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Energy Fuels
(TSX:EFR)
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Rating:51Neutral
Price Target:―
Action:N/A
Date:03/18/25
Energy Fuels is positioned for growth with strong revenue increases and strategic partnerships in critical mineral supply chains. However, persistent net losses, negative cash flow, and bearish technical indicators weigh down the overall score. The company's robust balance sheet and strategic initiatives provide potential for future upside, but current operational inefficiencies need resolution to improve its financial health.
Positive Factors
Revenue Growth and Gross-Margin Recovery
Strong revenue growth and a substantial gross-margin recovery indicate better pricing, product mix, or cost absorption. If sustained, these improvements can strengthen the economics of uranium and rare-earth operations as production scales.
Negative Factors
Persistent Losses and Negative Cash Generation
The company remains dependent on its liquidity and capital markets while operations consume cash. Continued losses and negative free cash flow could constrain investment capacity, delay self-funding, and increase the cost of executing its growth plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Gross-Margin Recovery
Strong revenue growth and a substantial gross-margin recovery indicate better pricing, product mix, or cost absorption. If sustained, these improvements can strengthen the economics of uranium and rare-earth operations as production scales.
Read all positive factors
Energy Fuels (EFR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.30B
Dividend YieldN/A
Average Volume (3M)860.49K
Price to Earnings (P/E)―
Beta (1Y)2.89
Revenue Growth59.80%
EPS Growth31.49%
CountryCA
Employees1,069
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)-0.33
Shares Outstanding264,728,450
10 Day Avg. Volume834,423
30 Day Avg. Volume860,486
Financial Highlights & Ratios
PEG Ratio-1.22
Price to Book (P/B)4.99
Price to Sales (P/S)51.33
P/FCF Ratio-31.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$32.85Price Target Upside48.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.36
Revenue Forecast (FY)C$186.45M
Energy Fuels Business Overview & Revenue Model
Company Description
Energy Fuels Inc. and its subsidiaries are actively engaged in the exploration, extraction, recovery, and sale of uranium throughout the United States, employing both conventional and in-situ methods. The company's operational assets include the N...
How the Company Makes Money
Energy Fuels generates revenue primarily through the sale of uranium and rare earth elements. The company employs a revenue model centered on the production and sale of uranium concentrate, which is sold to nuclear power utilities under long-term ...
Energy Fuels Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call was largely positive: management reported strong operational milestones (mined and processed uranium pounds, >1M lbs processed YTD), attractive project economics (Varamata and White Mesa Phase 2 NPVs and IRR), a robust balance sheet (~$957M working capital), initial commercial rare-earth outputs (first terbium) and progress on the ASM acquisition. Offsetting risks include project timing delays (Varamata investment agreement, Donald FID), a near-term mill maintenance shutdown and ore-supply bottleneck, higher operating/transaction costs, and uncertainty around timing of utility contracting for uranium. Overall, the positives (large NPVs, cash flexibility, production momentum, vertical integration) outweigh the execution and timing risks.Positive Updates
Strong Liquidity and Balance Sheet
Working capital of $957 million and total assets of $1.4 billion; over $950 million of available liquidity (includes $621 million net proceeds from convertible note offering), providing flexibility to advance projects and opportunistically sell into the market.
Negative Updates
Varamata Investment Agreement Delay
Signing of the government stability/investment agreement in Madagascar was delayed following a change in government; timeline visibility reduced and further in-country engagement required to finalize the agreement (no firm revised timing given).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Liquidity and Balance Sheet
Working capital of $957 million and total assets of $1.4 billion; over $950 million of available liquidity (includes $621 million net proceeds from convertible note offering), providing flexibility to advance projects and opportunistically sell into the market.
