Energy Fuels(US:UUUU)2025-11-03 21:49Financial Performance - Revenues for Q3 2025 were $17,710,000, a significant increase from $4,047,000 in Q3 2024, representing a growth of 338%[26] - Total operating costs and expenses for Q3 2025 were $44,376,000, compared to $15,960,000 in Q3 2024, reflecting an increase of 178%[26] - The net loss for Q3 2025 was $17,005,000, compared to a net loss of $12,079,000 in Q3 2024, indicating a deterioration of 41%[26] - The comprehensive loss for Q3 2025 was $16,401,000, compared to $12,079,000 in Q3 2024, indicating an increase of 36%[26] - For the nine months ended September 30, 2025, the company reported a net loss of $65,169 thousand, compared to a net loss of $14,860 thousand for the same period in 2024[31] - The operating loss for the three months ended September 30, 2025, was $26.67 million, compared to an operating loss of $11.91 million in the same period in 2024, reflecting a deterioration of 124%[156] - The operating loss for the nine months ended September 30, 2025, was $79.03 million, compared to an operating loss of $18.94 million in the same period in 2024, indicating a worsening of 317%[160] Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $93,962,000, up from $38,603,000 at the end of 2024, showing an increase of 143%[27] - Total assets increased to $758,317,000 as of September 30, 2025, compared to $611,969,000 at the end of 2024, marking a growth of 24%[27] - Shareholders' equity increased to $703,245,000 as of September 30, 2025, compared to $527,794,000 at the end of 2024, representing a growth of 33%[27] - The accumulated deficit increased to $468,868,000 as of September 30, 2025, from $404,023,000 at the end of 2024[27] - The total marketable securities as of September 30, 2025, amounted to $141.30 million, with $118.15 million in marketable debt securities and $23.15 million in marketable equity securities[69] Share Issuance and Financing - The company issued 7,240,113 shares for cash through an at-the-market offering, raising $77,283,000[28] - The company issued 7.24 million Common Shares during the three months ended September 30, 2025, generating net proceeds of $74.96 million[86] - For the nine months ended September 30, 2025, the company issued 37.63 million Common Shares for net proceeds of $226.84 million, compared to only 0.62 million shares and $4.78 million in the same period of 2024[87] - On October 3, 2025, the company issued $700 million aggregate principal amount of 0.75% Convertible Senior Notes due on November 1, 2031[163] - The initial conversion rate for the Notes is 49.1672 Common Shares per $1,000 principal amount, equivalent to an initial conversion price of approximately $20.34 per Common Share[166] Production and Operations - The company is expanding its production capabilities by commencing the production of separated neodymium/praseodymium at commercial scale in 2024 and expects to produce dysprosium and terbium at commercial scale by Q4 2026[34] - The Company continued ore production at its Pinyon Plain, La Sal, and Pandora Projects, with exploration drilling ongoing at Pinyon Plain, Nichols Ranch, and Bahia Projects[41] - The Company mined approximately 415,000 pounds of uranium with an average grade of 1.27% eU3O8 during the three months ended September 30, 2025, and approximately 1,120,000 pounds with an average grade of 1.75% eU3O8 during the nine months ended September 30, 2025[180] - The Mill is expected to produce approximately two kilograms of dysprosium oxide per week until 15 kilograms have been produced, with pilot production transitioning to terbium oxide targeted for Q4 2025[182] - The Donald Project is expected to produce approximately 7,200 tonnes per annum of rare earth oxide concentrate, including ~1,000 tonnes of NdPr oxide, ~92 tonnes of Dy oxide, and ~16 tonnes of Tb oxide[189] Joint Ventures and Acquisitions - The company executed binding agreements for a joint venture with Astron Corporation to develop the Donald REE and HMS Project in Australia, enhancing its project portfolio[35] - The company acquired Base Resources Limited on October 2, 2024, increasing its portfolio of HMS/monazite/REE projects globally[36] - The Company acquired control over the Toliara Project on October 2, 2024, and is in the process of re-commencing development efforts following the lifting of the suspension by the Government of Madagascar[131] - The Company acquired RadTran on August 16, 2024, to enhance capabilities in the production of medical isotopes for cancer treatments[62] Tax and Legal Matters - For the three months ended September 30, 2025, the Company recorded an income tax expense of $0.08 million on a loss before tax of $16.92 million, resulting in an effective tax rate of 0.5%[108] - For the nine months ended September 30, 2025, the Company recorded an income tax benefit of $1.04 million on a loss before tax of $66.21 million, with an effective tax rate of 1.6%[109] - The Company maintained a full valuation allowance against its net deferred tax assets as of September 30, 2025, and intends to continue this until sufficient evidence supports a reversal[107] - The Company does not anticipate that ongoing legal matters will materially impact its financial position, results of operations, or cash flows[111] Market and Sales - The Company expects to achieve a positive Final Investment Decision (FID) for the Toliara Project as early as 2026 if fiscal and stability arrangements are finalized[131] - The Company expects to recognize revenue of $4.00 million for the remainder of 2025 and $93.36 million over the next three years from contracts with major U.S. utilities[148] - The Company sold 100,000 pounds of uranium on the spot market at $76.50 per pound and 140,000 pounds under long-term contracts at $69.43 per pound during Q3 2025, totaling realized sales of $17.37 million[213] - The Company expects to sell 160,000 pounds of uranium in Q4 2025 and between 620,000 and 880,000 pounds in 2026, with ongoing evaluations of additional sales opportunities[214] Research and Development - The company is evaluating the potential to recover radioisotopes from existing uranium process streams for targeted alpha therapy cancer treatments[37] - The Company is exploring opportunities to separate radium-226 and radium-228 from uranium process streams as additional products[153] - The Company is evaluating the potential to recover radioisotopes for TAT medical isotopes, aiming to become a U.S. supplier of radium as TAT treatments advance through clinical trials[201] Inventory and Costs - The total inventories increased to $74.35 million as of September 30, 2025, compared to $66.50 million as of December 31, 2024[71] - As of September 30, 2025, the Company's inventories of finished U3O8 had a weighted average cost of approximately $53 per pound, with expected costs of goods sold for sales through the end of 2025 estimated at $50 to $55 per pound, dropping to $30 to $40 per pound in Q1 2026[192] - The Company has approximately 37 tonnes of separated NdPr in inventory and expects minimal profits from separated REE production until throughput rates are optimized in 2027-2028[216][217]