Revenue growth remains highly erratic, evidenced by a 112.1% surge in 2026Q1, while the company continues to struggle with structural profitability as operating margins remain deeply negative at -47.2%.
| 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 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 |
|---|
| Sales/Revenue | 84.86M | 65.92M | 78.11M | 37.93M | 12.52M | 3.18M | 1.66M | 5.87M | 31.72M | 31.05M | 54.55M | 61.35M | 46.25M | 58.6M | 25.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 21.95% | -15.61% | 105.95% | 203.06% | 293.06% | 92.04% | -71.73% | -81.51% | 2.17% | -43.09% | -11.08% | 32.64% | -21.07% | 134.13% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 53.18M | 52.17M | 61.11M | 22.12M | 12.67M | 6.29M | 0 | 20.23M | 19.09M | 24.43M | 45.04M | 43.53M | 34.21M | 61.17M | 23.73M | 274.46K | 122.61K | 106.16K | 175.1K | 138.55K | 13.91K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 79.14% | 78.24% | 58.33% | 101.23% | 197.46% | - | 344.91% | 60.18% | 78.71% | 82.56% | 70.95% | 73.97% | 104.39% | 94.8% | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 31.69M | 13.75M | 17M | 15.8M | -154K | -3.1M | 1.66M | -14.36M | 12.63M | 6.61M | 9.51M | 17.82M | 12.04M | -2.57M | 1.3M | -274.46K | -122.61K | -106.16K | -175.1K | -138.55K | -13.91K | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 37.34% | 20.86% | 21.76% | 41.67% | -1.23% | -97.46% | 100% | -244.91% | 39.82% | 21.29% | 17.44% | 29.05% | 26.03% | -4.39% | 5.2% | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -19.1% | 7.57% | 10362.34% | 95.04% | -287.15% | 111.54% | -213.71% | 91.08% | -30.5% | -46.63% | 48.02% | 568.01% | -297.76% | 574.03% | -123.84% | -15.5% | 39.37% | -26.38% | -895.75% | - | - | - | - | - | - | - |
| Operating Expenses | 123.58M | 114.91M | 54.17M | 48.17M | 44.78M | 32.32M | 26.29M | 26.22M | 33.94M | 30.98M | 47.07M | 32.12M | 18.25M | 15.36M | 9.61M | 3.69M | 3.39M | 3.45M | 5.47M | 7.76M | 1.18M | 479.76K | 300.32K | 120.87K | 88.98K | 86.56K | 91.76K |
| OpEx % of Revenue | - | 174.31% | 69.35% | 127.01% | 357.84% | 1015.14% | 1585.34% | 447.01% | 107.01% | 99.8% | 86.29% | 52.35% | 39.45% | 26.21% | 38.41% | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | -22.62M | 0 | 54.17M | 48.17M | 44.78M | 32.32M | 14.38M | 26.22M | 29.36M | 27.68M | 47.25M | 32.12M | 18.25M | 15.36M | 9.43M | 3.69M | 3.38M | 3.52M | 5.47M | 7.76M | 1.18M | 479.76K | 300.32K | 120.87K | 88.98K | 86.56K | 91.76K |
| SG&A % of Revenue | - | - | 69.35% | 127.01% | 357.84% | 1015.14% | 867.43% | 447.01% | 92.57% | 89.15% | 86.61% | 52.35% | 39.45% | 26.21% | 37.66% | - | - | - | - | - | - | - | - | - | - | - | - |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 114.91M | 0 | 0 | 0 | 0 | 11.9M | 0 | 4.58M | 3.31M | 176K | 0 | 0 | 0 | 189K | 0 | 14.76K | -73.01K | 0 | 0 | 0 | 0 | 0 | 0 | -408 | 0 | 0 |
| Operating Income | -91.89M | -101.16M | -37.17M | -32.37M | -44.94M | -35.42M | -24.63M | -40.58M | -21.31M | -24.37M | -37.56M | -14.29M | -6.21M | -17.93M | -8.31M | -3.97M | -3.51M | -3.56M | -5.64M | -7.89M | -1.19M | -479.76K | -300.32K | -120.87K | -157.41K | -87.45K | -1.33M |
