Energy Fuels Q2 2026 earnings: Uranium sales lift revenue while deal costs widen the loss

Energy Fuels (NYSE American: UUUU; TSX: EFR) reported Q2 2026 revenue of $25.1 million, up from $4.2 million a year earlier, while diluted EPS was -$0.13 versus -$0.10. Uranium sales generated $25.0 million and benefited from improved margins, but transaction expenses for the planned VAC and ASM acquisitions and higher operating costs widened the net loss. The company ended June 30, 2026, with $996.0 million in working capital while advancing its rare-earth expansion.

Core financial results

Revenue increased approximately 496% year over year, with uranium accounting for nearly all of the quarter’s sales. That increase did not produce a narrower loss because acquisition-related costs and additional spending on personnel and projects outweighed the improvement in uranium sales margins.

All dollar amounts are in U.S. dollars unless otherwise noted.

Uranium drove revenue and expanded inventory

Energy Fuels sold 310,000 pounds of U₃O₈ during the quarter at a weighted average realized price of $80.48 per pound. The company also produced 865,000 finished pounds and ended the quarter with 2.265 million finished and contained pounds of U₃O₈, providing inventory for contracted deliveries and possible spot sales.

Spot sales totaled 150,000 pounds at an average price of $84.92 per pound, producing $12.74 million of revenue. Long-term contracts accounted for 160,000 pounds at $76.33 per pound and $12.21 million of revenue.

The conventional processing campaign that began in Q4 2025 was completed during Q2 2026 and produced approximately 2.3 million pounds over the entire run. Its weighted average cost of approximately $23 per recovered pound was at the bottom of the company’s previously disclosed $23-to-$30 range. A subsequent mill run is planned for Q4 2026 or early 2027, subject to accumulating enough ore and mineralized material.

Rare-earth expansion increased the company’s strategic and financial commitments

Energy Fuels agreed in June to acquire VAC for approximately $1.9 billion in cash and stock. VAC would add rare-earth metal, alloy and permanent-magnet capabilities, including a South Carolina facility with annual permanent-magnet capacity of 2,000 tonnes that can be scaled to 12,000 tonnes.

The company also continued pursuing its acquisition of Australian Strategic Materials. Energy Fuels received Australian foreign investment approval during the quarter, but the deal remained subject to court, regulatory and shareholder approvals and was expected to close by the end of August 2026.

After quarter-end, construction began on the White Mesa Mill’s heavy rare-earth expansion. The dysprosium and terbium circuits are expected to be completed by the end of 2027, followed by samarium, europium and gadolinium circuits by the end of 2028. A planned mixed rare-earth carbonate circuit is intended to allow simultaneous commercial-scale production of rare-earth oxides and uranium.

The Donald Project is expected to provide monazite feedstock for this expansion. Energy Fuels owned 12.7% of the joint venture at quarter-end after contributing AUD$48.83 million, or $32.88 million, and retains the option to increase its ownership to 49%. It also holds rights to 100% of the project’s monazite offtake.

Revenue growth did not translate into narrower losses

The quarter’s central financial issue was the divergence between higher uranium revenue and a larger loss. Improved uranium sales margins provided a partial offset, but transaction costs for VAC and ASM and higher operating spending tied to people and growth projects pushed both operating and net losses higher.

Energy Fuels entered this expansion phase with $996.0 million of working capital. That included $58.4 million of cash and cash equivalents, $878.3 million of marketable securities, $15.1 million of receivables and $75.0 million of inventory. The marketable securities consisted primarily of short-term interest-bearing instruments and uranium equities, meaning most of the company’s reported liquidity was held outside cash.

2026 guidance

Energy Fuels left its full-year uranium guidance unchanged. First-half finished production of 1.7 million pounds was already within the annual processing range, while future mill activity depends on having sufficient stockpiled material to support another processing campaign.

The sales range remains partly dependent on whether the company chooses to make additional spot-market sales based on market conditions.

Risks investors need to monitor

• Acquisition completion and integration: The ASM transaction still required court, regulatory and shareholder approvals, while the planned $1.9 billion VAC acquisition would substantially expand Energy Fuels’ operating scope and financial commitments.
• Continued spending pressure: Acquisition costs and higher investment in personnel and projects widened the Q2 loss. Further expansion spending could continue to weigh on profitability.
• Uranium grades and processing schedules: First-half grades at Pinyon Plain were lower as mining moved between high-grade zones. Management expects grades to improve, but the next conventional mill run depends on sufficient ore stockpiles.
• Rare-earth construction and feedstock execution: The White Mesa expansion has completion targets extending through 2028 and is tied partly to anticipated monazite supply from the Donald Project.
• Commodity-price exposure: Discretionary spot uranium sales depend on market conditions, and part of the company’s marketable-securities portfolio consists of uranium equities.

Summary

Energy Fuels’ Q2 2026 results showed a larger uranium operation, higher sales and low processing costs, but those gains were not enough to offset acquisition expenses and increased investment in the company’s rare-earth strategy. The main issues to monitor are whether uranium production and sales remain within guidance, whether the VAC and ASM transactions close and integrate as planned, and whether the White Mesa and Donald projects advance without materially increasing financial pressure.

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