
Core Insights - Energy Fuels Inc. reported revenues of $21 million in the first half of 2025, a 38% decline from the previous year, primarily due to lower uranium sales and a decision to retain uranium in inventory amid low prices [1][10] - The company sold 50,000 pounds of uranium in the spot market for $3.85 million at an average price of $77 per pound in the first half of 2025, compared to 400,000 pounds sold in the same period of 2024 at an average price of $84.76 per pound [2][10] - As of June 30, 2025, Energy Fuels held 1,875,000 pounds of uranium in inventory, including 725,000 pounds of finished uranium and 1,100,000 pounds in ore and raw materials [3][10] Revenue and Sales Outlook - The company expects to sell 140,000 pounds of uranium in Q3 2025 and 160,000 pounds in Q4 2025, with projections for 620,000 to 880,000 pounds in 2026, contingent on price recovery [4][10] - Uranium prices have recently surged to above $83 per pound, driven by expectations of expanded nuclear power capacity and policy initiatives, which may enhance Energy Fuels' revenue potential [5][6] Industry Context - The U.S. and U.K. governments signed the Technology Prosperity Deal to accelerate reactor approvals and reduce dependence on Russian nuclear fuel, which may positively impact uranium demand [6] - Peer company Ur-Energy reported a 124% increase in revenues to $10.4 million in the first half of 2025, reflecting a similar strategy of withholding sales during low price periods [7] - Cameco's revenues increased by 35% year-over-year to CAD 1,666 million ($1,184 million) in the first half of 2025, indicating a contrasting performance in the uranium market [8] Valuation and Estimates - Energy Fuels shares have increased by 225.8% year-to-date, significantly outperforming the industry average growth of 11.9% [9] - The company is trading at a forward 12-month price/sales multiple of 36.73X, a substantial premium compared to the industry's 2.95X [11] - The Zacks Consensus Estimate for Energy Fuels' 2025 loss is projected at 33 cents per share, with a slight improvement expected in 2026 [11]