Energy Fuels' 2025 Production Tops Expectations: More Upside Ahead?

Core Insights - Energy Fuels (UUUU) is reinforcing its position as the leading uranium producer in the U.S. with strong production and advanced development projects, positioning itself for long-term growth as demand for domestic uranium increases [1] Production and Sales - UUUU mined over 1.6 million pounds of uranium in 2025, exceeding its target of 0.875-1.435 million pounds by 11% [2][8] - Current mining operations are at an annualized rate of approximately 2 million pounds of recoverable uranium, expected to be maintained through at least 2026 [3] - Fourth-quarter uranium sales are projected to be around 360,000 pounds, reflecting a 50% sequential increase, with gross revenues expected to be $27 million [4][8] Contracts and Future Outlook - UUUU has secured two new uranium supply contracts with U.S. nuclear power generators for deliveries from 2027 to 2032, expecting to sell approximately 780,000-880,000 pounds under long-term contracts in 2026 [5] - The company is advancing projects like the Whirlwind mine and Nichols Ranch ISR project, which could increase annual production to over 2 million pounds by 2026, with potential expansion to a run-rate of up to 5 million pounds annually in the coming years [6] Market Performance - Energy Fuels shares have increased by 184.1% this year, significantly outperforming the industry growth of 38.3% [7] - The company is trading at a forward 12-month price/sales multiple of 40.11X, a premium compared to the industry's 4.10X [10]