Energy Fuels (EFR) Q2 2026 earnings summary

Executive summary

• Maintains position as the largest U.S. uranium producer with a fully operational White Mesa Mill and expanding rare earth processing capabilities.

• Announced transformative acquisitions of Australian Strategic Materials (ASM) and VAC, including a $1.9 billion deal for VAC, aiming for full vertical integration from mining to magnet manufacturing.

• Secured conditional $725 million loan from the U.S. Office of Strategic Capital to support expansion projects.

• Advanced rare earth and uranium initiatives, including construction of a heavy rare earth plant in Utah and mining at Pinyon Plain, La Sal, and Pandora.

• Strong leadership team assembled, including expertise from ASM and VAC, to drive execution of growth strategy.

Financial highlights

• Q2 2026 revenues: $25.1 million, up 496% year-over-year, primarily from uranium sales; H1 2026 revenues: $60.9 million.

• Net loss of $33.6 million ($0.13 per share) in Q2 2026, mainly due to $10.7 million in acquisition and integration costs.

• Ended Q2 2026 with $996 million in working capital, $1.53 billion in total assets, $58.4 million in cash, and $878.3 million in marketable securities.

• Uranium sales: 310,000 lbs in Q2 2026 at $80.48/lb average price; 820,000 lbs in H1 2026 at $73.99/lb.

• Achieved industry-low uranium production cost of $23 per pound, with average inventory cost declining to $33.92 per pound.

Outlook and guidance

• Maintains 2026 uranium production guidance of 1.5–2.5 million pounds, already achieved 1.7 million pounds in H1.

• Expects to mine over 2 million pounds of uranium in 2026, with improved grades anticipated in H2.

• White Mesa Mill in planned maintenance, uranium processing to resume in Q4 2026 or early 2027.

• Heavy rare earth plant expansion expected to be completed by 2028, supporting integrated mine-to-magnet strategy.

• Commercial production of heavy rare earth oxides expected in late 2027; phase II expansion commissioning planned for late 2029.