Energy Fuels Inc. (TSE:EFR)
XASE:EFR
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Positive Factors
Strong liquidity and working capital
Reported working capital (~$957M) and over $950M of available liquidity create durable funding optionality to advance multi‑year projects, absorb operational variability, and pursue acquisitions without immediate reliance on dilutive equity. This materially reduces near‑term financing risk.
Negative Factors
Persistent negative cash flow
Operating and free cash flows are deeply negative on a TTM basis, indicating the business is consuming cash while funding development and operations. Continued cash burn increases reliance on capital markets or debt, constrains reinvestment capacity, and heightens dilution or covenant risk if losses persist while projects require sustained capex.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity and working capital
Reported working capital (~$957M) and over $950M of available liquidity create durable funding optionality to advance multi‑year projects, absorb operational variability, and pursue acquisitions without immediate reliance on dilutive equity. This materially reduces near‑term financing risk.
Read all positive factors
Energy Fuels (EFR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.37B
Dividend YieldN/A
Average Volume (3M)986.34K
Price to Earnings (P/E)―
Beta (1Y)2.73
Revenue Growth20.15%
EPS Growth29.90%
CountryCA
Employees1,260
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)-0.30
Shares Outstanding249,867,000
10 Day Avg. Volume801,249
30 Day Avg. Volume986,338
Financial Highlights & Ratios
PEG Ratio-1.23
Price to Book (P/B)4.99
Price to Sales (P/S)51.33
P/FCF Ratio-31.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$35.90Price Target Upside28.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.23
Revenue Forecast (FY)C$202.41M
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 Doug...
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 ...
Energy Fuels Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call was largely positive: management reported strong operational milestones (mined and processed uranium pounds, >1M lbs processed YTD), attractive project economics (Varamata and White Mesa Phase 2 NPVs and IRR), a robust balance sheet (~$957M working capital), initial commercial rare-earth outputs (first terbium) and progress on the ASM acquisition. Offsetting risks include project timing delays (Varamata investment agreement, Donald FID), a near-term mill maintenance shutdown and ore-supply bottleneck, higher operating/transaction costs, and uncertainty around timing of utility contracting for uranium. Overall, the positives (large NPVs, cash flexibility, production momentum, vertical integration) outweigh the execution and timing risks.Positive Updates
Strong Liquidity and Balance Sheet
Working capital of $957 million and total assets of $1.4 billion; over $950 million of available liquidity (includes $621 million net proceeds from convertible note offering), providing flexibility to advance projects and opportunistically sell into the market.
Negative Updates
Varamata Investment Agreement Delay
Signing of the government stability/investment agreement in Madagascar was delayed following a change in government; timeline visibility reduced and further in-country engagement required to finalize the agreement (no firm revised timing given).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Liquidity and Balance Sheet
Working capital of $957 million and total assets of $1.4 billion; over $950 million of available liquidity (includes $621 million net proceeds from convertible note offering), providing flexibility to advance projects and opportunistically sell into the market.
