Energy Fuels Posts Q4 $21.3M Loss, Produces 1M Pounds Uranium, Ends 2025 with $927M Liquidity
Energy Fuels produced over one million pounds of low-cost U.S. uranium in 2025, closed a $700 million upsized 0.75% convertible notes and finished with $927 million working capital. Q4 loss was $21.3 million (8 cents per share) on $27.1 million revenue; full-year loss reached $86.1 million on $65.9 million revenue.
1. 2025 Operational Achievements
Energy Fuels produced over one million pounds of low-cost uranium, signed two long-term utility contracts, and advanced heavy rare earth pilot operations, reinforcing its position as the largest, lowest-cost U.S. uranium producer and emerging critical materials leader.
2. Liquidity and Financing
The company ended 2025 with $927.4 million working capital after closing a $700 million upsized 0.75% convertible senior notes offering due 2031, strengthening its balance sheet to fund development projects.
3. Q4 and Full-Year Financial Results
In Q4, Energy Fuels reported a $21.3 million loss (8 cents per share) on $27.1 million revenue, while the full-year loss totaled $86.1 million on $65.9 million revenue, reflecting continued investment in operations.
4. Leadership Transition and Growth Outlook
Ross Bhappu will succeed Mark Chalmers as CEO on April 15, 2026, as Energy Fuels advances rare earth expansions with the proposed Phase 2 Circuit at White Mesa Mill and the planned ASM acquisition, targeting a combined $3.7 billion NPV from key projects.