Energy Fuels' Revenues Fall in 2025: Will Uranium Drive the Rebound?

Energy Fuels UUUU reported a 16% decline in revenues to $65.9 million in 2025. This was mainly due to a 60% decline in Heavy Mineral Sands revenues following the completion of mining activities at Kwale. However, uranium revenues increased 31% year over year to $50.1 million, providing a strong offset.

The company sold 650,000 pounds of uranium in 2025 at an average realized price of $74.21 per pound. This included 350,000 pounds sold on the spot market at $76.90 and 300,000 pounds under long-term contracts at $71.06.

In comparison, Energy Fuels had sold 450,000 pounds of uranium at a weighted average price of $84.23 per pound in 2024. While volumes increased in 2025, the impact of this benefit on the company’s revenues was partially offset by a decline in realized prices.

The company expects to mine 2-2.5 million pounds of uranium in 2026, and process between 1.5 million and 2.5 million pounds of finished uranium. Sales are projected at 1.5-2 million pounds under existing contracts and spot market sales.

As of 2025-end, Energy Fuels held 810,000 pounds of finished uranium and a total of 2.18 million pounds of finished and contained inventory. This provides the company a buffer for near-term contracted deliveries of 620,000–880,000 pounds in 2026.

During the fourth quarter of 2025, the company secured two additional long-term agreements with U.S. nuclear utilities, bringing its total to six contracts. These agreements cover deliveries from 2026 to 2032, with 3.21 million pounds of committed base sales and potential total deliveries ranging from 3.71 million to 5.29 million pounds, depending on customer options.

Existing inventories, purchases and new production will be sufficient to meet the company’s contract requirements through 2026 and over the life of the supply contracts. The company also intends to make discretionary spot sales in 2026 and beyond, to capitalize on higher uranium prices.

Looking ahead, UUUU’s revenues are expected to improve, supported by higher uranium production volumes and a growing contribution from long-term contracts. Upside potential remains tied to stronger uranium prices and increased spot market activity.

The Zacks Consensus Estimate for Energy Fuels’ 2026 revenues implies 123% growth and for 2027, indicates growth of 53%.

Revenue Performances of Peers in 2025

Ur-Energy URG reported a 19% year-over-year decline in revenues to $27 million in 2025. Ur-Energy sold 440,000 pounds of uranium in 2025, at an average price of $61.77 per pound. The company had sold 570,000 pounds of uranium in 2024 at $58.15 per pound. Lower volumes, somewhat offset by higher prices, led to the overall decline in Ur-Energy’s revenues.

Centrus Energy LEU reported total revenues of $448.7 million in 2025, marking a modest 2% year-over-year increase. The Low-Enriched Uranium segment’s revenues were $346 million for the year, a 1% decline year over year. Of this, uranium revenues were only $47.5 million, which marked a 54% plunge from $103.1 million in 2024, reflecting lower uranium sales volumes during 2025. In contrast, Separative Work Units’ revenues rose 21% to $298.7 million as 23% rise in SWU volumes sold was offset by a 1% decline in average realized prices.

The Technical Solutions segment’s revenues increased 11% year over year to $102.5 million. Centrus Energy expects 2026 revenues between $425 million and $475 million. At the midpoint, this implies relatively flat performance compared with 2025.

UUUU’s Price Performance, Valuation & Estimates

Energy Fuels shares have gained 314.7% in a year compared with the industry’s 36.3% growth.

Image Source: Zacks Investment Research

UUUU is trading at a forward 12-month price/sales multiple of 25.57X, a significant premium to the industry’s 3.91X.

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The Zacks Consensus Estimate for Energy Fuels’ fiscal 2026 earnings is a loss of six cents per share. The 2027estimate is earnings of 13 cents per share.

Image Source: Zacks Investment Research

The earnings estimates for UUUU for both 2026 and 2027 have moved down over the past 60 days. This is shown in the chart below.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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