| Operating Margin % | -108.28% | -153.45% | -47.59% | -85.34% | -359.07% | -1112.59% | -1485.34% | -691.92% | -67.19% | -78.5% | -68.86% | -23.3% | -13.42% | -30.6% | -33.21% | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -172.13% | -14.85% | 27.97% | -26.85% | -43.85% | 39.31% | -90.41% | 12.56% | 35.12% | -162.82% | -130.26% | 65.38% | -115.7% | -109.52% | -12.96% | 1.23% | 36.97% | 28.53% | -562.73% | -148.29% | -59.75% | -148.46% | 23.21% | -80.01% | 93.45% | - |
| EBITDA | -94.23M | -95.72M | -31.98M | -28.42M | -40.11M | -30.95M | -20.02M | -35.35M | -15.69M | -18M | -32.4M | -6.01M | 1M | -4.82M | -5.68M | -3.69M | -3.39M | -3.45M | -5.47M | -7.76M | -1.18M | -546.94K | -265.78K | -120.87K | -20.56K | -85.67K | 1.15M |
| EBITDA Margin % | -111.04% | -145.21% | -40.94% | -74.94% | -320.52% | -972.11% | -1207.18% | -602.68% | -49.45% | -57.99% | -59.39% | -9.8% | 2.16% | -8.22% | -22.69% | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -58.27% | -199.35% | -12.5% | 29.14% | -29.6% | -54.64% | 43.38% | -125.33% | 12.86% | 44.43% | -438.98% | -700.5% | 120.78% | 15.18% | -53.77% | -8.95% | 1.75% | 36.9% | 29.51% | -558.8% | -115.25% | -105.79% | -119.89% | -488.02% | 76.01% | -107.44% | - |
| D&A (Non-Cash Add-back) | -2.34M | 5.43M | 5.2M | 3.94M | 4.83M | 4.47M | 4.61M | 5.23M | 5.63M | 6.37M | 5.16M | 8.28M | 7.21M | 13.11M | 2.63M | 274.46K | 122.61K | 106.16K | 175.1K | 138.55K | 13.91K | 0 | 0 | 0 | 136.86K | 1.78K | 2.49M |
| EBIT | -76.55M | -87.09M | -48.21M | 100.03M | -59.94M | 1.5M | -26.92M | -36.6M | -23.64M | -25.89M | -37.58M | -80.32M | -84.84M | -66.92M | 2.1M | -3.57M | -4.32M | -6.4M | -5.96M | -11M | -1.16M | -546.94K | -265.78K | -106.28K | -157.41K | -87.45K | -1.33M |
| Net Interest Income | 5.51M | 2.01M | 5.86M | 5.7M | -166K | -10K | -799K | -1.01M | -1.39M | -1.94M | -2.15M | -1.94M | -1.64M | -1.01M | -280K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.51M | 2.01M | 5.86M | 5.7M | 0 | 44K | 153K | 482K | 336K | 161K | 143K | 94K | 47K | 462K | 183.46K | 10.93K | 12.28K | 29.07K | 583.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 166K | 54K | 952K | 1.49M | 1.72M | 2.1M | 2.29M | 2.04M | 1.69M | 1.47M | 462.63K | 10.93K | 12.28K | 29.07K | 0 | 0 | 0 | 0 | 0 | 15.48K | 0 | 0 | 0 |
| Other Income/Expense | 21.36M | 14.06M | -11.04M | 132.4M | -15.01M | 36.87M | -3.25M | 2.49M | -4.05M | -3.62M | -2.3M | -68.06M | -80.33M | -51.93M | 9.85M | 400.45K | -804.72K | -2.84M | -465.94K | -3.1M | 29.67K | -75.03K | 23.21K | -887 | -68.84K | -888 | -1.24M |
| Pretax Income | -70.53M | -87.09M | -48.21M | 100.03M | -59.94M | 1.45M | -27.87M | -38.09M | -25.36M | -27.99M | -39.86M | -82.36M | -86.53M | -69.86M | 1.53M | -3.57M | -4.32M | -6.4M | -6.11M | -11M | -1.16M | -554.79K | -277.11K | -121.76K | -226.25K | -88.33K | -2.58M |
| Pretax Margin % | -83.11% | -132.11% | -61.72% | 263.74% | -478.98% | 45.48% | -1681.06% | -649.51% | -79.95% | -90.16% | -73.08% | -134.24% | -187.08% | -119.22% | 6.13% | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 119K | -979K | -372K | 276K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 103K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 887 | 8.64K | -888 | -1.24M |
| Effective Tax Rate % | -0.17% | 1.12% | 0.77% | 0.28% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.12% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.73% | -3.82% | 1.01% | 48.22% |
