Energy Fuels (EFR) AI Stock Analysis

• Market Cap: C$6.91B
• Dividend Yield: N/A
• Average Volume (3M): 1.05M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.96
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• Employees: 1,260
• Sector: Energy
• Sector Strength: 52
• Industry: Uranium
• EPS (TTM): -0.10
• Shares Outstanding: 237,286,770
• 10 Day Avg. Volume: 1,311,871
• 30 Day Avg. Volume: 1,051,840
• PEG Ratio: 0.13
• Price to Book (P/B): 1.67
• Price to Sales (P/S): 11.29
• P/FCF Ratio: -10.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$28.45
• Price Target Upside: -2.06% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: ―

Energy Fuels is positioned for growth with strong revenue increases and strategic partnerships in critical mineral supply chains. However, persistent net losses, negative cash flow, and bearish technical indicators weigh down the overall score. The company's robust balance sheet and strategic initiatives provide potential for future upside, but current operational inefficiencies need resolution to improve its financial health.

Positive Factors

Balance sheet strength and liquidity

A very strong liquidity position and essentially no leverage provide durable financial flexibility to fund capital-intensive mine development, rare-earth scale-up and operating volatility. This reduces near‑term refinancing risk and supports multi-year project execution and strategic optionality.

Integrated rare earth processing and large resource base

Owning White Mesa Mill plus a long-life Vara Mada mineral sands project creates an integrated feedstock-to-processing chain. Multi-decade reserves with planned monazite flows to an established US processing asset support durable REE supply capabilities and strategic differentiation versus peers.

Ramped uranium production and lower unit cost trajectory

Material increases in production scale and targeted lower unit costs support sustained margin improvement if maintained. Higher output from Pinyon Plain secures supply volumes for contracts and monetization, improving long-term cash generation potential as operating scale reduces per‑unit costs.

Negative Factors

Persistent negative operating and free cash flow

Ongoing negative operating and free cash flows increase dependence on external financing to fund growth and operations. If persistent, cash burn can force dilutive equity raises or higher-cost debt, weakening shareholder returns and limiting ability to self-fund multi-year project builds or sustain capital programs.

Deteriorated profitability and large net losses

Sharp deterioration to negative gross profit and large net losses signals weak near-term profitability despite revenue gains. Continued negative margins threaten ROE and reinvestment capacity, raise break-even risk for new projects, and can constrain long-term capital allocation and investor confidence.

Political and execution risk in Madagascar project

Material political, permitting and investment‑agreement uncertainty in Madagascar imperils the Vara Mada timeline and feedstock availability. Delays or added conditions could increase capex, postpone monazite deliveries to White Mesa, and materially change projected long‑term cash flows and integration benefits.

Energy Fuels Business Overview & Revenue Model

Company Description

Energy Fuels Inc., together with its subsidiaries, engages in the extraction, recovery, exploration, and sale of conventional and in situ uranium recovery in the United States. The company owns and operates the Nichols Ranch project, the Jane Dough property, and the Hank project located in Wyoming; and the Alta Mesa project located in Texas, as well as White Mesa Mill in Utah. It also holds interests in uranium and uranium/vanadium properties and projects in various stages of exploration, permitting, and evaluation located in Utah, Wyoming, Arizona, New Mexico, and Colorado. The company was formerly known as Volcanic Metals Exploration Inc. and changed its name to Energy Fuels Inc. in May 2006. Energy Fuels Inc. was incorporated in 1987 and is headquartered in Lakewood, Colorado.

How the Company Makes Money

Energy Fuels generates revenue primarily through the sale of uranium and rare earth elements. The company employs a revenue model centered on the production and sale of uranium concentrate, which is sold to nuclear power utilities under long-term contracts or in spot markets. Additionally, the company has ventured into the rare earth element sector, capitalizing on the growing demand for these materials in technologies such as electric vehicles and renewable energy systems. Key revenue streams include the sales of uranium from its mining operations, processing fees for toll milling of third-party uranium, and potential revenues from the sale of rare earth products. Strategic partnerships, such as collaborations with other mining companies and government entities, further bolster their market position and revenue potential, especially in the context of the increasing focus on domestic supply chains for critical minerals.

Energy Fuels Financial Statement Overview

Summary

Energy Fuels has shown significant revenue growth but remains unprofitable with negative cash flows. The balance sheet is strong with low leverage, but operational inefficiencies need improvement for sustainable profitability.

Income Statement

Energy Fuels has demonstrated significant revenue growth, increasing from $12.5M in 2022 to $78.1M in 2024. However, the company remains unprofitable, with a negative net income of $47.8M in 2024. Margins are concerning, with a gross profit margin of approximately 28.4% in 2024 and negative EBIT and EBITDA margins, indicating operational inefficiencies.

Balance Sheet

The balance sheet shows a strong equity base with a stockholders' equity of $527.8M in 2024, reflecting a solid equity ratio of 86.3%. The debt-to-equity ratio is low at 0.004, indicating minimal leverage, which reduces financial risk. However, the company has yet to achieve a positive ROE due to persistent losses.

