Revenue remains highly volatile with a 42.2% year-over-year decline in 2026Q1, while operating losses reached $16.4 million due to a cost structure optimized for development rather than production.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 |
|---|
| Sales/Revenue | 4.34M | 4.92M | 4.02M | 1.85M | 8.97M | 20M | 14.42M | 15.55M | 15.55M | 13.94M | 18.59M | 17.58M | 11.17M | 11.08M | 11.07M | 98.83M | 128.34M | 82.9M | 149.91M | 76.02M | 152.09K | 3.06M | 16.97M | 10.84M | 1.28M | 24.13M | 20.52M | 50.18M | 700.15K |
| Revenue Growth % | -4.99% | 22.25% | 116.87% | -79.33% | -55.13% | 38.67% | -7.24% | -0.01% | 11.55% | -25.03% | 5.75% | 57.46% | 0.77% | 0.1% | -88.8% | -22.99% | 54.82% | -44.7% | 97.21% | 49882.17% | -95.03% | -81.98% | 56.54% | 748.85% | -94.71% | 17.61% | -59.11% | 7066.33% | - |
| Cost of Goods Sold | 17.2M | 0 | 4.82M | 3.71M | 5.11M | 12.62M | 10.34M | 14.22M | 15.76M | 13.17M | 14.09M | 17.09M | 13.51M | 9.34M | 14.28M | 105.33M | 124.89M | 104.52M | 147.48M | 48.86M | 2.88M | 4.01M | 7.31M | 6.64M | 5.46M | 22.02M | 16.01M | 40.6M | 300.06K |
| COGS % of Revenue | - | - | 119.69% | 200% | 56.89% | 63.1% | 71.67% | 91.48% | 101.34% | 94.45% | 75.78% | 97.17% | 120.97% | 84.32% | 128.98% | 106.57% | 97.31% | 126.08% | 98.38% | 64.27% | 1893.38% | 131.02% | 43.11% | 61.26% | 427.8% | 91.25% | 78.05% | 80.91% | 42.86% |
| Gross Profit | -12.87M | 4.92M | -792K | -1.85M | 3.87M | 7.38M | 4.09M | 1.32M | -209K | 773.36K | 4.5M | 496.79K | -2.34M | 1.74M | -3.21M | -6.49M | 3.45M | -21.62M | 2.43M | 27.16M | -2.73M | -948.62K | 9.65M | 4.2M | -4.19M | 2.11M | 4.5M | 9.58M | 400.09K |
| Gross Margin % | -296.58% | 100% | -19.69% | -100% | 43.11% | 36.9% | 28.33% | 8.52% | -1.34% | 5.55% | 24.22% | 2.83% | -20.97% | 15.68% | -28.98% | -6.57% | 2.69% | -26.08% | 1.62% | 35.73% | -1793.38% | -31.02% | 56.89% | 38.74% | -327.8% | 8.75% | 21.95% | 19.09% | 57.14% |
| Gross Profit Growth % | - | 720.96% | 57.3% | -147.96% | -47.58% | 80.59% | 208.38% | 733.97% | -127.02% | -82.83% | 806.63% | 121.22% | -234.74% | 154.16% | 50.59% | -288.41% | 115.94% | -989.25% | -91.05% | 1095.71% | -187.53% | -109.83% | 129.9% | 200.32% | -298.22% | -53.11% | -52.97% | 2293.52% | - |
| Operating Expenses | 67.37M | 90.91M | 62.53M | -1.85M | 40.38M | 30.73M | 4.09M | 25.47M | 24.15M | 24.95M | 21.29M | 29.51M | 26M | 23.3M | 23.66M | 31.96M | 23.67M | 29.16M | 49.81M | 34.1M | 5.46M | 4.41M | 3.87M | 5.36M | 2.72M | 7.72M | 8.61M | 8.58M | 1.4M |
| OpEx % of Revenue | - | 1848.43% | 1554.34% | -100% | 450.03% | 153.64% | 28.33% | 163.79% | 155.31% | 178.95% | 114.49% | 167.83% | 232.87% | 210.29% | 213.78% | 32.34% | 18.45% | 35.18% | 33.23% | 44.85% | 3593.19% | 144.3% | 22.83% | 49.45% | 213.23% | 32% | 41.95% | 17.1% | 200% |
| Selling, General & Admin | 17.39M | 19.56M | 16.5M | 13.76M | 12.59M | 9.69M | 7.62M | 7.81M | 7.19M | 7.37M | 5.94M | 8.99M | 8.81M | 8.7M | 10.42M | 10.24M | 16.15M | 18.57M | 25.33M | 13.57M | 5.28M | 4.34M | 3.55M | 5.47M | 3.5M | 6.08M | 6.51M | 5.49M | 1.4M |
| SG&A % of Revenue | - | 397.8% | 410.02% | 741.78% | 140.27% | 48.45% | 52.85% | 50.23% | 46.23% | 52.85% | 31.95% | 51.12% | 78.91% | 78.48% | 94.14% | 10.36% | 12.58% | 22.39% | 16.9% | 17.85% | 3468.42% | 142.01% | 20.89% | 50.51% | 274.46% | 25.19% | 31.71% | 10.93% | 200% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 71.34M | 46.04M | -15.62M | 27.8M | 21.04M | -3.54M | 17.66M | 16.96M | 17.58M | 15.35M | 20.52M | 17.19M | 14.61M | 13.24M | 21.72M | 7.53M | 10.6M | 24.48M | 20.53M | 189.78K | 70K | 327.83K | -114.32K | -781.88K | 1.64M | 2.1M | 3.09M | 0 |
