enCore Energy Corp. reported its financial results for the second quarter of 2025, revealing a revenue of $3.664 million, a decrease of 31% from $5.320 million in the same period last year. For the first half of 2025, total revenue was $21.904 million, down 39% from $35.714 million in the first half of 2024. The decline in revenue was attributed to lower contracted sales volumes, with completed sales of 60,000 pounds of uranium in Q2 2025 compared to 90,000 pounds in Q2 2024. The average realized sales price per pound of uranium increased slightly to $61.07 from $59.11 year-over-year.
The company's cost of sales also saw a significant reduction, dropping to $2.534 million in Q2 2025 from $10.428 million in Q2 2024, primarily due to lower sales volume and reduced market prices for uranium. Operating expenses, excluding stock option expenses, increased to $19.657 million from $16.970 million, reflecting heightened activity levels in uranium extraction at the Alta Mesa and Rosita projects. The net loss attributable to enCore Energy Corp. for the quarter was $6.326 million, a notable improvement from a loss of $22.019 million in the prior year.
In terms of strategic developments, enCore Energy completed the sale of its subsidiary NM Energy Holding Canada, which holds the Crownpoint and Hosta Butte projects, to Verdera Energy Corp. in April 2025. This transaction resulted in the company receiving 50 million preferred shares of Verdera, contingent on a future "Going Public Transaction." Additionally, the company reported record uranium extraction rates from its Alta Mesa ISR Uranium Central Processing Plant, with uranium capture peaking at 3,705 pounds in June 2025.
Operationally, enCore Energy has expanded its drilling capacity, increasing the number of active drill rigs in South Texas from 6 at the beginning of 2024 to 25 by June 2025. The company is focused on enhancing its uranium extraction capabilities and has plans for further geographic expansion, particularly in South Dakota and Wyoming. As of June 30, 2025, enCore Energy had cash and cash equivalents of $26.897 million, down from $39.701 million at the end of 2024, and working capital of $30.197 million, reflecting the company's ongoing investments in its operations.
Looking ahead, enCore Energy remains committed to its strategy of increasing uranium extraction capacity and meeting the growing demand for clean energy generation. The company anticipates that its existing cash resources, along with expected operating cash flows and potential equity financing, will be sufficient to support its operations and development activities in the coming year. However, the company acknowledges the risks associated with market conditions and regulatory approvals that could impact its future performance.
About enCore Energy Corp.
enCore Energy Corp. specializes in extracting domestic uranium using environmentally friendly in-situ recovery (ISR) technology. Its core operations include licensed uranium processing facilities in Texas and exploration projects across Texas, South Dakota, and Wyoming. The company focuses on building capacity through operational facilities and strategic acquisitions, serving the growing demand for clean nuclear energy with cost-efficient, low-impact extraction methods.
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