Energy Fuels Mines 1.7M lbs Uranium, Raises $700M Convertible Note
Energy Fuels mined 1.7 million pounds of uranium in FY2025 and sold 650,000 pounds at $74.20 per pound, reducing COGS to $43 per pound. The company ended 2025 with $927M working capital, raised $700M via oversubscribed convertible note, targeting 2–2.5M pounds mined 2026 with gross margin rising to 50%.
1. Uranium Production and Sales
Energy Fuels mined 1.7 million pounds of uranium and processed 1.0 million pounds in FY2025, selling 650,000 pounds at an average price of $74.20 per pound. It reduced its cost of goods sold from $53 to $43 per pound by year-end.
2. Financial Results and Balance Sheet Strength
The company reported a net loss of $86 million for fiscal 2025 while increasing uranium revenue by $11.8 million year-over-year. Energy Fuels closed the year with $927 million in working capital, including $862 million in cash and marketable securities, and raised $700 million through an oversubscribed convertible note.
3. Outlook and Project Developments
For 2026, Energy Fuels targets 2–2.5 million pounds of uranium mined and 2.5 million pounds processed, aiming to boost gross margin to 50%. The firm progressed its rare earth pilot production of dysprosium, plans for terbium oxides, secured approvals for its Donald joint venture in Australia and noted minor delays in heavy mineral sands projects.