Energy Fuels Inc. Reports 52% Revenue Decline and Increased Net Loss in Q2 2025

Energy Fuels Inc. reported a significant decline in financial performance for the second quarter of 2025, with revenues dropping to $4.21 million, a decrease of 52% from $8.72 million in the same period last year. The company attributed this decline primarily to lower uranium sales driven by contract delivery timing and a strategic decision to retain uranium in inventory at current spot price levels. The net loss for the quarter increased to $21.84 million, or $0.10 per share, compared to a net loss of $6.42 million, or $0.04 per share, in the prior year. For the first half of 2025, total revenues were $21.11 million, down 38% from $34.15 million in the first half of 2024, with a net loss of $48.16 million.

The company's operating costs also rose significantly, totaling $30.39 million for the second quarter, a 71% increase from $17.76 million in the same quarter of 2024. This increase was largely due to higher exploration, development, and processing costs, which surged to $9.08 million from $2.49 million year-over-year, reflecting increased indirect processing costs and expanded development activities. Selling, general, and administrative expenses also rose sharply, reflecting the integration of employees from the recently acquired Base Resources.

Strategically, Energy Fuels has been active in expanding its operations and capabilities. The company completed the acquisition of Base Resources on October 2, 2024, which included the Toliara heavy mineral sands (HMS) and rare earth elements (REE) project in Madagascar, and the Kwale HMS project in Kenya. The acquisition is expected to enhance Energy Fuels' position in the critical minerals market. Additionally, the company is advancing its joint venture with Astron Corporation to develop the Donald Project in Australia, which is anticipated to provide a significant source of monazite, a key feedstock for REE production.

Operationally, Energy Fuels has ramped up uranium mining at its Pinyon Plain, La Sal, and Pandora mines, with plans to process stockpiled uranium ore in the fourth quarter of 2025. The company expects to produce between 700,000 and 1,000,000 pounds of finished U3O8 in 2025, which will help fulfill existing contract obligations. The company is also making progress in its REE initiatives, having produced separated neodymium-praseodymium (NdPr) and planning to expand its REE separation capabilities at the Mill. The outlook remains cautiously optimistic, with expectations for improved uranium prices and increased production capabilities in the coming years, contingent on market conditions and successful project developments.