enCore Energy Corp. reported a significant decline in financial performance for the first quarter of 2025, with revenues totaling $18.2 million, down from $30.4 million in the same period last year. This decrease of approximately 40% was attributed to a reduction in uranium sales volume, which fell to 290,000 pounds from 320,000 pounds year-over-year. The average realized sales price per pound also dropped to $62.89 from $94.98, reflecting unfavorable market conditions for uranium. The company incurred a net loss of $25.4 million, compared to a loss of $7.7 million in the prior year, resulting in a basic and diluted loss per share of $0.13.
Operationally, enCore Energy has been expanding its extraction capabilities, increasing the number of active drilling rigs in South Texas from 17 to 22. The company has also successfully started up a second Ion Exchange (IX) Circuit at its Alta Mesa Central Processing Plant, which is expected to double its uranium processing capacity. Despite these advancements, operating expenses rose to $14.7 million from $11 million, primarily due to increased activity levels associated with uranium extraction at its facilities.
In terms of strategic developments, enCore completed a sale of its subsidiary NM Energy Holding Canada Corp., which holds the Crownpoint and Hosta Butte projects, to Verdera Energy Corp. for non-voting preferred shares. This transaction is part of the company's strategy to streamline its operations and focus on its core uranium extraction projects. Additionally, the company amended its Uranium Loan Agreement with Boss Energy, revising the repayment schedule for uranium borrowed from Boss, which is a related party due to its minority ownership in the Alta Mesa joint venture.
As of March 31, 2025, enCore's total assets decreased to $362.6 million from $392.7 million at the end of 2024, primarily due to a reduction in cash and marketable securities. The company's cash and cash equivalents stood at $29.7 million, down from $39.7 million. The company continues to face challenges in accessing capital, which may impact its ability to fund ongoing operations and development activities. Looking ahead, enCore Energy remains focused on increasing uranium production to meet growing demand for clean energy, while navigating the complexities of market conditions and regulatory environments.
About enCore Energy Corp.
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