enCore Energy Corp

encoreuranium.com

What Do They Do?

Extracts uranium and sells uranium products to U.S. utilities for nuclear power generation.

How Do They Make Money?

The company sells uranium products to major U.S. utilities under contracts that set quantities, prices and delivery years. It invoices the utilities after delivery at a uranium storage facility, and customers are then required to pay.

FY2025 revenue

Who Are Their Customers?

Major U.S. utilities buy enCore’s uranium products under contracts with the company; the contracts set delivery quantities and years.

Customers above 10% of revenue, FY2025

of revenue from three customers (63%, 25%, 11%)

FY2024: 100% from two customers

Do Revenues Turn Into Profits?

No. It lost $56.9M in FY2025.

Operating income, FY2025

−152% of revenue

▼ −9% (Loss) vs FY2024 (−$72.2M, −124%)

Net income, FY2025

−132% of revenue

▼ −7% (Loss) vs FY2024 (−$61.4M, −105%)

Free cash flow, FY2025

−104% of revenue

▼ −20% (Loss) vs FY2024 (−$56.6M, −97%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +328%; vs $3.7M in Q2 FY2025
Net income: ▲ +555% (Loss); vs −$6.3M in Q2 FY2025

Apr 20, 2026 Richard Little became CEO and William Sheriff returned as executive chair Little replaced Robert Willette, while Sheriff returned as executive chair.

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