enCore Energy (EU) Q4 2025 earnings summary

Executive summary

• Achieved U3O8 extraction of 699,807 pounds in 2025, up 242% year-over-year, with sales deliveries of 655,000 pounds at $65.89 per pound and a net loss per share of $(0.30), improving from $(0.34) in 2024.

• Ended 2025 with $52 million in cash and equivalents, total liquidity of $96 million, and 132,013 pounds of U3O8 in inventory at $37.77 per pound.

• Strengthened balance sheet in February 2026 by raising $18.1 million from the exercise of 6.6 million warrants, with proceeds supporting project development and construction.

Financial highlights

• U3O8 extraction increased 242% year-over-year to 699,807 pounds; sales deliveries totaled 655,000 pounds at an average price of $65.89 and cost of $51.09 per pound.

• Net loss per share improved to $(0.30) from $(0.34) year-over-year.

• Total cost of U3O8 sold was $35.3 million, or $53.95 per pound; extracted pounds had a cash cost of $29.48 and non-cash cost of $12.42 per pound.

Outlook and guidance

• Dewey Burdock Project construction expected to commence within 18 months, pending regulatory milestones.

• Upper Spring Creek Satellite Facility construction advancing, with operations to begin after final regulatory approvals.

• Additional inventory contracted in late 2025 to ensure fulfillment of 2026 delivery obligations amid permitting delays.