Liquidity is under pressure as evidenced by the decline in cash reserves to $41.6 million in 2026Q1, down from a peak of $91.9 million in 2025Q3 due to heavy capital expenditure requirements.
| 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 | Jan'13 | Jan'12 | Jan'11 |
|---|
| Cash from Operations | -38.68M | -24.99M | -45.2M | -22.99M | -69.2M | -3.97M | -1.45M | -876.03K | -244.72K | -235.47K | -123.3K | -321.72K | -1.03M | -1.02M | -362.91K | -492.86K | -295.62K |
| Operating CF Margin % | - | -42.21% | -77.49% | -103.79% | -1630.11% | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -119.38% | 44.71% | -96.65% | 66.78% | -1644.43% | -173.96% | -65.29% | -257.97% | -3.93% | -90.97% | 61.67% | 68.74% | -1.29% | -180.03% | 26.37% | -66.72% | - |
| Net Income | -27.21M | -63.02M | -67.99M | -25.61M | -16.52M | -8.56M | -1.74M | -1.37M | -402.78K | -229.41K | -192.32K | -102.64K | -5.55M | -4.5M | -5.67M | -789.37K | -529.81K |
| Depreciation & Amortization | 7.87M | 5.38M | 4.6M | 5.66M | 380.34K | 298.67K | 20.17K | 25.71K | 0 | 0 | 0 | 0 | 10.72K | 12.62K | 0 | 0 | 0 |
| Stock-Based Compensation | 5.7M | 4.2M | 4.79M | 3.46M | 5.74M | 1.43M | 846.92K | 401.62K | 38.33K | 21.5K | 0 | 0 | 0 | 0 | 333.15K | 340.36K | 229.44K |
| Deferred Taxes | -290K | -596K | 0 | 0 | 0 | 0 | 50.74K | -473.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -22.02M | 12.69M | 23.33M | -9.77M | -1.82M | -2.85M | -318.68K | 473.95K | 10K | -56.45K | -18.05K | -202.74K | 4.73M | 3.57M | 4.96M | 0 | 0 |
| Working Capital Changes | 5.18M | 16.36M | -9.93M | 3.27M | -56.99M | 5.72M | -307.01K | 69.32K | 119.73K | 28.89K | 87.06K | -16.34K | -213.74K | -97.88K | 13.11K | -43.85K | 4.75K |
| Change in Receivables | 2.6M | 3.52M | -10K | 356K | -932.03K | -203.16K | -88.15K | -20.9K | 28.33K | -29.45K | 3.09K | 48.63K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -8.33M | 11.11M | -7.58M | 2.99M | 932.03K | 0 | 88.15K | 20.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.13M | 4.45M | 4.08M | 14K | -3.66M | 5.92M | 19.65K | 16.91K | 13.66K | -16.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -44.48M | -46.22M | -29.99M | -64.62M | -12.22M | -6.05M | -1.66M | -307.92K | -481.91K | -535.55K | -58.8K | 170.43K | -4.37M | -1.14M | -1.64M | -3.37M | -1.08M |
| Capital Expenditures | -17.03M | -20M | -11.35M | -7.73M | -10.9M | -300.74K | -309.95K | -307.92K | -362.6K | -420.61K | -160.94K | -336.93K | -429.41K | -1.17M | -134.15K | -3.37M | -1.08M |
| CapEx % of Revenue | 39.4% | 33.77% | 19.45% | 34.89% | 256.66% | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | -52.21M | -6.01M | 1.86M | -1.79M | 0 | -9.13K | -114.94K | 0 | 0 | -3.88M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -17.48M | -12.6M | -9.39M | -4.68M | 443.29K | -14.59M | 440.13K | 0 | -110.19K | 0 | 0 | 0 | -1.09M | 77.92K | -6.64K | 0 | 0 |
| Cash from Financing | 97.27M | 84.74M | 107.42M | 45.9M | 74.95M | 14.09M | 6.94M | 3.04M | 83.33K | 2.24M | 0 | 0 | 619.39K | 7.02M | 3.3K | 8.37M | 5.45M |
| Debt Issued (Net) | -20.57M | 82.89M | 0 | -40M | -104.81K | -37.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 18.5M | 1.57M | 10M | 25.56M | 23.06M | 11.97M | 3.76M | 3.02M | 0 | 2.24M | 0 | 0 | 536.24K | 0 | 0 | 8.78M | 5.69M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 99.33M | 282K | 97.42M | 60.34M | 52M | 2.16M | 3.18M | 19.16K | 83.33K | 0 | 0 | 0 | 83.15K | 7.02M | 3.29K | -430.95K | -251.32K |
| Net Change in Cash | 13.87M | 13.34M | 32.28M | -41.91M | -6.68M | 4.01M | 3.82M | 1.86M | -637.94K | 1.47M | -179.44K | -147.99K | -4.78M | 4.87M | -2M | 4.5M | 4.07M |
| Free Cash Flow | -56.71M | -44.99M | -56.55M | -30.71M | -80.09M | -6.64M | -1.76M | -1.18M | -607.31K | -656.08K | -284.24K | -658.65K | -1.46M | -2.19M | -497.06K | -3.86M | -1.37M |
