Energy Fuels Inc.
energyfuels.comWhat Do They Do?
Sells uranium to nuclear utilities, along with heavy-mineral and rare-earth products used in industrial, defense and technology applications.
10-K for FY2025, filed Feb 26, 2026Our primary product, U3O8, is sold into the nuclear market for further processing and enrichment into nuclear fuel for the generation of…View ↗
We have six long-term uranium contracts with major U.S. utilities, which include two new long-term contracts completed in Q4 2025. The…View ↗
The Mill is our key to building a critical minerals hub in the U.S. due to its notable ability to process uranium, vanadium, REE products…View ↗
The HMS segment engages in the exploration and development, and planned recovery, of HMS at the Vara Mada Project, Bahia Project and…View ↗
How Do They Make Money?
Utilities buy uranium under long-term contracts; each delivery is invoiced after it is recorded at a uranium storage facility. Most mineral-sands sales are invoiced when goods are loaded, while others are invoiced when they arrive.
10-K for FY2025, filed Feb 26, 2026The Company’s sales of uranium concentrates are derived from contracts with major U.S. utilities. Revenue is recognized when delivery is…View ↗
Under the Company’s uranium contracts, it invoices customers after the performance obligations have been satisfied, at which point payment…View ↗
The Company sells mineral sands products under a range of International Commercial Terms (“Incoterms”). Revenue is recognized at the point…View ↗
After control has transferred to the customer, there are no continuing obligations such as customer right of return or warranties that…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment (Revenues (Note 18)) ↗
$65.9M
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10-K for FY2025, filed Feb 26, 2026
$65.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Uranium concentrates
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
76%
FY2022: 83%
|
Uranium concentrates, FY2025
$50.1M Sources
|
Sold outright |
|
Heavy mineral sands
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
24%
FY2022: 0.0%
|
Heavy mineral sands, FY2025
$15.8M Sources
|
Sold outright |
|
RE Carbonate
Sold outright
|
0.0%
FY2022: 17%
|
RE Carbonate, FY2025
$0 Sources
|
Sold outright |
Who Are Their Customers?
Major U.S. utilities buy uranium under long-term contracts; mineral-sands products are sold under delivery terms that vary by sale.
10-K for FY2025, filed Feb 26, 2026We have six long-term uranium contracts with major U.S. utilities, which include two new long-term contracts completed in Q4 2025. The…View ↗
The Company’s sales of uranium concentrates are derived from contracts with major U.S. utilities. Revenue is recognized when delivery is…View ↗
The Company sells mineral sands products under a range of International Commercial Terms (“Incoterms”). Revenue is recognized at the point…View ↗
Do Revenues Turn Into Profits?
No. It lost $85.6M in FY2025.
10-K for FY2025, filed Feb 26, 2026
−$101.2MView ↗
10-K for FY2025, filed Feb 26, 2026
−$85.6MView ↗
10-K for FY2025, filed Feb 26, 2026
−$108.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
−$33.4MView ↗
- ▲ +53% (Loss)
- vs −$21.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 28, 2026
Completed acquisition of Australian Strategic Materials
The consideration included company shares and approximately US$26.2 million in cash.
Sources
8-K, filed Aug 28, 2026
Under the Deed, at closing, each holder of ordinary shares of ASM received consideration of (i) 0.053 of the Company’s CHESS Depositary…View ↗
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Jun 26, 2026
Agreed to acquire Vacuumschmelze and related companies
The announced consideration includes cash and shares, with preferred shares possible in specified circumstances.
Sources
8-K, filed Jun 26, 2026
On June 23, 2026, Energy Fuels Inc. (“Energy Fuels” or the “Company”), VAC Group B.V., a private limited company organized under the laws…View ↗
Growing. Revenue grew 20.7x in 4 years, from $3.2M in FY2021 to $65.9M in FY2025, about 113% a year.
Uranium mining
The older report described preparing uranium projects while mines remained on standby; the latest describes active mining and processing of uranium ore.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Feb 26, 2026During 2023, the Company does not plan to recover any pounds of uranium at the Mill, other than uranium from its monazite processing which…View ↗
Rare-earth processing
Rare-earth operations moved from producing mixed RE Carbonate while preparing separation circuits to having capacity to produce separated rare-earth products at the Mill.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Feb 26, 2026Energy Fuels is engaged in conventional and ISR uranium extraction and recovery, along with the exploration, permitting, and evaluation of…View ↗
The REE segment is engaged in the Company’s initiatives to progress towards full REE separation capabilities at the Mill to produce both…View ↗
Heavy-mineral sands
The older report described heavy-mineral properties in exploration, permitting or evaluation; the latest identifies an HMS segment with a former producing mine and planned recovery at other projects.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Feb 26, 2026The Company owns conventional uranium, uranium/vanadium and heavy mineral properties and projects in various stages of exploration…View ↗
Who Do They Compete With?
Competes with Iluka Resources, Rio Tinto, Kenmare Resources, and Tronox
10-K for FY2025, filed Feb 26, 2026The HMS market is highly competitive. The industry is primarily concentrated in Australia, though South Africa, India and China are also…View ↗
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