| Net Income | -70.18M | -85.63M | -47.77M | 99.86M | -59.85M | 1.54M | -27.78M | -37.98M | -25.25M | -27.77M | -39.41M | -82.22M | -86.64M | -69.86M | 1.53M | -3.57M | -4.32M | -6.4M | -6.98M | -11M | -1.16M | -554.79K | -277.11K | -137.24K | -166.05K | -87.45K | -1.33M |
| Net Margin % | -82.7% | -129.9% | -61.15% | 263.29% | -478.22% | 48.4% | -1675.27% | -647.54% | -79.58% | -89.44% | -72.25% | -134.01% | -187.31% | -119.22% | 6.13% | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 9.68% | -79.28% | -147.83% | 266.86% | -3983.78% | 105.55% | 26.86% | -50.44% | 9.08% | 29.55% | 52.06% | 5.1% | -24.01% | -4654.11% | 143% | 17.37% | 32.53% | 8.36% | 36.49% | -846.62% | -109.36% | -100.21% | -101.92% | 17.35% | -89.89% | 93.45% | - |
| Net Income (Continuing) | -70.63M | -86.11M | -47.84M | 99.76M | -59.94M | 1.45M | -27.87M | -38.09M | -25.36M | -27.99M | -39.86M | -82.36M | -86.64M | -69.86M | 1.53M | -3.57M | -4.32M | -6.4M | -6.11M | -11M | -1.16M | -554.79K | -277.11K | -137.24K | -166.05K | -87.45K | -1.33M |
| Discontinued Operations | 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 |
| Minority Interest | 4.05M | 4.17M | 3.88M | 3.96M | 3.98M | 3.95M | 3.73M | 3.7M | 3.77M | 3.88M | 3.74M | 4.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.30 | -0.37 | -0.28 | 0.62 | -0.57 | -0.01 | -0.24 | -0.41 | -0.30 | -0.39 | -0.70 | -2.46 | -2.22 | -2.27 | 0.26 | -1.52 | -2.66 | -6.00 | -5.56 | -13.71 | -2.91 | -1.72 | -1.33 | -1.38 | -2.66 | -1.84 | -30.17 |
| EPS Growth % | 29.71% | -32.14% | -145.16% | 208.77% | - | 97.88% | 41.46% | -36.67% | 23.08% | 44.29% | 71.54% | -10.81% | 2.2% | -973.08% | 117.11% | 42.86% | 55.67% | -7.91% | 59.45% | -371.13% | -69.19% | -29.32% | 3.62% | 48.12% | -44.57% | 93.9% | - |
| EPS (Basic) | - | -0.37 | -0.28 | 0.63 | -0.57 | -0.01 | -0.24 | -0.41 | -0.30 | -0.39 | -0.70 | -2.46 | -2.22 | -2.27 | 0.26 | -1.52 | -2.66 | -6.00 | -5.56 | -13.71 | -2.91 | -1.72 | -1.33 | -1.38 | -2.66 | -1.84 | -30.17 |
| Diluted Shares Outstanding | 232.7M | 232.7M | 171.96M | 160.15M | 157.34M | 149.72M | 121.17M | 95.67M | 83.48M | 70.86M | 56.44M | 47.66M | 19.66M | 16.13M | 5.9M | 2.23M | 1.64M | 1.18M | 1.05M | 899.2K | 408.84K | 339.33K | 208.34K | 99.35K | 62.46K | 47.51K | 44.22K |
| Basic Shares Outstanding | 232.7M | 232.7M | 171.96M | 159.11M | 157.34M | 149.72M | 121.17M | 95.67M | 83.48M | 70.86M | 56.44M | 33.38M | 19.66M | 16.13M | 5.9M | 2.23M | 1.64M | 1.18M | 1.05M | 899.2K | 408.84K | 339.33K | 208.34K | 99.35K | 62.46K | 47.51K | 44.22K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational execution and dilution
As evidenced by the quarterly data, Energy Fuels exhibits highly volatile revenue streams, with a 112.1% growth spike in 2026Q1 following significant prior-period contractions, suggesting that the company's top-line performance is driven by intermittent processing campaigns rather than consistent, recurring production volumes across its uranium and REE segments.
The erratic revenue trajectory highlights the company's reliance on project-based sales rather than steady-state output. Investors should interpret this volatility as a structural feature of the 'mill-as-a-service' model, where revenue recognition is tied to the timing of specific feedstock processing campaigns.