Read all positive updates
Company Guidance
Management reiterated execution-focused 2026 guidance: prioritize White Mesa Phase 2 permitting, advance Phase 1B/1C construction (target operational late‑2027) and make a Donald FID soon, while maintaining mill processing guidance of 1.5–2.5M lb U3O8 for the year (already >1M processed by April) with planned maintenance end‑Q2/early‑Q3. Q1 metrics: 425k lb uranium mined (Pinyon Plain 375k lb at 1.12% avg grade), ~800k lb produced at the mill in Q1, 510k lb sold in Q1 (100k lb spot at $95.88/ lb, 110k lb under long‑term contracts at ≈$64/ lb), ending inventory ~2.2–2.25M lb (≈1.1M finished at $36/ lb and ≈1.1M in process), working capital $957M, total assets $1.4B and liquidity >$950M. Cost and financial guidance: all‑in mining/transport/processing $23–30/ lb, COGS expected to trend toward ~$30/ lb in 2026, Q1 EBITDA $8M and net loss $11M, and project economics highlighted by Varamata NPV $1.8B with >$500M/yr EBITDA and White Mesa Phase 2 CapEx $410M with NPV $1.9B, standalone EBITDA $311M and ~33% IRR; ASM acquisition (FIRB approved) is targeted to close in early July, pilot terbium production is ~1 kg/week, and Phase 2 aims for >6,000 t/yr NdPr when commissioned.Energy Fuels Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 105.76M | 65.92M | 78.11M | 37.93M | 12.52M | 3.18M |
| Gross Profit | 45.72M | 5.10M | 17.00M | 15.80M | -154.00K | -3.10M |
| EBITDA | -84.80M | -81.66M | -43.02M | 103.97M | -55.12M | 5.97M |
| Net Income | -81.75M | -85.63M | -47.77M | 99.86M | -59.85M | 1.54M |
Balance Sheet | ||||||
| Total Assets | 1.53B | 1.41B | 611.97M | 401.94M | 273.95M | 315.45M |
| Cash, Cash Equivalents and Short-Term Investments | 936.75M | 861.84M | 119.46M | 190.49M | 75.01M | 113.01M |
| Total Debt | 681.92M | 675.69M | 2.18M | 1.32M | 1.38M | 469.00K |
| Total Liabilities | 736.40M | 729.28M | 80.29M | 22.73M | 29.54M | 19.92M |
| Stockholders Equity | 792.57M | 678.40M | 527.79M | 375.25M | 240.43M | 291.57M |
Cash Flow | ||||||
| Free Cash Flow | -111.06M | -108.74M | -82.34M | -60.65M | -51.70M | -30.66M |
| Operating Cash Flow | -53.31M | -89.48M | -52.96M | -15.94M | -49.70M | -29.29M |
| Investing Cash Flow | -836.42M | -778.05M | -13.30M | -23.77M | -6.94M | 3.50M |
| Financing Cash Flow | 886.10M | 894.96M | 15.59M | 30.33M | 7.74M | 117.63M |
Energy Fuels Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $3.52B | -19.18 | -5.29% | 1.04% | -0.68% | -233.93% | |
57 Neutral | $5.71B | -52.08 | -8.08% | ― | -69.78% | -21.42% | |
57 Neutral | $3.47B | 69.28 | 7.06% | ― | 8.47% | -59.16% | |
51 Neutral | C$5.30B | -43.19 | -11.29% | ― | 59.80% | 31.49% | |
44 Neutral | $557.01M | -6.09 | -110.66% | ― | -11.17% | -39.84% | |
40 Underperform | $363.73M | -3.78 | -16.68% | ― | 4.50% | 52.98% |
* Energy Sector Average
TSE:EFR
Energy Fuels
20.02
3.58
21.78%
CLNE
Clean Energy Fuels
1.65
-0.81
-32.93%
URG
UR-Energy
1.40
-0.05
-3.45%
UEC
Uranium Energy
11.54
-0.28
-2.37%
LEU
Centrus Energy
173.89
-30.79
-15.04%
BTU
Peabody Energy Comm
28.85
10.67
58.70%
Energy Fuels Corporate Events
Business Operations and Strategy
Energy Fuels and Chemours Forge Alliance to Bolster U.S. Critical Mineral Supply Chain
Positive
Mar 18, 2025
Energy Fuels and The Chemours Company have announced a strategic alliance to enhance the U.S. domestic supply chain for critical minerals, such as rare earth elements, titanium, and zirconium. This partnership aims to leverage the complementary ca...
Business Operations and Strategy
Energy Fuels and POSCO Collaborate to Establish Non-China Rare Earth Magnet Supply Chain
Positive
Mar 17, 2025
Energy Fuels Inc. has signed a Memorandum of Understanding with South Korea-based POSCO International to create a non-China rare earth magnet supply chain. This collaboration aims to link Energy Fuels’ U.S. rare earth oxide production with P...
Business Operations and StrategyFinancial Disclosures
Energy Fuels Reports Strong 2024 Results and Strategic Advancements
Positive
Feb 27, 2025
Energy Fuels reported strong financial results for 2024, highlighting the resumption of U.S. uranium mining, profitable uranium sales, and commercial rare earth production. The company secured two critical mineral projects expected to provide low-...
Business Operations and StrategyFinancial Disclosures
Energy Fuels Schedules 2024 Earnings Call for February 27, 2025
Neutral
Feb 21, 2025
Energy Fuels Inc. announced it will host a conference call and webcast on February 27, 2025, to discuss its 2024 financial results. The release of these results and the subsequent discussion will provide insights into the company’s performan...
Business Operations and Strategy
Energy Fuels and Navajo Nation Forge Landmark Agreement on Uranium Transport
Positive
Jan 29, 2025
Energy Fuels Inc. has signed a landmark agreement with the Navajo Nation to safely resume the transportation of uranium ore from its Pinyon Plain Mine in Arizona to the White Mesa Mill in Utah. This agreement includes additional safety measures be...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.