enCore Energy(EU) - 2024 Q4 - Annual Results

Financial Performance - enCore reported total revenue of $58 million for fiscal year 2024, a 163% increase from $22 million in 2023, primarily due to increased uranium extraction[5] - The company recorded a net loss of $61.3 million for 2024, compared to a net loss of $25.6 million in 2023, with a loss per share of $0.34[7] - enCore's cash and cash equivalents at year-end 2024 totaled $39.7 million[7] - enCore's transition to U.S. GAAP is expected to lower future non-cash expenses, positively impacting reported earnings[4] Uranium Sales and Production - enCore completed eight uranium sales totaling 720,000 pounds U3O8 at an average sales price of $81.02 per pound U3O8 in 2024[7] - The company captured 288,589 pounds U3O8 on ion exchange resin in 2024, the largest amount by any U.S. producer[7] - enCore has executed twelve uranium sales agreements, representing 8.30 million pounds U3O8 in committed sales from 2025 through 2033[9] - The company increased its drilling rig count to 17 in South Texas to enhance uranium extraction capacity[9] - The company plans to advance extraction-ready projects and strengthen its ISR uranium production capacity in 2025[8] Inventory Management - As of December 31, 2024, enCore held 358,408 pounds U3O8 as inventory after acquiring 825,000 pounds during the year[7] - Total inventory held by the company as of December 31, 2024, is valued at $20,967,000[26] - The company has purchased inventory at a cost of $14,407,920, representing a significant portion of total inventory[26] - Total extracted U3O8 inventory amounts to 358,408 pounds, with 113,408 pounds extracted and 245,000 pounds purchased[26] Cost Structure - Cash costs associated with extracted inventory amount to $4,883,059, indicating operational efficiency[26] - Non-cash costs related to extracted inventory total $1,676,022, impacting overall cost structure[27] - The cost per pound of total extracted U3O8 is $57.84, with cash costs at $43.06 per pound[26] - The company’s cash costs of extracted pounds serve as a key metric for evaluating extraction efficiency[26] - Non-cash costs provide insight into additional expenses affecting financial performance[27]