Based on reported financial statements, the company's gross margin has fluctuated significantly, reaching 40.1% in 2026Q1 but dipping into negative territory in previous periods, which indicates that the high fixed-cost burden of the White Mesa Mill remains a primary challenge to achieving consistent profitability.
The wide variance in gross margins suggests that the company's profitability is highly sensitive to the grade of feedstock processed and the utilization rate of the mill. The inability to maintain stable margins implies that the current cost structure is not yet optimized for the transition into rare earth element processing.
According to recent income statement filings, operating margins remain deeply negative at -47.2% in 2026Q1, demonstrating that the company has yet to achieve the necessary scale to offset the substantial G&A expenses associated with its strategic pivot toward rare earth element separation and infrastructure maintenance.
The persistent operating losses suggest that the company is currently prioritizing long-term asset positioning over immediate bottom-line performance. This lack of operating leverage warrants further investigation into whether the REE segment can eventually provide the scale required to cover the mill's fixed overhead.
As reported in financial statements, the company consistently records negative net income, with a -30.3% net margin in 2026Q1, while simultaneously incurring significant stock-based compensation expenses, which suggests that shareholders are bearing the cost of the company's ongoing development and diversification efforts through equity dilution.
The reliance on equity-based compensation during periods of negative earnings indicates a strategy of preserving cash at the expense of shareholder value. Investors should monitor whether this capital allocation strategy will eventually yield a return on invested capital that justifies the ongoing dilution.
While management emphasizes the unique regulatory moat of the White Mesa Mill, the persistent negative operating margins of -153.45% in recent periods suggest that the market may be overestimating the near-term commercial viability of the company's rare earth element processing strategy compared to its core uranium business.
Short-term risks include the potential for further dilutive financing if the REE segment fails to reach commercial scale before cash reserves are depleted. The market's current valuation appears to rely heavily on future optionality rather than the current income statement's ability to generate sustainable cash flow.
Quick answers to the most common questions about buying UUUU stock.
For fiscal year 2025, Energy Fuels Inc. (UUUU) reported total revenue of $65.9M.
Energy Fuels Inc. (UUUU) reported a net loss of $85.6M for the fiscal year ending 2025.
Energy Fuels Inc. (UUUU) reported an operating income of $-101.2M, resulting in an operating profit margin of -153.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Energy Fuels Inc. (UUUU) generated $13.8M in gross profit for the year, representing a gross profit margin of 20.9%. This demonstrates the company's core pricing power and production efficiency.