Read all positive updates
Company Guidance
Management reiterated execution-focused 2026 guidance: prioritize White Mesa Phase 2 permitting, advance Phase 1B/1C construction (target operational late‑2027) and make a Donald FID soon, while maintaining mill processing guidance of 1.5–2.5M lb U3O8 for the year (already >1M processed by April) with planned maintenance end‑Q2/early‑Q3. Q1 metrics: 425k lb uranium mined (Pinyon Plain 375k lb at 1.12% avg grade), ~800k lb produced at the mill in Q1, 510k lb sold in Q1 (100k lb spot at $95.88/ lb, 110k lb under long‑term contracts at ≈$64/ lb), ending inventory ~2.2–2.25M lb (≈1.1M finished at $36/ lb and ≈1.1M in process), working capital $957M, total assets $1.4B and liquidity >$950M. Cost and financial guidance: all‑in mining/transport/processing $23–30/ lb, COGS expected to trend toward ~$30/ lb in 2026, Q1 EBITDA $8M and net loss $11M, and project economics highlighted by Varamata NPV $1.8B with >$500M/yr EBITDA and White Mesa Phase 2 CapEx $410M with NPV $1.9B, standalone EBITDA $311M and ~33% IRR; ASM acquisition (FIRB approved) is targeted to close in early July, pilot terbium production is ~1 kg/week, and Phase 2 aims for >6,000 t/yr NdPr when commissioned.Energy Fuels Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 84.86M | 65.92M | 78.11M | 37.93M | 12.52M | 3.18M |
| Gross Profit | 29.66M | 5.10M | 17.00M | 15.80M | -154.00K | -3.10M |
| EBITDA | -74.48M | -81.66M | -43.02M | 103.97M | -55.12M | 5.97M |
| Net Income | -70.18M | -85.63M | -47.77M | 99.86M | -59.85M | 1.54M |
Balance Sheet | ||||||
| Total Assets | 1.46B | 1.41B | 611.97M | 401.94M | 273.95M | 315.45M |
| Cash, Cash Equivalents and Short-Term Investments | 910.68M | 861.84M | 119.46M | 190.49M | 75.01M | 113.01M |
| Total Debt | 676.69M | 675.69M | 2.18M | 1.32M | 1.38M | 469.00K |
| Total Liabilities | 731.35M | 729.28M | 80.29M | 22.73M | 29.54M | 19.92M |
| Stockholders Equity | 723.27M | 678.40M | 527.79M | 375.25M | 240.43M | 291.57M |
Cash Flow | ||||||
| Free Cash Flow | -96.08M | -108.74M | -82.34M | -60.65M | -51.70M | -30.66M |
| Operating Cash Flow | -53.18M | -89.48M | -52.96M | -15.94M | -49.70M | -29.29M |
| Investing Cash Flow | -770.04M | -778.05M | -13.30M | -23.77M | -6.94M | 3.50M |
| Financing Cash Flow | 865.89M | 894.96M | 15.59M | 30.33M | 7.74M | 117.63M |
Energy Fuels Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
| ― | C$6.37B | -97.91 | -10.23% | ― | 20.15% | 29.90% | |
56 Neutral | $3.61B | 85.81 | 10.71% | ― | -4.05% | -48.51% | |
55 Neutral | $6.62B | -149.77 | -7.09% | ― | -69.78% | -15.01% | |
54 Neutral | $647.65M | -5.03 | -105.10% | ― | -7.62% | -88.28% | |
54 Neutral | $3.15B | -31.02 | -3.37% | 0.96% | -6.75% | -133.56% | |
52 Neutral | $449.26M | -10.97 | -17.35% | ― | 4.99% | 49.26% |
* Energy Sector Average
TSE:EFR
Energy Fuels
25.31
17.95
243.89%
CLNE
Clean Energy Fuels
2.04
0.18
9.68%
URG
UR-Energy
1.63
0.72
79.52%
UEC
Uranium Energy
13.44
7.13
113.00%
LEU
Centrus Energy
180.13
52.39
41.01%
BTU
Peabody Energy Comm
26.34
12.45
89.67%
Energy Fuels Corporate Events
Business Operations and StrategyFinancial Disclosures
Energy Fuels Beats 2025 Uranium Targets, Expands Long-Term Contracts and Rare Earth Ambitions
Positive
Dec 29, 2025
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 low...
Business Operations and Strategy
Energy Fuels Qualifies U.S.-Produced Heavy Rare Earth Oxide for Magnet Use, Plans Commercial Expansion
Positive
Dec 19, 2025
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. T...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Energy Fuels Boosts Capital and Production in Q3-2025
Positive
Nov 4, 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...
Financial Disclosures
Energy Fuels Schedules Q3-2025 Earnings Call
Neutral
Oct 22, 2025
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 ins...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: ―