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Energy Fuels Inc. (TSE:EFR)
XASE:EFR
Earnings Data
Report Date
May 07, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.04Last Year’s EPS
-0.18Same Quarter Last Year
Strong Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasizes a strong operational ramp in uranium production, significant rare-earth pilot successes, robust project economics (Phase 2 mill and Vara Mada), and a fortified balance sheet following a highly oversubscribed $700M convertible note. Management presented clear upside via 2026 production guidance, inventory optionality and vertical integration through the proposed ASM acquisition and Korean metals capacity. Key negatives include a widened net loss in 2025 driven by higher SG&A and development spending, near-term uranium price weakness (-13.8% YoY) that compressed margins to 31%, and execution/timing risks tied to permits, government engagement (e.g., Madagascar) and the ASM closing. Overall, the positive operational progress, strong liquidity and transformative project economics outweigh the near-term financial and execution headwinds.Company Guidance
Production Ramp and Outperformance vs Guidance
Exceeded 2025 guidance on mined, processed and sold uranium; newly mined ore >1.7 million lbs U3O8 and processed >1.0 million lbs finished U3O8. Company upgraded guidance during the year and beat it.
Material 2026 Production Upside
2026 guidance increased to ~2.0–2.5 million lbs mined U3O8 and processed guidance increased to ~1.5–2.5 million lbs, with the White Mesa Mill able to average ~250,000 lbs/month and producing 350,000 lbs in December 2025.
Inventory Position and Flexibility
End-of-December inventory >2.0 million lbs total (including >800,000 lbs finished product and >100,000 lbs work-in-progress), providing material optionality for sales, contracts or further processing.
Unit Cost Improvement
Cost of goods sold fell from $53/lb to $43/lb by end of 2025 (≈19% reduction). Pinyon Plain in-situ production costs currently in the $23–$30/lb range; management expects finished-inventory weighted average cost to fall from $43 to the low $30s in 2026.
Sales Growth and Pricing Realizations
Uranium sales increased by 200,000 lbs year-over-year to 650,000 lbs in 2025 (≈+44% YoY) at an average realized price of $74.20/lb. Company notes contract pricing generally in the $70s+ and potential to capture higher pricing as the year progresses.
Strong Balance Sheet and Low-Cost Financing
Completed an upsized $700 million convertible note at a 0.75% coupon (oversubscribed >7x) with net proceeds ~$621M. Ended year with working capital ~$927M (including ~$862M cash & marketable securities) and total assets ~$1.4B — providing funding flexibility for growth projects.
White Mesa Mill Strategic Position
White Mesa is the only operating conventional uranium mill in the U.S., licensed capacity 8 million lbs, can process uranium and monazite (rare earth feed), and is the largest primary vanadium production facility in the U.S., giving integrated processing and alternate-feed capabilities.
Rare Earths Pilot Success and Qualification
Pilot production successes include 29 kg of dysprosium oxide (validated by magnet manufacturers) and planned first kg of terbium oxide next month; NdPr and Dy products have been qualified for use by major auto manufacturers and are already in some EVs/HEVs.
Compelling Rare Earth Project Economics (Phase 2 & Vara Mada)
Phase 2 mill feasibility: NPV ≈ $1.9B (~$8/share), IRR 33%, >$300M/year EBITDA first 15 years, CapEx $410M, scale to ~5,500 tpa NdPr + ~50 tpa Tb + ~165 tpa Dy. Vara Mada feasibility: NPV ≈ $1.8B, IRR 25%, CapEx ~<$800M, EBITDA ≈ $500M/year and 38-year mine life. Management cites combined NPV of ~ $3.7B for these projects.
Strategic M&A to Achieve Mine-to-Metals Integration
Proposed acquisition of Australian Strategic Materials (ASM) (scheme in progress, expected close ~June 2026) adds a Korean metals plant (current 1,300 tpa NdFeB/alloy capacity), funded Phase 2 expansion and accelerates vertical integration to deliver oxides, metals and alloys to Western customers.
Donald Project: Shovel-Ready Heavy REE Feed
Donald JV in Australia received government approvals; expected FID potentially as early as end-March 2026 with feed to White Mesa targeted late 2027/early 2028. First phase could supply ~25% of U.S. heavy-REE requirements (in management's view) with second phase up to ~50%.
Management Succession and Continuity
Planned CEO transition: Ross Bhappu to become CEO in April 2026 with Mark Chalmers transitioning to a consulting role, preserving institutional knowledge while continuing execution focus.
TSE:EFR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:EFR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | C$30.93 | C$31.23 | +0.97% |
Nov 03, 2025 | C$28.80 | C$24.52 | -14.86% |
Aug 06, 2025 | C$13.67 | C$13.29 | -2.78% |
May 07, 2025 | C$6.60 | C$6.60 | 0.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Energy Fuels Inc. (TSE:EFR) report earnings?
Energy Fuels Inc. (TSE:EFR) is schdueled to report earning on May 07, 2026, TBA (Confirmed).
What is Energy Fuels Inc. (TSE:EFR) earnings time?
Energy Fuels Inc. (TSE:EFR) earnings time is at May 07, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:EFR EPS forecast?
TSE:EFR EPS forecast for the fiscal quarter 2026 (Q1) is -0.04.