Energy Fuels Q3 Revenue Rises as Securities Losses Widen Deficit

Energy Fuels (UUUU ) reported third-quarter results on November 4, 2026, for the quarter ended September 30, 2026. Revenue rose to US$29.2 million from US$17.7 million a year earlier, but net loss attributable to the company widened to US$52.2 million, or US$0.20 per share, from US$16.7 million, or US$0.07.

Operating loss moved in the opposite direction, narrowing to US$25.3 million from US$26.7 million. The company primarily attributed the quarterly net loss to US$35.3 million of non-cash, unrealized mark-to-market losses on marketable securities. Higher market interest rates reduced the fair value of its interest-bearing debt securities, while US$9.4 million of cash interest income partly offset the valuation losses. The larger bottom-line deficit therefore did not stem from a larger operating loss.

Uranium Remains the Operating Base

Uranium generated US$28.4 million from the sale of 320,000 pounds of U3O8 at a weighted average realized price of US$88.90 per pound. Long-term contracts accounted for 270,000 pounds, with the remaining 50,000 pounds sold on the spot market.

Energy Fuels reported that its realized uranium price increased 10% from the second quarter and 27% from the first, its third consecutive quarterly increase. With operating costs per pound and cost of goods sold remaining steady, the uranium segment stayed profitable for a third straight quarter. That performance made uranium the principal operating counterweight to the securities-driven bottom-line loss.

The Pinyon Plain, La Sal and Pandora mines produced 385,000 pounds of contained U3O8 during the quarter, bringing year-to-date mined production to 1.1 million pounds. The White Mesa Mill also completed scheduled maintenance and processed alternate feed materials. Ore and mineralized material not processed during the previous conventional ore run remains stockpiled at the mill or the three mines, with another mill run planned to begin in the fourth quarter of 2026.

Rare-Earth Expansion Meets Financial Demands

Working capital stood at US$932.3 million at September 30, including US$76.4 million of cash and equivalents and US$779.5 million of marketable securities. Those securities, primarily interest-bearing instruments and uranium equities, are both a major component of liquidity and the source of the quarter’s unrealized valuation loss, linking an important part of the balance sheet to market movements.

The newly acquired Korean Metals Plant contributed US$0.4 million of September revenue from finished neodymium-iron-boron alloy sales. Energy Fuels completed its acquisition of Australian Strategic Materials (ASM.AX ) on August 28, 2026, acquiring the operating Korean plant and the Dubbo Project. The plant had 1,300 tonnes per year of existing alloy production capacity at closing, with an expansion to approximately 3,600 tonnes per year underway.

The pending acquisition of Vacuumschmelze remains subject to required regulatory approvals and other closing conditions. Energy Fuels anticipates an early-2027 closing; VAC’s facilities have combined magnet-block capacity of 3,500 tonnes per annum, expandable to 13,500 tonnes. Completing the transaction would add downstream magnet manufacturing to the company’s oxide, metal and alloy stages.

At White Mesa, Energy Fuels approved construction of commercial-scale heavy rare-earth circuits in July 2026. Dysprosium and terbium capacity is targeted for completion and commissioning in early 2028, with samarium, europium and gadolinium following later that year.

The upstream feedstock leg also has outstanding conditions. Export Finance Australia and the National Reconstruction Fund Corporation conditionally approved up to A$180 million toward a proposed A$200 million senior debt facility for Phase 1 of the Donald Project. The October 26 project announcement set out the remaining requirements: definitive documentation, due diligence, commercial-lender participation and final approvals, with a final investment decision targeted by the end of 2026.

Energy Fuels is earning a 49% Donald joint-venture interest by funding the first A$183 million of upfront equity. As of October 26, it had invested approximately A$60 million for a 15.3% interest, with approximately A$86 million more plus common shares equal to US$14 million required to earn the full stake.

President and CEO Ross Bhappu summarized the next objective: “We remain focused on disciplined execution and converting these strategic assets into sustainable production, margins and cash flow.”

That distinction defines the quarter. Uranium is generating higher realized prices and segment profit now, while the rare-earth business has begun contributing revenue but still depends on construction, financing and acquisition milestones before its planned mine-to-magnet chain is complete.