| Operating Income | -80.24M | -85.99M | -63.32M | 0 | -36.51M | -23.35M | 0 | -24.14M | -24.36M | -21.75M | -17.89M | -29.58M | -27.62M | -21.56M | -26.33M | -73.38M | -5.28M | -179.05M | -91.82M | -6.94M | -19.55M | -8.5M | 5.62M | -1.16M | -6.91M | -23.98M | -26.42M | 997.52K | -1M |
| Operating Margin % | -1849.59% | -1748.43% | -1574.02% | - | -406.92% | -116.74% | - | -155.26% | -156.66% | -156.05% | -96.2% | -168.26% | -247.31% | -194.61% | -237.83% | -74.25% | -4.11% | -215.98% | -61.25% | -9.13% | -12855.52% | -277.94% | 33.13% | -10.71% | -541.03% | -99.37% | -128.78% | 1.99% | -142.86% |
| Operating Income Growth % | - | -35.79% | - | 100% | -56.39% | - | 100% | 0.89% | -11.99% | -21.61% | 39.54% | -7.13% | -28.06% | 18.09% | 64.12% | -1289.54% | 97.05% | -95.01% | -1223.17% | 64.51% | -130.06% | -251.19% | 584.01% | 83.19% | 71.18% | 9.25% | -2748.63% | 199.73% | - |
| EBITDA | -60.86M | -68.22M | -53.39M | 96.46M | -27.85M | -15.96M | -6.82M | -15.43M | -15.78M | -15.9M | -12.48M | -24.55M | -25.18M | -19.12M | -7.16M | -32.56M | 43.79M | -141.01M | -43.64M | 6.32M | -18.91M | -7.81M | 6.46M | 128.97K | -5.53M | -22.33M | -24.32M | 4.09M | -1.1M |
| EBITDA Margin % | -1402.95% | -1387.05% | -1327.22% | 5200.22% | -310.33% | -79.81% | -47.31% | -99.24% | -101.45% | -114.03% | -67.11% | -139.64% | -225.53% | -172.55% | -64.73% | -32.95% | 34.12% | -170.1% | -29.11% | 8.31% | -12435.91% | -255.54% | 38.05% | 1.19% | -433.31% | -92.55% | -118.54% | 8.15% | -157.14% |
| EBITDA Growth % | -1.4% | -27.76% | -155.35% | 446.42% | -74.44% | -133.96% | 55.78% | 2.18% | 0.76% | -27.38% | 49.18% | 2.51% | -31.71% | -166.86% | 78% | -174.35% | 131.06% | -223.15% | -790.77% | 133.4% | -142.06% | -221.03% | 4906.15% | 102.33% | 75.22% | 8.17% | -694.62% | 471.72% | - |
| D&A (Non-Cash Add-back) | 19.38M | 17.77M | 9.93M | 9.39M | 8.67M | 7.38M | 7.14M | 8.71M | 8.59M | 5.86M | 5.41M | 5.03M | 2.43M | 2.44M | 19.16M | 40.82M | 49.07M | 38.03M | 48.18M | 13.26M | 638.18K | 684.89K | 834.99K | 1.29M | 1.38M | 1.64M | 2.1M | 3.09M | 0 |
| EBIT | -174.73M | -208.68M | -91.72M | 87.07M | 10.36M | 20.15M | -13.97M | -20.16M | -34.98M | -22.21M | -20.93M | -90.77M | -35.35M | -72.71M | -28.42M | -26.44M | -4.6M | -192.78M | -85.58M | 34.31M | -17.51M | -8.5M | 5.78M | -1.16M | -6.91M | -5.61M | -3.9M | 997.52K | -1.1M |
| Net Interest Income | -13.58M | -6.86M | 7.61M | 4.14M | 1.36M | -2.78M | -2.88M | -2.76M | -2.34M | 177.31K | 123.66K | 169.3K | 507.3K | 281.1K | -316.36K | 635.06K | -942.15K | -683.76K | -1.82M | 5.61M | 0 | 0 | 668.49K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.55M | 8.39M | 7.72M | 4.19M | 1.42M | 383K | 291K | 594K | 1.05M | 255.27K | 237.91K | 303.9K | 643.12K | 417.39K | 480.5K | 926.05K | 680.11K | 821.97K | 1.41M | 5.64M | 0 | 0 | 506.18K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 23.13M | 15.24M | 108K | 52K | 60K | 3.17M | 3.17M | 3.36M | 3.39M | 77.97K | 114.25K | 134.6K | 134.66K | 136.29K | 796.86K | 290.99K | 1.62M | 1.51M | 3.23M | 28.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -180.11M | -137.93M | -28.5M | 87.02M | 46.82M | 40.33M | -17.14M | 625K | -14.01M | -536.95K | -3.15M | -61.35M | -7.87M | -51.28M | -2.89M | 46.65M | -942.15K | -15.24M | 3M | 41.22M | 6.69M | 2.14M | 1.86M | 214K | 949.88K | 18.37M | 22.32M | 1.7M | 1.1M |