| FCF Margin % | -131.23% | -75.98% | -96.95% | -138.68% | -1886.77% | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -24.84% | 20.45% | -84.12% | 61.65% | -1105.86% | -277.84% | -48.48% | -94.95% | 7.43% | -130.82% | 56.84% | 54.85% | 33.34% | -340.28% | 87.14% | -181.2% | - |
| FCF per Share | -0.30 | -0.24 | -0.31 | -0.21 | -0.76 | -0.10 | -0.03 | -0.03 | -0.02 | -0.02 | -0.01 | -0.03 | -0.08 | -0.15 | -0.07 | -0.59 | -0.43 |
| FCF Conversion (FCF/Net Income) | 2.08x | 0.32x | 0.74x | 0.90x | 2.99x | 0.46x | 0.65x | 0.83x | 0.61x | 1.03x | 0.64x | 3.12x | 0.19x | 0.23x | 0.06x | 0.62x | 0.56x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operational restart execution risk
According to the provided quarterly data, enCore Energy exhibits a significant divergence between net income and operating cash flow, highlighted by a 2026Q1 operating cash outflow of $21.4 million despite reporting a net income of $5.4 million, suggesting substantial non-cash adjustments or timing-related accruals.
The wide gap between accounting profitability and cash generation indicates that reported earnings may not reflect the underlying cash burn of the business. Investors should monitor whether this disconnect persists as the company attempts to scale production at its Texas ISR facilities.
As reported in financial statements, enCore Energy's free cash flow trajectory remains highly erratic, swinging from a $13.5 million inflow in 2024Q4 to a $26.3 million outflow in 2025Q3, reflecting the capital-intensive nature of restarting idled uranium processing infrastructure in the United States.
The lack of a consistent positive free cash flow trend suggests that the company is still in a heavy investment phase. The volatility in these figures appears to be driven by the timing of project-related expenditures and the inconsistent nature of revenue realization.
Based on reported figures, working capital movements have been a primary driver of cash flow volatility, with a notable $22.9 million inflow in 2025Q4 followed by a $9.3 million outflow in 2026Q1, indicating significant fluctuations in inventory management and accounts receivable collection cycles.
These sharp swings in working capital suggest that the company's cash position is highly sensitive to the timing of uranium sales and the accumulation of inventory. Such variability warrants further investigation into the efficiency of the company's current supply chain and sales contracting processes.
Data from recent filings reveals that capital expenditures remain a significant burden on cash reserves, with CapEx/Revenue ratios reaching as high as 115.1% in 2025Q2, underscoring the heavy investment required to maintain and restart the company's licensed ISR processing plants.
The high capital intensity relative to revenue suggests that the company is prioritizing infrastructure readiness over immediate cash preservation. This level of spending appears necessary to secure the long-term production capacity required to compete in the domestic uranium market.
As indicated by the provided financial data, stock-based compensation consistently adds back to cash flow, with $2.4 million recorded in 2026Q1, which effectively masks the true extent of the company's operational cash burn when evaluating the core business performance.
Investors should be cautious when interpreting operating cash flow, as these non-cash adjustments can obscure the underlying cost of talent and corporate overhead. The reliance on such adjustments suggests that the company's cash flow statement may present a more favorable picture than the actual operational reality.
Quick answers to the most common questions about buying EU stock.
enCore Energy Corp. (EU) generated $-25.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
enCore Energy Corp. (EU) reported negative free cash flow of $45.0M in 2025, indicating capital requirements exceeded cash from operations.
enCore Energy Corp. (EU) spent $20.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.