Energy Fuels Inc. reported a significant decline in financial performance for the first quarter of 2025, with revenues totaling $16.9 million, a decrease of 34% from $25.4 million in the same period of 2024. The company incurred a net loss of $26.3 million, or $0.13 per share, compared to a net income of $3.6 million, or $0.02 per share, in the prior year. This downturn was primarily attributed to lower uranium sales, as the company did not complete any uranium sales during the quarter, alongside increased operational costs following the acquisition of Base Resources in October 2024.
Operating costs surged to $43.1 million, an 84% increase from $23.4 million in the previous year. The rise in costs was driven by higher expenses related to heavy mineral sands (HMS) production, particularly as the company wound down operations at the Kwale Project in Kenya, which concluded in December 2024. Costs applicable to revenues rose by 64% to $18.1 million, reflecting the challenges associated with lower-grade HMS produced during the final stages of the Kwale mine's life.
Strategically, Energy Fuels has been active in expanding its operations and capabilities. The company ramped up uranium mining at its Pinyon Plain, La Sal, and Pandora mines, with plans to process stockpiled ore in the fourth quarter of 2025. Additionally, the company is advancing its rare earth element (REE) initiatives, having completed the commissioning of its Phase 1 REE separation circuit at the Mill, which is expected to produce separated neodymium-praseodymium (NdPr) in commercial quantities. The company also aims to enhance its REE production capabilities through the development of its Phase 2 separation circuit, expected to be completed by 2028.
As of March 31, 2025, Energy Fuels held approximately 595,000 pounds of finished uranium inventory and 710,000 pounds of uranium contained in stockpiled ore. The company anticipates total uranium inventories to range between 1,985,000 to 2,585,000 pounds by the end of 2025. Looking ahead, Energy Fuels is optimistic about the uranium market, expecting increased demand driven by global clean energy initiatives and geopolitical factors, which may lead to higher uranium prices and further opportunities for long-term contracts. The company is also focused on its HMS and REE projects, with a positive final investment decision (FID) anticipated for the Toliara Project in Madagascar by mid-2026.
About ENERGY FUELS INC
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