| Pretax Income | -260.35M | -223.92M | -91.83M | 87.02M | 10.3M | 16.98M | -17.14M | -23.52M | -38.37M | -22.29M | -21.04M | -90.9M | -35.4M | -72.84M | -29.19M | -26.73M | -6.22M | -194.29M | -88.81M | 34.28M | -12.86M | -6.36M | 6.64M | -947.39K | -5.96M | -5.61M | -4.1M | 2.69M | 0 |
| Pretax Margin % | -6001.47% | -4553.07% | -2282.53% | 4691.16% | 114.82% | 84.91% | -118.86% | -151.24% | -246.76% | -159.9% | -113.16% | -517.02% | -316.99% | -657.37% | -263.72% | -27.05% | -4.85% | -234.36% | -59.24% | 45.1% | -8454.51% | -208.08% | 39.11% | -8.74% | -466.65% | -23.25% | -20% | 5.37% | - |
| Income Tax | -4.01M | -6.63M | -236K | -2.34M | -2.27M | -2M | -860K | -5.38M | -8.29M | -4.57M | -5.32M | -5.23M | -2.67M | 16.42M | -3.87M | -1.66M | -876.14K | -40.35M | 9.34M | -12.5M | 453.45K | 0 | -2.72M | -1.67M | -3.41M | 35.66M | 43.53M | 299.25K | 100.02K |
| Effective Tax Rate % | 1.54% | 2.96% | 0.26% | -2.69% | -22.02% | -11.75% | 5.02% | 22.86% | 21.62% | 20.52% | 25.27% | 5.75% | 7.54% | -22.54% | 13.25% | 6.23% | 14.08% | 20.77% | -10.51% | -36.46% | -3.53% | 0% | -40.93% | 176.17% | 57.18% | -635.77% | -1060.98% | 11.11% | - |
| Net Income | -256.34M | -217.29M | -91.12M | 90.38M | 14.35M | 18.98M | -16.28M | -18.14M | -30.08M | -17.82M | -23.31M | -71.55M | -36.8M | -89.26M | -117.34M | -72.36M | -5.35M | -153.94M | -98.15M | 46.79M | -13.31M | -6.36M | 7.48M | 293.59K | -4.45M | -22.9M | -25.12M | 2.39M | 0 |
| Net Margin % | -5909.07% | -4418.22% | -2264.95% | 4871.97% | 159.97% | 94.88% | -112.9% | -116.67% | -193.42% | -127.81% | -125.37% | -406.95% | -329.59% | -805.56% | -1060.02% | -73.21% | -4.17% | -185.69% | -65.47% | 61.54% | -8752.65% | -208.08% | 44.09% | 2.71% | -348.61% | -94.92% | -122.44% | 4.77% | - |
| Net Income Growth % | -123.35% | -138.47% | -200.82% | 529.62% | -24.36% | 216.54% | 10.24% | 39.68% | -68.82% | 23.57% | 67.42% | -94.41% | 58.77% | 23.93% | -62.17% | -1253.27% | 96.53% | -56.84% | -309.78% | 451.45% | -109.23% | -185.05% | 2448.24% | 106.59% | 80.56% | 8.82% | -1149.25% | - | - |
| Net Income (Continuing) | -256.34M | -217.29M | -91.59M | 89.36M | 12.57M | 18.98M | -16.28M | -18.14M | -30.08M | -17.71M | -15.72M | -85.67M | -32.81M | -89.26M | -25.34M | -25.07M | -5.35M | -153.94M | -98.15M | 46.79M | -13.31M | -6.36M | 7.48M | 293.59K | -4.45M | -22.9M | -25.12M | 2.39M | 0 |
| Discontinued Operations | 0 | 0 | 471K | 1.01M | 1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.28 | -0.25 | -0.10 | 0.10 | 0.02 | 0.02 | -0.03 | -0.03 | -0.05 | -0.03 | -0.04 | -0.14 | -0.07 | -0.20 | -0.30 | -0.19 | -0.04 | -0.54 | -0.52 | 0.24 | -0.03 | -0.04 | 0.11 | 0.00 | -0.08 | -0.36 | -0.84 | 0.08 | 0.00 |
| EPS Growth % | -151.58% | -150% | -200% | 478.03% | -13.5% | 177.22% | 15.64% | 42.29% | -65.73% | 27.21% | 68.5% | -88.17% | 62.8% | 33.33% | -57.89% | -354.55% | 92.26% | -3.85% | -316.67% | 801.75% | 10.71% | -134.82% | - | 105.65% | 78.36% | 57.14% | -1152.63% | - | - |
| EPS (Basic) | - | -0.25 | -0.10 | 0.11 | 0.02 | 0.02 | -0.03 | -0.03 | -0.05 | -0.03 | -0.04 | -0.14 | -0.07 | -0.20 | -0.30 | -0.19 | -0.04 | -0.54 | -0.52 | 0.25 | -0.03 | -0.04 | 0.11 | 0.00 | -0.08 | -0.36 | -0.84 | 0.08 | 0.00 |
| Diluted Shares Outstanding | 903.09M | 896.6M | 892.24M | 853.97M | 828.74M | 793.67M | 628.44M | 590.34M | 564.98M | 555.26M | 529.05M | 513.41M | 494.51M | 440.89M | 385.35M | 380.84M | 340.83M | 286.42M | 190.22M | 193.61M | 80.58M | 72.06M | 67.63M | 67.38M | 57.12M | 63.33M | 30.01M | 30.01M | 56.66M |
