Structural margin compression remains a primary concern, evidenced by a negative 0.3% gross margin in 2026Q1 as fixed production costs continue to outpace revenue generation.
| 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 |
|---|
| Sales/Revenue | 43.22M | 59.21M | 58.33M | 22.15M | 4.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -6.42% | 1.51% | 163.38% | 421.74% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 33.57M | 45.92M | 65.54M | 19.57M | 2.66M | 298.67K | 5.17K | 19.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 77.54% | 112.35% | 88.37% | 62.57% | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 9.65M | 13.3M | -7.21M | 2.58M | 1.59M | -298.67K | -5.17K | -19.83K | 0 | 0 | 0 | 0 | -9.24K | 0 | 0 | 0 | 0 |
| Gross Margin % | 22.33% | 22.46% | -12.35% | 11.63% | 37.43% | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 284.52% | -379.88% | 62.05% | 632.03% | -5676.91% | 73.93% | - | - | - | - | 100% | - | - | - | - | - |
| Operating Expenses | 84.27M | 103.54M | 64.98M | 43.3M | 27.5M | 5.7M | 2.15M | 1.03M | 426.48K | 295.49K | 240.79K | 370.44K | 879.7K | 1.55M | 809.43K | 871.72K | 532.16K |
| OpEx % of Revenue | - | 174.85% | 111.39% | 195.49% | 647.82% | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 44.73M | 58.47M | 27.06M | 19.91M | 12.38M | 6.71M | 486.37K | 1.03M | 426.48K | 295.49K | 240.79K | 370.44K | 868.98K | 1.51M | 809.43K | 871.72K | 532.16K |
| SG&A % of Revenue | - | 98.74% | 46.38% | 89.91% | 291.59% | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 45.07M | 37.92M | 23.38M | 15.12M | -1.01M | 1.67M | 0 | 0 | 0 | 0 | 0 | 10.72K | 42K | 0 | 0 | 0 |
| Operating Income | -74.62M | -90.24M | -72.18M | -40.72M | -25.91M | -6M | -2.16M | -1.05M | -426K | -295K | -241K | -370K | -888K | -1.54M | -809K | -872K | -532K |
| Operating Margin % | -172.67% | -152.39% | -123.74% | -183.87% | -610.39% | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -25.01% | -77.25% | -57.16% | -332.07% | -177.78% | -104.85% | -147.39% | -44.41% | -22.41% | 34.86% | 58.33% | 42.19% | -89.86% | 7.22% | -63.91% | - |
| EBITDA | -64.19M | -76.14M | -67.59M | -35.03M | -25.18M | -5.7M | -2.13M | -1.03M | -403.96K | -222.34K | -218.18K | -638K | 3.56M | 1.42M | 4.15M | -837.5K | -532K |
| EBITDA Margin % | -148.54% | -128.59% | -115.86% | -158.15% | -593.05% | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 29.76% | -12.66% | -92.96% | -39.13% | -341.8% | -167.13% | -106.29% | -155.98% | -81.68% | -1.91% | 65.8% | -117.9% | 150.32% | -65.72% | 595.88% | -57.43% | - |
| D&A (Non-Cash Add-back) | 10.43M | 14.09M | 4.6M | 5.7M | 736K | 298.67K | 25.71K | 19.83K | 22.04K | 72.66K | 22.82K | -268K | 4.45M | 2.96M | 4.96M | 34.5K | 0 |
| EBIT | -30.76M | -82.49M | -72.19M | -22.57M | -23.32M | -7.05M | -2.18M | -1.06M | -403K | -229K | -192K | -103K | -5.34M | -4.5M | -5.67M | -789K | 0 |
| Net Interest Income | -3.04M | -1.68M | 741K | -3.11M | 419K | 16.94K | 22.53K | 30.64K | 0 | 12.74K | -6.9K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.82M | 1.72M | 2.48M | 393K | 419K | 26.31K | 22.53K | 30.64K | 22.04K | 16.21K | 0 | 0 | 75.13K | 55.85K | 102.67K | 116.84K | 2.35K |
| Interest Expense | 4.86M | 3.39M | 1.74M | 3.5M | 0 | 9.37K | 0 | 0 | 22.04K | 3.47K | 6.93K | 0 | 75.13K | 55.85K | 102.67K | 116.84K | 2.35K |
| Other Income/Expense | 39M | 3.09M | -1.74M | 14.64M | 2.59M | -1.06M | -58.02K | -4.68K | 23.7K | 66.08K | 48.47K | 267.8K | -4.67M | -2.96M | -4.86M | 82.35K | 0 |
| Pretax Income | -35.62M | -87.15M | -73.92M | -26.08M | -23.32M | -7.05M | -2.22M | -1.06M | -403K | -229K | -192K | -103K | -5.55M | -4.5M | -5.67M | -789K | 0 |
| Pretax Margin % | -82.43% | -147.17% | -126.72% | -117.74% | -549.35% | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -499K | -669.6K | -5.93M | -467K | -165K | 0 | 0 | 0 | -45.74K | -69.55K | -55.4K | 0 | 9.35M | 5.9M | 4.76M | 0 | -4.71K |
| Effective Tax Rate % | 1.4% | 0.77% | 8.02% | 1.79% | 0.71% | 0% | 0% | 0% | 11.35% | 30.37% | 28.85% | 0% | -168.33% | -131.2% | -83.91% | 0% | - |
| Net Income | -27.21M | -78.01M | -61.39M | -25.61M | -23.16M | -8.56M | -2.22M | -1.06M | -403K | -229K | -192K | -103K | -5.55M | -4.5M | -5.67M | -789K | -530K |
| Net Margin % | -62.96% | -131.75% | -105.24% | -115.64% | -545.47% | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 71.02% | -27.07% | -139.71% | -10.61% | -170.39% | -286.29% | -109.42% | -162.67% | -75.98% | -19.27% | -86.41% | 98.15% | -23.42% | 20.62% | -618.5% | -48.87% | - |
