ Peers Perform in Q3?
Centrus Energy Corp. (LEU - Free Report) reported third-quarter 2026 earnings of $1.41 per share, beating the Zacks Consensus Estimate of a loss of 42 cents. The figure increased sharply from earnings of 19 cents in the prior-year quarter. The improvement was driven by a $46.4 million noncash gain from the revaluation of warrant liabilities and higher investment income. This was offset by higher selling, general and administrative expenses, advanced technology costs and a lower income tax benefit.
Normalized earnings, excluding the warrant liability, were a loss of 49 cents against earnings of 19 cents in the year-ago quarter. Adjusted loss per share, excluding growth costs and stock-based compensation and warrant-related adjustments, was 46 cents against adjusted earnings of 25 cents in the year-ago quarter.
Revenues declined 26% year over year to $55.5 million but exceeded the Zacks Consensus Estimate of $50 million. Meanwhile, the company’s contingent Low-Enriched Uranium and High-Assay Low-Enriched Uranium (HALEU) enrichment backlog grew to $5.4 billion.
Cameco Corporation (CCJ - Free Report) reported a third-quarter 2026 adjusted net loss of CAD 2 million ($1.4 million) against adjusted earnings of CAD 32 million ($23.2 million) in the year-ago quarter. Adjusted earnings per share were at break-even against 5 cents a year earlier. Earnings missed the Zacks Consensus Estimate of 23 cents.
Cameco’s revenues declined 0.8% year over year to $442 million (CAD 619 million) due to lower uranium sales volumes despite higher prices. The top-line figure missed the Zacks Consensus Estimate of $495 million.
Cameco’s uranium segment revenues decreased 1% to CAD 518 million ($370 million) as lower sales volumes were partially offset by an 8% increase in the average realized price to CAD 91.76 per pound, reflecting the impact of market-priced contracts.
A Uranium Stock Awaiting Results
Ur-Energy Inc. (URG - Free Report) is expected to release third-quarter 2026 results this week. The Zacks Consensus Estimate for Ur-Energy’s bottom line is pegged at a loss of 4 cents per share compared with the loss of 7 cents in the year-ago quarter. The consensus estimate for Ur-Energy’s revenues is pegged at $12.13 million, indicating 92% growth from the prior-year reported figure.