| Basic Shares Outstanding | 903.09M | 896.6M | 892.24M | 848.02M | 818.89M | 783.68M | 628.44M | 590.34M | 564.98M | 555.26M | 529.05M | 513.41M | 494.51M | 440.89M | 385.35M | 380.84M | 340.83M | 286.42M | 190.22M | 188.72M | 80.58M | 72.06M | 67.01M | 67.38M | 57.12M | 63.33M | 30.01M | 30.01M | 56.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Technical execution of ISR
As indicated by recent quarterly filings, Denison’s revenue remains highly erratic, with a 42.2% year-over-year decline in 2026Q1, reflecting the company's status as a pre-production entity reliant on non-core toll milling services rather than consistent, scalable uranium extraction or long-term supply contract deliveries.
The revenue profile is currently transactional and lacks the predictability required for a mature mining operation. Investors should interpret these fluctuations as noise, as the company's true economic trajectory is tied to the Wheeler River project's development milestones rather than current service-based inflows.
Based on reported financial statements, gross margins have exhibited extreme volatility, swinging from a positive 100% in 2025Q4 to a negative 17.4% in 2026Q1, which underscores the lack of a stable, repeatable cost structure inherent in the current pre-production business model.
The wide variance in gross margins suggests that current accounting is heavily influenced by intermittent service contracts and legacy environmental obligations. This instability warrants caution, as it provides little insight into the future unit economics of the Phoenix deposit's potential ISR-based production.
According to the latest income statement data, SG&A expenses consistently dwarf revenue, with the company reporting an operating loss of $16.4 million in 2026Q1, highlighting a cost structure that is currently optimized for project development rather than operational efficiency or profitability.
The persistent operating losses reflect the heavy capital deployment required for feasibility and permitting processes. Analysts should monitor whether these administrative costs remain disciplined as the company approaches the final investment decision, as excessive overhead could erode the project's eventual net present value.
While the market assigns a premium to Denison's ISR potential, the company's history of negative operating margins, as seen in the $23.0 million loss in 2025Q4, suggests that the technical complexity of the freeze-wall method may lead to higher-than-anticipated operational expenditures upon commissioning.
Short-term investors should consider that the reliance on unproven ISR application in the Athabasca Basin introduces significant binary risk. If the recovery rates or freeze-wall integrity fail to meet feasibility study assumptions, the company may face substantial margin compression and the need for further dilutive financing.
Quick answers to the most common questions about buying DNN stock.
For fiscal year 2025, Denison Mines Corp. (DNN) reported total revenue of $4.9M. This represents a 602.4% increase compared to $0.7M in 1997.
Denison Mines Corp. (DNN) reported a net loss of $217.3M for the fiscal year ending 2025.
Denison Mines Corp. (DNN) reported an operating income of $-86.0M, resulting in an operating profit margin of -1748.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Denison Mines Corp. (DNN) generated $4.9M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.