Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) reported its financial and operational results for the year ended Dec. 31, 2025, describing 2025 as a “breakout year” marked by exceeding uranium production, mining and sales guidance while lowering unit costs and advancing rare earth processing and vertical integration initiatives. The company ended the year with $927.4 million in working capital, including $797.1 million in marketable securities, and completed a $700 million convertible senior notes offering in October 2025.
Energy Fuels reported a net loss of $86.1 million, or $0.38 per share, compared with a net loss of $47.8 million, or $0.28 per share in 2024, reflecting higher operating, exploration and development costs and lower average uranium spot prices. Despite the net loss, the company’s operational achievements underscore its strategic positioning in the nuclear fuel and critical minerals sectors. The company also announced that President Ross Bhappu is expected to succeed Mark Chalmers as president and CEO on April 15, 2026, with Chalmers retiring and continuing as a consultant for two years.
Energy Fuels has been the leading U.S. producer of natural uranium concentrate for the past several years, selling to nuclear utilities for carbon-free nuclear energy. The company owns the White Mesa Mill in Utah, the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels also produces advanced rare earth element products and vanadium oxide when market conditions warrant, and is evaluating the potential recovery of medical isotopes for emerging Targeted Alpha Therapy cancer treatments.
Beyond uranium, Energy Fuels is developing three additional heavy mineral sands projects: the Toliara Project in Madagascar; the Bahia Project in Brazil; and the Donald Project in Australia, in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. These projects position Energy Fuels as a diversified critical minerals company, addressing growing demand for rare earth elements and other strategic materials.
The company’s strong working capital position and successful debt offering provide financial flexibility to advance these projects and pursue vertical integration. The CEO transition plan ensures continuity as the company expands its rare earth processing capabilities and explores new opportunities in medical isotopes. For more information on Energy Fuels, visit http://www.energyfuels.com. The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU.