| Net Income (Continuing) | -35.12M | -86.48M | -67.99M | -25.61M | -23.16M | -7.05M | -2.22M | -1.06M | -402.78K | -229.41K | -192.32K | -103K | 0 | 0 | 0 | -789K | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 26.42M | 29.14M | 32.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.14 | -0.41 | -0.34 | -0.18 | -0.22 | -0.17 | -0.04 | -0.03 | -0.01 | -0.01 | -0.01 | -0.01 | -0.31 | -0.32 | -0.84 | -0.12 | -0.17 |
| EPS Growth % | 69.35% | -20.59% | -88.89% | 18.18% | -29.41% | -286.36% | -42.86% | -190.57% | - | - | - | 98.26% | 3.13% | 61.9% | -600% | 29.41% | - |
| EPS (Basic) | - | -0.41 | -0.34 | -0.18 | -0.22 | -0.17 | -0.04 | -0.03 | -0.01 | -0.01 | -0.01 | -0.01 | -0.31 | -0.32 | -0.84 | -0.12 | -0.17 |
| Diluted Shares Outstanding | 191.42M | 186.86M | 181.98M | 144.04M | 105.53M | 65.33M | 50.42M | 44.58M | 38.05M | 35.52M | 23.83M | 19.08M | 18.1M | 14.19M | 6.75M | 6.58M | 3.16M |
| Basic Shares Outstanding | 191.42M | 186.86M | 181.98M | 144.04M | 105.53M | 65.33M | 50.42M | 44.58M | 38.05M | 35.52M | 23.83M | 19.08M | 18.1M | 14.19M | 6.75M | 6.58M | 3.16M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational restart execution risk
According to the provided quarterly income statements, enCore Energy's revenue trajectory remains highly inconsistent, fluctuating from $30.4 million in 2024Q1 to $3.7 million in 2025Q2, suggesting that the company's transition from a project-based model to a consistent production-driven revenue stream is still in its early stages.
The erratic revenue figures indicate that the company is likely relying on opportunistic inventory sales rather than steady-state production from its Texas ISR facilities. Investors should monitor whether future revenue growth stabilizes as the Alta Mesa facility reaches nameplate capacity, as current volatility makes it difficult to forecast long-term top-line durability.
As reported in financial statements, enCore Energy's gross margins have frequently dipped into negative territory, including a -0.3% margin in 2026Q1, which highlights the significant difficulty of covering fixed production costs during the initial phases of restarting idled uranium processing infrastructure in the United States.
The inability to consistently maintain positive gross margins suggests that the cost of extraction and processing currently exceeds the realized price per pound. Until the company achieves higher throughput at its processing plants, these structural margin pressures will likely continue to weigh on the overall profitability profile.
Based on the company's reported figures, operating expenses consistently dwarf gross profits, with SG&A costs reaching $10.2 million in 2026Q1 against a negligible gross profit, indicating that the firm has yet to achieve the necessary operating leverage to support its current corporate and regulatory overhead structure.
The persistent operating losses, exemplified by the -133.8% operating margin in 2026Q1, suggest that the company is carrying a heavy fixed-cost burden relative to its current production output. This implies that management must significantly scale production volumes to dilute these fixed costs, or the company may face continued earnings dilution.
Data from recent filings reveals that enCore Energy maintains a substantial SG&A cost base, often exceeding $10 million per quarter, which appears to be a structural requirement for managing its extensive US property portfolio and navigating the complex regulatory environment associated with uranium mining and processing.
The company's cost structure is heavily skewed toward administrative and regulatory compliance, which does not scale linearly with uranium production. This high fixed-cost base necessitates a rapid increase in output to reach a break-even point, as current revenue levels are insufficient to absorb these ongoing corporate expenditures.
Quick answers to the most common questions about buying EU stock.
For fiscal year 2025, enCore Energy Corp. (EU) reported total revenue of $59.2M.
enCore Energy Corp. (EU) reported a net loss of $78.0M for the fiscal year ending 2025.
enCore Energy Corp. (EU) reported an operating income of $-90.2M, resulting in an operating profit margin of -152.4%. This margin reflects the operational efficiency of the business before interest and taxes.
enCore Energy Corp. (EU) generated $13.3M in gross profit for the year, representing a gross profit margin of 22.5%. This demonstrates the company's core pricing power and production efficiency.