Cash Flow

Energy Fuels has faced challenges in cash flow generation, with a negative free cash flow of $74.9M in 2024. Operating cash flows have also been negative, and the operating cash flow to net income ratio indicates that cash losses are significant compared to net income. The free cash flow to net income ratio is negative, highlighting the company's struggle to convert earnings into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	78.74M	78.11M	37.93M	12.52M	3.18M	1.66M
Gross Profit	-4.06M	17.00M	15.80M	-154.00K	-3.10M	1.66M
EBITDA	-90.66M	-43.02M	103.97M	-55.12M	5.97M	-22.31M
Net Income	-97.77M	-47.77M	99.86M	-59.85M	1.54M	-27.78M
Balance Sheet
Total Assets	758.32M	611.97M	401.94M	273.95M	315.45M	183.24M
Cash, Cash Equivalents and Short-Term Investments	235.26M	119.46M	190.49M	75.01M	113.01M	22.41M
Total Debt	0.00	2.18M	1.32M	1.38M	469.00K	758.00K
Total Liabilities	50.75M	80.29M	22.73M	29.54M	19.92M	25.69M
Stockholders Equity	703.25M	527.79M	375.25M	240.43M	291.57M	153.81M
Cash Flow
Free Cash Flow	-133.02M	-82.34M	-60.65M	-51.70M	-30.66M	-32.80M
Operating Cash Flow	-109.91M	-52.96M	-15.94M	-49.70M	-29.29M	-32.18M
Investing Cash Flow	-107.38M	-13.30M	-23.77M	-6.94M	3.50M	3.71M
Financing Cash Flow	239.58M	15.59M	30.33M	7.74M	117.63M	36.45M

Energy Fuels Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LEU	68 Neutral	$5.57B	50.31	51.74%	―	15.25%	37.48%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
UEC	61 Neutral	$8.31B	―	-7.29%	―	189.19%	-38.15%
BTU	61 Neutral	$4.38B	-125.51	-0.87%	0.96%	-7.21%	-106.39%
EFR	51 Neutral	C$6.91B	―	-18.17%	―	―	―
URG	51 Neutral	$688.47M	-8.56	-65.17%	―	138.94%	-62.94%
CLNE	43 Neutral	$482.46M	-2.36	-31.94%	―	2.59%	-192.73%

Energy Fuels Corporate Events

Energy Fuels Beats 2025 Uranium Targets, Expands Long-Term Contracts and Rare Earth Ambitions

Energy Fuels reported that its U.S. uranium operations outperformed expectations in 2025, with both mined uranium ore and finished U3O8 production exceeding prior guidance and confirming its status as the country’s largest and one of the lowest-cost uranium producers. The company’s Pinyon Plain and La Sal mines delivered more than 1.6 million pounds of uranium in 2025, while the White Mesa Mill produced over one million pounds of finished U3O8 and is set to maintain strong uranium output into mid-2026 before shifting capacity to commercial-scale production of heavy rare earths dysprosium and terbium, which would mark a significant milestone for domestic rare earth supply. On the commercial side, Energy Fuels increased quarterly uranium sales by 50% in Q4 2025 to 360,000 pounds at an average price of about $75 per pound and secured two new long-term contracts with U.S. nuclear utilities using hybrid pricing, expanding its contracted delivery portfolio through 2032 and underpinning future revenue visibility while retaining exposure to uranium market upside.

The most recent analyst rating on (UUUU) stock is a Hold with a $15.50 price target. To see the full list of analyst forecasts on Energy Fuels stock, see the UUUU Stock Forecast page.

Energy Fuels Qualifies U.S.-Produced Heavy Rare Earth Oxide for Magnet Use, Plans Commercial Expansion

Energy Fuels has successfully produced high-purity dysprosium oxide at its White Mesa Mill in Utah that meets stringent purity and QA/QC standards of a major South Korean automotive manufacturer for use in neodymium-iron-boron permanent magnets. This validation, following earlier qualification of its NdPr oxide, positions the company as the first in the U.S. to have both light and heavy rare earth oxides qualified for permanent magnet applications, strengthening domestic rare earth supply chains at a time when Chinese export controls have tightened global access to key heavy rare earths. Energy Fuels has produced about 29 kilograms of dysprosium oxide at pilot scale with 99.9% purity, plans to begin pilot production of terbium oxide imminently with samples expected for qualification in early 2026, and will subsequently pilot gadolinium and samarium oxides used in high-temperature and defense-related magnet applications. Building on its pilot successes, the company is moving ahead with construction of commercial-scale heavy rare earth refining circuits at White Mesa, targeting capacity of up to 48 tonnes of dysprosium oxide and 14 tonnes of terbium oxide annually, subject to feed availability, which could significantly enhance its role in supplying critical materials for electric vehicles, advanced robotics, and defense systems.

The most recent analyst rating on (UUUU) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Energy Fuels stock, see the UUUU Stock Forecast page.

Energy Fuels Boosts Capital and Production in Q3-2025

Energy Fuels reported increased uranium sales and successful rare earth pilot production in Q3-2025, positioning itself for future growth. The company also completed a $700 million convertible senior notes offering, boosting its working capital to nearly $1 billion, and received government approvals for a joint venture in Australia, enhancing its strategic positioning in the market.

The most recent analyst rating on (UUUU) stock is a Hold with a $20.50 price target. To see the full list of analyst forecasts on Energy Fuels stock, see the UUUU Stock Forecast page.

Energy Fuels Schedules Q3-2025 Earnings Call

Energy Fuels Inc. announced it will hold a conference call on November 4, 2025, to discuss its Q3-2025 financial results. This announcement highlights the company’s ongoing commitment to transparency and stakeholder engagement, providing insights into its financial performance and strategic direction.

The most recent analyst rating on (UUUU) stock is a Buy with a $27.50 price target. To see the full list of analyst forecasts on Energy Fuels stock, see the UUUU Stock Forecast page.